Digital Payment Market Outlook, Global Size, Growth, Opportunity, Top Companies and Industry Analysis 2023-2028

According to IMARC Group’s latest report, titled “Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global digital payment market is expected to exhibit a growth rate (CAGR) of 16.4% during 2023-2028. Digital payment is a mode of financial transaction that takes place electronically. It involves the use of digital technologies, such as the internet, to transfer money between multiple parties. Digital payment has become increasingly popular in recent years due to its convenience, speed, and security. It enables fast, real-time transactions, reduce the risk of fraud, and offer greater convenience of usage to consumers. Digital payment can be used for a variety of transactions, including online purchases, bill payments, and person-to-person transfers. Consequently, it finds extensive applications across e-commerce, banking, retail and hospitality industries.

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Digital Payment Market Trends:

The widespread adoption of mobile devices and the rise of e-commerce represents key factors driving the market growth. In line with this, the increasing demand for contactless payments is contributing to the market growth. Additionally, the rapid outbreak of COVID-19 pandemic and consequent lockdowns accelerated the shift towards digital payment. This can primarily be attributed to the increasing need to reduce the transmission risk of the virus through physical handling of cash. The market is also being driven by the advent of mWallet, significant expansion of banking, financial services, and insurance (BFSI) industry, and the easy accessibility to high-speed internet connectivity. Other factors, such as the significant technological innovations and rising consumer expenditure capacities, along with rapid urbanization, are creating a positive outlook for the market.

Digital Payment Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the digital payment market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• ACI Worldwide Inc.
• Adyen N.V.
• Aliant Payment Systems Inc.
• Amazon.com Inc.
• American Express Company
• Apple Inc.
• Fiserv Inc.
• Mastercard Incorporated
• Novetti Group Limited
• Paypal Holdings Inc.
• Stripe Inc.
• Total System Services Inc.
• Visa Inc.
• Wirecard AG

Key Market Segmentation:

The report has segmented the global digital payment market based on component, payment mode, deployment type, end use industry and region.

Breakup by Component:

• Solutions
  • Application Program Interface
  • Payment Gateway
  • Payment Processing
  • Payment Security and Fraud Management
  • Transaction Risk Management
  • Others
• Services
  • Professional Services
  • Managed Services

Breakup by Payment Mode:

• Bank Cards
• Digital Currencies
• Digital Wallets
• Net Banking
• Others

Breakup by Deployment Type:

• Cloud-based
• On-premises

Breakup by End Use Industry:

• BFSI
• Healthcare
• IT and Telecom
• Media and Entertainment
• Retail and E-commerce
• Transportation
• Others

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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