The global digital payment market has grown considerably over the recent years. The consumer inclination toward digital payments got further increased as people feared the risk of infection through cash payments followed by the rapid spread of COVID-19 and the imposition of nationwide lockdowns globally. Many e-commerce companies and retail outlets started to accept only digital payments to avoid physical contact. Such situations coupled with the growth of the e-commerce industry have resulted in a behavioral change among most consumers as they are starting to prefer online shopping than going back to brick-and-mortar shops. All these factors are creating significant growth opportunities for market players.
Technavio expects the global digital payments market size to increase by USD 85.12 billion between 2021 and 2026. However, the growth momentum is expected to decelerate at a CAGR of 17.41% during the forecast period.
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The market is fragmented, and the degree of fragmentation will decelerate during the forecast period. The rising number of online transactions has been instrumental in driving the growth of the market. Digital payments are quick, easy, and convenient compared to traditional methods. Over the years, the adoption of online transactions among consumers increased with the rising adoption of mobile devices and wearables. The growing popularity of online payments is encouraging retailers to adopt NFC POS terminals that facilitate mobile payments. In addition, the rising need for faster checkouts, high adoption of EMV cards, and the increasing focus on secure payments are increasing the number of online transactions globally, which is driving the market growth.
However, privacy and security concerns might reduce the growth potential in the market.
Digital Payment Market 2022-2026: Segmentation
Digital Payment Market is segmented as below:
- Component
- Solutions
- Services
- Geography
- APAC
- North America
- Europe
- South America
- MEA
By component, the solutions segment generated maximum revenue in the market in 2021. The segment is driven by the high adoption of smart devices and the increased penetration of the internet. The market growth in the segment will be significant during the forecast period.
By geography, APAC is expected to emerge as the largest market for digital payments. The region currently holds 34% of the global market share and is expected to retain its dominance during the forecast period. The rising adoption of digital payment models such as wallets and payment gateways is driving the growth of the digital payments market in APAC. In addition, continuous efforts by governments to encourage digital payments are contributing to regional market growth.
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Digital Payment Market 2022-2026: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the Digital Payment Market, including some of the vendors such as ACI Worldwide Inc., Fidelity National Information Services Inc., Fiserv Inc., Global Payments Inc., JPMorgan Chase and Co., Mastercard Inc., PayPal Holdings Inc., Square Inc., Visa Inc., and WEX Inc. Backed with competitive intelligence and benchmarking, our research report on the digital payment market is designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
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Digital Payment Market 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist digital payment market growth during the next five years
- Estimation of the digital payment market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the digital payment market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of digital payment market vendors
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