COVID19 - Update: Global Digital Payment Market is estimated to grow at a CAGR of 22.7% over the Forecast Period, Owing to Surge in Need for Tailored Payment Solutions by Enterprises, says Absolute Markets Insights

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PUNE, India, April 20, 2020 /PRNewswire/ -- The evolution of the payment industry in the last couple of years has been remarkable. The on-going digital revolution has disrupted the banking industry. The customer demands for any time anywhere payment complimented by smartphones internet connectivity and non-physical interfaces is fuelling the growth of the digital payment market globally. Fintech companies are continuously exploring new technologies to facilitate seamless payment processing. The current COVID-19 crisis has highlighted the need for real-time and new digital payment services. Chances of currency notes being a hotbed for the deadly virus, having potential to transfer the infection, has uplifted the demand for contactless payment. Contactless payment methods require eliminated the need for physical interaction and are more secure therefore; the consumers are increasingly opting for alternative mode of payments, such as digital wallets in this duration. An India-based digital payment giant Paytm has witnessed a 20% jump in the number of digital transactions since February 2020. Moreover, Digital payment transaction volume is surging since consumers confined to their homes are turning to digital purchasing channels, while simultaneously various merchants are increasingly partnering with digital payment vendors to automate their transaction mechanism. Thus, the frictionless payment in this time of pandemic is amplifying the growth of the digital payment market.

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The digital payment market is majorly driven by technological advancements such as mobile devices, internet, and digital technologies. Smartphones equipped with high-resolution cameras high processing power, GPS barcode scanners, and NFC based technologies are powerful enablers for digital payment systems. Moreover, the distributed ledger technology (DLT) is powering mobile wallets, point of sale (POS), IoT backed device automated payments by integrating various industries with the payment landscape for a seamless payment ecosystem. DLT decentralizes the transactional data to ensure business continuity by managing the risk. In addition, smart devices enabled with IoT and AI increases the ease of payment coupled with pre-emptive fraud detection. For instance, Fitbit Pay allows users to pay at accepted contactless payment terminals through the fitness tracker. The device leverages near field communication (NFC) which helps customers to pay at supported terminals. In addition, Amazon Dash allows users to replenish groceries and pay through the integrated Amazon Pay. Thus, the technological solutions offering real-time, low value and high volume peer to peer payment solutions along with financial inclusion is expected to drive the global digital payment market over the forecast period.

In terms of revenue, global digital payment market was valued at US$ 874 Mn in 2018 growing at a CAGR of 22.7% over the forecast period. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.

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The detailed research study provides qualitative and quantitative analysis of digital payment market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.  

Key Findings of the Report:

• On the basis of type, the international segment is expected to show the maximum growth over the forecast period owing to increasing international trade.
• On the basis of end user, the individual segment has witness the highest share in 2018.
• As far as geography is concerned, North America accounted for the maximum share in the global digital payment market in 2018. This growth is attributed to the developed digital economy along with the expansion of the mobile commerce industry in this region.
• Some of the players operating in the digital payment market are Adyen, Alipay.com, Amazon Payments, Inc., Apple Inc., Authorize.Net, Boku Inc., Digital River, Inc., First Data Corporation, Global Collect Services USA, Inc, Google LLC, PayPal, Inc., Stripe, Tencent, TransferWise Ltd, Wirecard AG,  amongst others.

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Global Digital Payment Market:

• By Type
• Domestic
• International
• By End User
• Enterprises
• Individuals
• By Mode of Payment
• E-Wallet
• Internet Banking
• Bank Cards
• Digital Currency
• Others
• By Region
• North America
• U.S
• Canada
• Mexico
• Rest of North America
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia Pacific
• Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America 

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SOURCE Absolute Markets Insights