The global digital payment market size is expected to reach USD 215.88 Billion at a steady CAGR of 13.3% in 2028, according to latest analysis by Emergen Research. Factors driving steady market revenue growth include rising Internet proliferation and growth of e-commerce sector. According to the International Telecommunication Union (ITU), in 2019, over 4 Billion individuals (51% of the global population) had access to the Internet, an increase of 8.1% from the previous years. Rising Internet proliferation has been pivotal in spurring growth of e-commerce sales, which in turn, is driving demand for digital payment methods such as digital wallets as a means to a secure, convenient, and fast payment method for e-commerce customers.
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The report further sheds light on the competitive landscape of the Digital Payment market to offer the readers an advantage over others. The competitive landscape section of the report talks about the recent advancements in the RD and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.
Key players in the market include:
Mastercard Inc., Fiserv Inc., Visa Inc., JPMorgan Chase Co., PayPal Holdings Inc., Intuit Inc., Global Payments Inc., Stripe, PayU, and ACI Worldwide Inc.
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Some Key Highlights from the Report
- In February 2021, Mastercard in collaboration with Fibank launched MyFin, which is a digital wallet for online payments and fast money transfers. MyFin delivers advanced features enabling peer-to-peer money transfer using payment links.
- Digital payment security and fraud management solutions incorporate innovative security features, such as biometric authentication and tokenization to help lessen the threats associated with scams and chargebacks. A digital wallet, such as Alipay, deploys tokenization and advanced customer authentication to provide higher rates of transaction approval than other payment methods.
- Thus, digital payments, by delivering enhanced payment flexibility allows businesses to protect their revenue by preventing customer churn arising from insufficient at the time of making a purchase.
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Key regions covered in the report:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Key Questions Answered in the Report:
- What will be the estimated growth rate of the Digital Payment market by 2028?
- Who are the prominent distributors, vendors, and manufacturers of the market?
- What are the driving and restraining factors of the growth of the Digital Payment market throughout the forecast period?
- What are the current and future market trends of the Digital Payment market?
- What are the sales and price analysis of the product by types, applications, and regions?
- What are the expected opportunities for the companies and new entrants in the coming years?
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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
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