Global digital payment market size is projected to reach USD 93 billion with CAGR of 16% by 2025.
Dallas, United States - November 6, 2020 /MarketersMedia/ —
The global digital payment market size is projected to reach USD 93 billion by 2025. In the increasing digitalization, there has been an increase need for the exchange of the money through these methods which is likely to contribute to the growth of the market in the estimated forecast period. With the advent of technology and increase in the convenience of the transfer of the money, is also likely to boost the growth of the market in the estimated forecast period.
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Moreover, there has been an increase in demand for transactions which is one of the major factors which is likely to boost the growth of the market in the estimated forecast period. There has been a major changes in the transaction policies which is likely to boost the growth of the market in the estimated forecast period. This change in the transfer of methods have brought more convenience which is one of the major factor for the growth of the market in the estimated forecast period.
Likewise, there has been changes in the transfer of the money which consists of the transfer through the digital wallets, bank transfer which is likely to contribute to the growth of the market in the estimated forecast period. There has been an increase in the competition among the developers for the transfer of money, which also contributes to the growth of the market in the estimated forecast period. With advent of technology and proliferation of digital payments at the Point of Sale is expected to drive digital Payment Market growth.
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For buying of any good or service a buyer can make a payment bought from any seller with the help of digital Payment. One of the most important concern in digital payments is the breach of the money which is likely to occur. Thereby increasing the data regulations and cyber security is likely to hamper the growth of the market.
Contactless payment has also gained popularity which is one of the major contributors for the growth of the market in the forecast periods. There are several new innovations and trends which consists of the global digital payment market which has contributed to the ease of the payment methods which is likely to estimate the growth of the market in the estimated forecast period. One of the methods for the determination of the several segments for global digital payments methods are fabricated and subdivided as short-range wireless technologies, such as radio frequency identification (RFID) or near field communication (NFC), to securely complete payments between a contactless card and contactless-enabled PoS terminal.
The availability of internet and compatibility with smart devices have been the main reasons for the market growth across the globe. Regions like North America, Asia Pacific, Europe, South America, MEA are some the key players in the global digital payment market today. Alipay, Authorize.net, Amazon Pay, First Data, 2Checkout, Stripe, Paypal Holdings, Inc. are some major vendors in the market present.
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Key Segments of the Digital Payment Market
Payment Method Overview, 2018-2025 (USD Billion)
POS Devices
Net Banking
Digital Wallets
Mobile Banking
Crypto Currencies
Organization Type Overview, 2018-2025 (USD Billion)
SMEs
Large Enterprises
Application Type Overview, 2018-2025 (USD Billion)
BFSI
Telecom & IT
Retail & e-Commerce
Healthcare
Transport
Government
Others
Regional Overview, 2018-2025 (USD Billion)
North America
S.
Canada
Europe
France
UK
Germany
Rest of Europe
Asia Pacific
China
India
Japan
Singapore
Rest of APAC
Central and South America
Brazil
Argentina
Mexico
Rest of South America
Middle East and Africa
What does the report include?
The study on the global digital payment market includes qualitative factors such as drivers, restraints, and opportunities
The study covers the competitive landscape of existing/prospective players in the payment digital industry and their strategic initiatives for the product development
The study covers a qualitative and quantitative analysis of the market segmented on the basis of payment method, organization, applications, and end-user. Moreover, the study provides similar information for the key geographies.
Actual market sizes and forecasts have been provided for all the above-mentioned segments.
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Source: MarketersMedia
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