According to a research report “Digital Payment Market by Offering (Solutions (Payment Processor, Payment Gateway, Payment Wallet, POS Solution), Services (Professional and Managed), Transaction Type (Domestic and Cross Border), Payment Mode, Vertical & Region – Global Forecast to 2028″ published by MarketsandMarkets, the Digital Payment Market size is projected to grow from $111.2 billion in 2023 to $193.7 billion by 2028, at a CAGR of 11.8% during the forecast period.
Rise of eCommerce and adoption of embedded payment system. Internet access has gained more ground, boosting the online shopping industry. Smartphones have also become an essential part of several urban sectors. The growth of eCommerce is driven by rapid technology adoption, which is led by the rising use of devices such as smartphones and tablets and increasing access to the internet through 4G and 5G.
Browse in-depth TOC on “Digital Payment Market”
353 – Tables
57 – Figures
357 – Pages
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=209834053
By Solution, the payment processors segment holds the largest market size during the forecast period.
The payment processor provides a connection between the issuer bank and the merchant bank, as well as enables merchants to receive payments. Payment processing solutions offer a secure and scalable processing platform that processes domestic, inter-regional, and international credit card transactions. The payment processor sector within the financial industry pertains to firms or entities that facilitate electronic payment transactions between merchants and consumers. These payment processors have a crucial function in guaranteeing the secure and effective movement of funds across a spectrum of transactions, encompassing online purchases, in-person transactions, mobile payments, and other forms of financial interactions.
By offering, the service segment is expected to grow with the highest CAGR during the forecast period.
The services segment has been broadly classified into professional services and managed services. The professional services segment includes consulting, implementation, and support and maintenance. Digital payment vendors offer professional and managed services to plan, design, implement, and deploy digital payment solutions. Support and maintenance services help ensure the overall development of digital payment solutions, which is expected to drive the growth of the services segment.
Asia Pacific is expected to hold the largest market size during the forecast period.
The APAC region is experiencing rapid adoption of digital payments due to favorable regulatory conditions, infrastructure enhancements, widespread smartphone use, and affordable data rates. This growth trajectory is particularly robust as governments in the region actively promote digital transformation, resulting in significant industry-wide changes. Regulatory and market shifts are replacing the marketplace. With the emergence of the new challenger bank and fintech offerings, digital payment services have led to increased customer experience and collaboration between banks and fintech institutions in the region. The rapid eCommerce adoption also contributes to the increased use of digital payment solutions.
Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=209834053
Market Players
The digital payment market comprises major providers, such as PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil). To increase their market share in the Digital payment industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit https://www.marketsandmarkets.com/ or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/digital-payment.asp
