Research report presented by UnivDatos, Emphasis on Type (Solutions, Services), Deployment (On-Premises, Cloud), Payment Mode (POS Payment, Digital Commerce), Payment Enterprises (Large, SME), End-User (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-Commerce, Transportation, Others) and Geographical analysis (key regions and countries).
As per the research report, Global Digital Payment Market is expected to reach the market valuation of US$ 167.6 million by 2026 expanding at a reasonable CAGR of 18.5% during the forecast period (2021-2026) from US$ 65.3 million in 2020. Digital payment solutions such as e-wallets, UPI, POS are deployed for the payment.
In the payments industry, digital payment is a revolution. With digitization and continuing technical advancement, they would be able to give customers and companies more personalised, secure, and versatile payment options. Digital payments will also help in budgeting, financial integration, and preventing and combating economic crime. Digital payment solutions have also been implemented in developed countries. Developed economies have had a cashless payment system based largely on credit cards for many decades, but the legacy systems have unexpectedly become a challenge in recent years. Growing economies such as China, India, and Eastern Europe are now much slower to embrace modern payment technologies than "Western" markets.
For complete research, request for Sample of the report browse through – https://univdatos.com/request_form/form/338
Since January 2018, one million users have joined the internet every day. In 2019, there were 4.39 billion internet users worldwide, up 366 million from the previous year. The adoption of digital payment infrastructure is being driven by the explosion of smartphones and digital initiatives. The government is taking steps, for example, the Digital India initiative, which is a flagship programme of the Indian government with the aim of transforming India into a technologically driven community and information economy.
The COVID-19 pandemic is wreaking havoc on the world's population. In the United Kingdom, contactless technology is now used in two out of every five card purchases. According to statistics, there are 20 million contactless transactions a day, or more than 235 per second. On retail websites such as Amazon, as well as mobile payment applications, online shopping has become increasingly popular. Cashback programmes are gaining popularity all around the world. The market is expanding at a breakneck pace in the United Kingdom. This serves as a further benefit of digital payment. However, operational issues such as cross-border transfers and card data protection are impeding the acceptance of digital payment.
For a detailed analysis of the applications in the Digital Payment Market browse through – https://univdatos.com/report/global-digital-payment-market-current-analysis-and-forecast-2020-2026
Insights Presented in the Report
“Amongst Type, Solution segment holds the major share”
The market is divided into solutions and services based on type. There are a variety of digital payment options on the market. Annually, more than 75 billion transactions are processed. A rise in solution adoption has resulted in an increase in service adoption.
“Amongst Deployment, On-premise is expected to dominate the market during the analyzed period”
The industry is divided into two segments based on deployment: cloud and on-premise. In 2019, on-premise had a highest share of 68 percent. Cloud-based solutions, on the other hand, are more stable and advanced. According to a poll, 54 percent of businesses expect to shift more of their payment systems to the cloud in the near future, owing to the more convenient payments that can be made using this infrastructure.
“Amongst Payment Mode, Digital Commerce is expected to dominate the market during the analyzed period”
The market is divided into two segments based on payment mode: POS Payments and Digital Commerce. The point of sale, also known as the POS, is the location where a purchase takes place. A buyer and a merchant are included in a POS contract, as well as a product or service that is obtained in the POS system. With a market share of 60% in 2019, digital commerce led the market.
“Amongst Enterprise size, Large Enterprises is expected to dominate the market during the analyzed period”
The business is divided into large and small businesses based on the market segmentation of payment enterprises. To make transactions simpler for consumers, large businesses have introduced digital payment infrastructure. The rising acceptance of digital payments, on the other hand, is motivating SMEs to embrace digital payments. Furthermore, the COVID-19 pandemic has accelerated development.
“Amongst End-user, BFSI is expected to dominate the market during the analyzed period”
The industry is divided into BSFI, healthcare, IT & telecom, media among entertainment, retail and e-commerce, and others based on end-user segmentation. In 2019, BFSI led the industry with a 22 percent market share. The government has taken a number of steps to increase the use of digital payment solutions. Electronic toll collection for cars is now possible thanks to the use of FASTag. This allows for a quicker commute and easier collection without having to wait in line.
“North America represents one of the largest markets of Digital payment market”
A quantitative research was performed for various regions in the economy, including North America (the United States, Canada, and the Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and the Rest of APAC), and the rest of the world, to gain a clearer understanding of the business dynamics of the digital payment market. In 2020, the United States brought in $21.1 million in sales. Because of its high level of understanding, the United States has the highest demand for digital payments.
Digital Payment Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
- Cloud Infrastructure Market Worth US$ 680.2 billion - UnivDatos Industry Analysis- by Size, Share, Growth, Trends, and Forecast 2018-2024
- Couple professions are as genuinely enjoyable as operating with young children. Theres the sense of obtaining someone and shaping them, definitely
- However, Barkla remains optimistic about the situation. Our advice for governments and universities is simple. Show students the sector i2