Digital Payment Market Size Worth $243.42Bn, Globally, by 2028 at 15.4% CAGR - Exclusive Report by The Insight Partners

NEW YORK, Feb. 3, 2022 /PRNewswire/ -- According to the new market research report "Digital Payment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Solutions and Services), Deployment (On-Premises and Cloud-Based), Organization Size (Small and Medium Enterprises and Large Enterprises), and Industry (BFSI, Retail and Ecommerce, Healthcare, Travel and Hospitality, Media and Entertainment, IT and Telecom, and Others)", published by The Insight Partners, the global digital payment market is expected to grow from $89,045.67 million in 2021 to $243,426.71 million by 2028; it is estimated to grow at a CAGR of 15.4% from 2021 to 2028.  

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Digital Payment Market: Competitive Landscape and Key Developments

ACI Worldwide, Inc.; Adyen; Financial Software & Systems Pvt. Ltd.; Fiserv, Inc.; Global Payments Inc.; Novatti Group Ltd.; PayPal Holdings, Inc.; Paysafe Limited; Block, Inc.; and PayU are among the key players profiled in the global digital payment market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the market and its ecosystem.

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In 2021, The United Arab Emirates (UAE) and its local acquiring services demonstrated its commitment to the Middle East. With acquiring capabilities in the UAE, Adyen offers a better payment solution to domestic and international firms, allowing for greater authorization rates and smoother shopper flows. Foodics, Fabergé, and HMSHost International are among the first merchants to profit from Adyen's acquisition service.

In 2021, The Abu Dhabi Digital Authority (ADDA) and First Abu Dhabi Bank (FAB) announced the 'Abu Dhabi Government Digital Payment Platform' in 2020 to improve the delivery of public services (ADPay). ADPay comprises several value-added features. For example, multiple bills can be paid with a single payment. Customers can combine payments to multiple billers into a single transaction. The FSS bill payment module separates and pays transactions with corresponding billers in the backend.

The growing demand for online payment methods worldwide propels the digital payment market growth. Many merchant offerings on online payment, such as point of sale and rebate, encourage users to utilize digital payment, which propels the demand for the digital payment. The digital payment market is growing due to rapid advancements in e-commerce, mobile payment technologies, and the growing use of mobile wallets. Globally, many governments are taking key initiatives to digitize payments; thus, this fosters economic growth and benefits end-users in many countries. For instance, in June 2021, Okay and FSS Technologies (Financial Software and Systems), a worldwide payments technology firm, announced their alliance to deliver focused authentication security to consumer payments, particularly transaction validation and authentication on mobile. With its next-generation products, technology, and solution offerings, FSS is already expanding its commercial potential in Europe.

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Rising Adoption of Contactless Payments Boosts Demand for Digital Payment Market:

The difference between physical and digital commerce is dissolving, and channels are converging increasingly. The in-store purchase experience has shifted significantly closer to the online one due to the strong emphasis on contactless payments during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well-established in a few regions. Touchless payments and/or biometric identification are prevalent in the online purchase experience. The contactless card is the most prevalent kind of touch-free payment. Mobile payments, on the other hand, are gaining popularity due to easy use and the growing popularity of original equipment manufacturer (OEM) Pay solutions as a retail payment method. In a few countries, retailers and governments proactively request the customers to increase contactless payments and encourage retailers to make this possible. Many banks have increased their contactless payment limits to reduce the need for a touchpad or cash at the point of sale, which is bolstering the growth of the market.

Digital Payment Market: Component Overview

Based on component, the digital payment market is bifurcated into solution and services. The solution segment contributed a larger revenue share in 2020.

Digital Payment Market: Deployment Overview

Based on deployment, the digital payment market is bifurcated into on-premise and cloud-based. The cloud-based segment contributed a larger revenue share in 2020.

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Digital Payment Market: Organization Size Overview

Based on organization size, the digital payment market is bifurcated into small and medium enterprises and large enterprises. The large enterprise segment contributed a larger revenue share in 2020.

Digital Payment Market: Industry Overview

Based on industry, the digital payment market is segmented into BFSI, retail and ecommerce, healthcare, travel and hospitality, media and entertainment, IT and telecom, and others. The BFSI segment contributed the largest revenue share in 2020.

Browse Adjoining Reports:

Contactless Payment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Solution, Services); Industry Vertical (BFSI, Retail, IT and Telecom, Transportation, Hospitality, Government, Others) and Geography

QR Scan Payment Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Consumer-Presented QR Code, Merchant-Presented QR Code); Application (Restaurant, Supermarket, Ticketing, Other) and Geography

P2P Payment Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Transaction Mode (NFC/Smartcard, SMS, Mobile Apps); Location (Remote Payments, Proximity Payments); Type of Purchase (Airtime Transfer and Top-Ups, Money Transfers and Payments, Merchandise and Coupons, Travel and Ticketing); Application (Retail Payments, Travels and Hospitality Payments, Transportation and Logistics Payments, Energy and Utilities Payments, Others) and Geography

E-commerce Payment Market to 2025 - Global Analysis and Forecasts by Type (Credit Card, Debit Card, Digital Payment/E-Wallet, and Net Banking); and Industry (Fashion, Electronics & Media, Food & Personal Care, Furniture and Appliances, and Service Industry & Others)

Payment Gateway Market to 2025 - Global Analysis and Forecasts by Type (Hosted Payment Gateway, Non-Hosted Payment Gateway, Direct Payment Gateway and Platform Based Payment Gateway); and Organization Size (Small & Medium Enterprise and Large Enterprise)

Banking And Payment Smart Card Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Contact Card, Contactless Card); Application (Financial Transaction, Physical Access Control, Communication, Government Programs, Information Security, Transportation, Retail and Loyalty, Others) and Geography

Payment Security Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Solution, Service) ; Enterprise-Size (SMEs, Large Enterprise) ; Industry Vertical (Retail and E-commerce, Travel and Hospitality, Healthcare, Education, Media and Entertainment, Others) and Geography

Mobile Money Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Mode of Transaction (Mobile Apps, QR Codes, Point of Sale, Mobile Banking, Others); Payment Type (Person to Person, Business to Person, Person to Business, Business to Business); Application (Bill Payments, Money Transfers, Travel and Ticketing, Merchandise and Coupons, Others) and Geography

Mobile Wallet and Payment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Remote, Proximity); Technology (Near Field Communication, QR Code, Digital Only, Text-based); End User (Personal, Business) and Geography

Freight Audit and Payment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Solution, Service); Deployment (Cloud, On-Premise); Application (Seaways, Roadways, Railways, Airways) and Geography

Payment Machine Mounting Systems Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type [POS Mount (Fixed Payment Mount and Drive Extension Arm Payment Mount) and Others]; End Users [Retail Stores, Restaurant and Pubs, Hotels, Hospitals, and Others]

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