The global digital payments market is foreseen to progress from $ 49.20 billion in 2020 to $ 96.76 billion in 2025, at a compound annual growth rate (CAGR) of 18.0% over the conjecture period.
Digital payment is a form of payment that is done through digital methods. In digital payments, both the payer and the payee use digital modes to send and receive money. There is no cash involved with digital payments.
Government initiatives around the world are helping to improve the global digital payments space; the emphasis on shifting to a cashless economy leads to favorable regulation; Additionally, the digital payments ecosystem helps governments fight tax evasion and track money.
Global demand for smartphones is increasing dramatically and technological advancements such as 5G are expected to further increase the global number of smartphones. According to Ericsson, in 2019, global smartphone subscriptions stood at 5.6 billion and are expected to reach 7.4 billion by 2025. It is considered an important driving force for the digital payments market.
Recent Developments:
The continued spread of COVID-19 pandemic has become a critical threat to the global economies. To curb the effect of the coronavirus, countries around the world are taking various measures, including a nationwide lockdown; limit the movements of the entire population; closure of public places and transport; and urge the public to stay indoors, maintain social distancing, and work from home. The resulting economic disruptions are enormous and the short-term decline in business activity, large and small, considerable.
With economic growth set to be severely affected, the financial outlook for the digital payments industry is distinct and will follow a same path, at least in the short term. But the industry's potential for stability and innovation will play an invaluable role in restarting the economy into the new normal.
Market Growth and Trends:
BFSI segment to dominate the digital payments market in future
Market Drivers and Restraints:
In order to combat the competitive scenario in this market, organizations invest in futuristic technologies to deliver better customer experiences. Digital payments provide important customer information that should help organizations define their future tactics. Digital payments are becoming crucial in enhancing the customer experience and increasing business revenue. Transaction information collected from digital payments offers merchants with clear data about customers and helps improve various aspects of the business, including decisions related to marketing, promotions, and customer service. The payment data management and analysis solution is a useful tool, as the data collected by several payment devices is analyzed to gather useful insights, helping merchants to better understand consumer behavior. Additionally, digital payments are expected to contribute to revolutionary, responsive and frictionless shopping experiences for customers.
Restrictions:
Cross-border trade increases year after year as more and more organizations buy goods and services around the world. Because of the shortage of a single universal standardization and different government regulations, digital payment providers are unable to take advantage of this opportunity. Countries have different data storage compliance and payment regulations that make cross-border payments inefficient. Also, the national payment infrastructure is not designed for cross-border payments. Additionally, complex government structures and rigid payment structures add challenges in implementing cross-border payment solutions. Therefore, without the establishment of global standards, the large-scale implementation of digital payment solutions is not possible.
Market Segmentation:
Global Digital Payments Market - By Type
Global Digital Payments Market - By Solution Type
Global Digital Payments Market - By Deployment Mode
Global Digital Payments Market - By Organization Size
Regional Analysis
The digital payments market in the Asia Pacific is expected to grow at the highest CAGR from 2020 to 2025. This growth is credited to the rising need for digital payments and progressions in digital technologies that benefit all the market stakeholders in the Asia Pacific market. The increasing number of mobile subscribers and the feasible solutions offered by banks, mobile network operators and payment agents are crucial factors supporting the development of the digital payments business in the Asia Pacific.
Key market players:
The main players in the global digital payments market are Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc. and MasterCard.
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Digital Payment Market, By Type
6.1.1 Solutions
6.1.2 Services
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Digital Payment Market, By Solution Type
6.2.1 Payment Processing
6.2.2 Payment Gateway
6.2.3 Payment Wallet
6.2.4 POS Solution
6.2.5 Payment Security
6.2.6 Fraud Management
6.2.7 Market Size Estimations & Forecasts (2019-2024)
6.2.8 Y-o-Y Growth Rate Analysis
6.2.9 Market Attractiveness Index
6.3 Digital Payment Market, By Deployment Mode
6.3.1 Cloud
6.3.2 On-Premises
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
6.4 Digital Payment Market, By Organization Size
6.4.1 SMEs
6.4.2 Large Enterprises
6.4.3 Market Size Estimations & Forecasts (2019-2024)
6.4.4 Y-o-Y Growth Rate Analysis
6.4.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Type
7.2.3 By Solution Type
7.2.4 By Deployment Mode
7.2.5 By Organization Size
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Type
7.3.3 By Solution Type
7.3.4 By Deployment Mode
7.3.5 By Organization Size
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Solution Type
7.4.4 By Deployment Mode
7.4.5 By Organization Size
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Type
7.5.3 By Solution Type
7.5.4 By Deployment Mode
7.5.5 By Organization Size
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Type
7.6.3 By Solution Type
7.6.4 By Deployment Mode
7.6.5 By Organization Size
8. Key Player Analysis
8.1 Alipay
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Amazon Pay
8.3 Apple Pay
8.4 Tencent
8.5 Google Pay
8.6 First Data
8.7 PayPal
8.8 Fiserv
8.9 Visa Inc
8.10 MasterCard
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
