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Rising Internet proliferation and growth of e-commerce are key factors driving global digital payment market growth
SURREY, BRITISH COLUMBIA, CANADA, November 17, 2021 /EINPresswire.com/ — 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.. Digital wallet enables a pleasant and improved online shopping experience by eliminating complications in checkout processes, which are the primary reasons behind shoppers abandoning their shopping carts. Additionally, digital wallets are also beneficial in enhancing customer loyalty, thereby encouraging e-commerce service providers to integrate digital wallets in their digital payments options.
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 Market Size – USD 79.22 Billion in 2020, Market Growth – at a CAGR of 13.3%, Market Trends – Growing preference for contactless payments.
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.Moreover, the report offers the latest coverage of the massive impact of the COVID-19 pandemic on the worldwide Digital Payment industry.
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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.
The global Digital Payment market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the Digital Payment sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
Offering Outlook (Revenue, USD Billion; 2018–2028)
Payment Gateway Solutions
Payment Wallet Solutions
Payment Processing Solutions
Payment Security & Fraud Management Solutions
Point of Sale Solutions
Organization Size Outlook (Revenue, USD Billion; 2018–2028)
Small & Medium-sized Enterprises
Mode of Deployment Outlook (Revenue, USD Billion; 2018–2028)
Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
Transportation & Logistics
Travel & Hospitality
Media & Entertainment
Read More: shttps://www.emergenresearch.com/industry-report/digital-payment-market
Regional Analysis of the Digital Payment Market:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered in the Report:
What is the growth rate of the Digital Payment market? What is the anticipated market valuation of Digital Payment industry by 2027?
Who are the prominent players operating in the market? What are the key strategies adopted by these companies?
What are the key opportunities and growth prospects of the Digital Payment industry over the forecast period?
Which region is expected to show significant growth in the coming years?
Chapter 1: Methodology & Scope
Definition and forecast parameters
Methodology and forecast parameters
Technological and innovation landscape
Elucidating the competitive landscape of the Global Digital Payment Market:
The global Digital Payment market report offers viable insights into the competitive spectrum of the Digital Payment business sphere.
The report systematically profiles the company information of each market player.
It identifies the estimated industry share, production facilities, development prospects, and geographies served by each market player.
The study showcases the extensive product portfolios of the prominent market contenders.
It offers critical data & information about the product application scope and the end-user landscape.
The study provides salient information about the pricing models of the products offered by these companies. Moreover, it determines the gross profits and losses experienced by them throughout their market tenures.
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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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Emergen Research | Web: www.emergenresearch.com
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