According to a new market research report “Digital Payment Market by Component (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management) and Services), Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2025″ published by MarketsandMarkets™, the market size expected to grow from USD 79.3 billion in 2020 to USD 154.1 billion by 2025, at a CAGR of 14.2% during the forecast period.
Major driving factors for the digital payment industry are worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, and increase in eCommerce sales and growth in internet penetration. These factors are expected to drive the global digital payment market.
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By component, solutions segment to account for the highest market share during the forecast period
The solutions segment of the digital payment market has been classified into payment gateway solutions, payment processing solutions, payment wallet solutions, payment security and fraud management solutions, and POS solutions. Major digital payment solution vendors are gradually adopting smart technologies, such as cloud computing, analytics, and big data, to offer comprehensive solutions to potential customers. Payment gateway and payment processing are the most widely demanded solutions among merchants.
By vertical, retail & eCommerce captured the highest market share in 2020
The retail and eCommerce industry is undergoing a major transformation. Retailers are modernizing their brick-and-mortar stores to provide improved services to their customers and establishing online stores to increase revenue. They are also adopting innovative technologies, such as cloud computing, big data analytics, digital stores, and social networks, to increase their visibility and presence in the market. They are realizing the benefits of digital payments, which include reduced transaction time, increased revenue, improved operational efficiency, and minimized operating costs. Mobile payments at retail stores have helped accelerate the transaction process and reduce counter queues. Mobile contactless payments are also assisting retailers in establishing strong customer relationships and enhancing customer loyalty. Similar to financial institutions, retailers can also offer effective purchase-related services as well as loyalty services, such as paperless receipts.
By region, North America to account for the highest market share during the forecast period
The digital payment market in North America is saturated as compared to other developing regions. Most of the people in North America have access to digital payment methods. As digital transactions are easy to keep track of, many people in North America prefer digital transactions. The digital payment market in North America is highly competitive, as the US and Canada have a strong focus on Research and Development (R&D) and innovation. North America has been a global innovator. It is at the forefront in terms of the adoption of payment technologies, along with retail and financial services. The region has always been dependent on the stability and convenience of its well-established payment infrastructure. The widespread adoption of mobile devices, such as smartphones and tablets, and need to have convenient access to financial solutions, has positively affected the digital payment market growth in North America.
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Market Players
Major vendors in the digital payment market include ACI Worldwide (US), Adyen (Netherlands), Aurus (US), Aliant Payments (US), Alipay (China), Apple Pay (US), Due (US), Dwolla (US), FattMerchant (US), FIS (US), Fiserv (US), Global Payments (US), Intuit (US), JPMorgan Chase (US), Mastercard (US), PayPal (US), Paysafe (UK), PayTrace (US), PayU (Netherlands), Spreedly (US), Square (US), Stripe (US), Visa (US), WEX (US), Worldline (France), and 2Checkout (US).
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