Global Digital Payment Market Size, Drivers, Trends, Opportunities And Strategies – Includes Digital Payment Market Analysis
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Quick onboarding and ease of use are expected to drive innovation in digital payment manufacturing, thus driving the market during the forecast period.
The global digital payment market is expected to grow from $96.19 billion in 2022 to $111.11 billion in 2023 at a compound annual growth rate (CAGR) of 15.5%. The global digital payments market is expected to grow to $197.87 billion in 2027 at a CAGR of 15.5%.
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Global Digital Payment Market Segments Include:
- By Mode Of Payment: Point Of Sale, Online Sale
- By End-User Industry: Retail, Banking And Financial Service, Telecommunication, Government, Transportation, Other End Use Industries
- By Deployment: Cloud, On-Premise
- By Enterprise: Large Enterprises, Small And Medium Enterprises
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global digital payment market in 2021.
Major Market Players in the digital payment market include Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc., and MasterCard.
Contactless payment technology is soaring in the digital payments market. Many users are increasingly opting for contactless payment technologies such as mobile wallets, contactless cards, and others as they are more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near-field communication (NFC) for the transmission of amounts among users. Mobile payments transaction volume reached $1.7 billion in 2021 whicvh was a 27% increase as compared to 2020.
The Digital Payment Global Market Report 2023 provides a digital payment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The digital payment market forecast analyzes digital payment market size, digital payment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Digital payments are a payment mode that uses digital medium such as the internet, cell phones and automated devices to send and receive money. It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money.
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