The study methodologies used to examine Digital Payments Market for the forecast period, 2020 - 2027 further classifies the industry by type, geography, end-use and end-user to add more precision and bring to light factors responsible for augmenting business development.
New York, NY -- (SBWIRE) -- 02/05/2021 -- Digital Payment is the latest way to get rid of paper-based money use in monetary trade. Unlike traditional paper-cash payments, the payer would not need to hold paper money in the digital payment system. The end-to-end method includes digital electronic payment tools through POS devices, net banking, and mobile banking. The economy is leaning towards digital payment to exploit the speed and comfort offered. Credit cards, gift cards, ATM cards, NFC cards or electronic devices, mobile banking, and digital eWallets are just examples of digital payment technologies.
Companies considered and profiled in this market study
The major digital payment companies such as Apple Pay, PayPal, Google Pay, PayU, VISA, Paytm, Mastercard, Barclaycard, American Express, Bitcoin have been profiled in the report. They are the major service providers for digital payment services.
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Market Drivers
The Global Digital Payment Market is expected to hit USD 11.20 trillion by 2027. Technological advances and increasing global digitalization are expected to be the main factor behind the dramatically rising demand for digital payment applications. Rapid global digitization has made people more likely to participate in online purchases. Cybercrimes, where black-hat hackers try to discover security flaws and rob financial resources, are the most critical constraints for the developing digital payment sector.
Payment Method Outlook (Revenue, USD Billion; 2017-2027)
POS Devices
Contactless NFC Transactions
Card-Insert Payments
Net Banking
Digital eWallets
Barcode Scanning
Online Payment
Mobile Banking
UPI or IMPS Transactions
Direct bank account transactions
Cryptocurrencies
Backend Operation Outlook (Revenue, USD Billion; 2017-2027)
Encryption & Security Management
Transaction Risk Management
Application Program Interface
Payment Gateway
Blockchain & Data Mining
Size of Organization Outlook (Revenue, USD Billion; 2017-2027)
SMEs
Large Enterprises
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Banking & Financial Sectors
Hotels & Restaurants
eCommerce
Retail
Corporate Sectors
Public Sectors
Healthcare
Transportation & Telecommunication
Others
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Regional Outlook
The market in the Asia Pacific region is projected to be the highest developing market due to new industries, and growing population, and a rise in smartphone adoption in the region. The APAC area industry is projected to expand profitably due to the increasing demand for ease of payment operations. New payment landscapes, innovative products, and increasing demand from many end-use industries have also raised the need for digital payments in this region.
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Digital Payment Market Segmentation & Impact Analysis
4.1. Digital Payment Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. The proliferation of global digitalization and cashless economy
4.2.2.2. High increasing rate of internet availability and active users
4.2.2.3. Economic development in developing countries
4.2.2.4. Technological advancements
4.2.2.5. Ease of payment
4.2.3. Market restraints analysis
4.2.3.1. The growing rate of cybercrimes and security concerns
4.2.3.2. Lack of proper knowledge and awareness regarding digital transactions
4.2.3.3. Misconceptions regarding online banking
4.2.3.4. Government regulations against cryptocurrency
4.2.3.5. Stagnant marketing in developed regions only
Continued…
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