Sep 23, 2020 11:35 AM ET
iCrowd Newswire – Sep 23, 2020
Global Digital Payment market was valued at USD 333.11 billion I 2018, which is expected to reach USD 87.76 billion by 2027 at a 18.5 %.
Digital payment methods are transferring funds through electronic media like laptops, mobile, tablets. In digital payment method payer and payee utilizes digital platform to send and receive money. This method is also referred as electronic payment method. Various modes are used to transfer money by using digital payment method such as Point of Sales, Net Banking, Digital Wallets, Digital Currencies, Bank Cards, and Others.
Increase in demand for digital payments in e-commerce industry is the key driving factor which is expected to boost the global digital payment market growth. Furthermore, rise in internet penetration is expected to propel the global digital payment market growth. Moreover, increase in government initiatives towards cashless country will have the positive impact on global digital payment market growth. In addition to that, high proliferation of smart phones is expected to fuel the global digital payment market growth, during this forecast [period. Additionally, progressive changes in regulatory frameworks will grow the global digital payments market growth, over the forecast period.
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The key economic factors affecting the global Digital Payment market are studied in detail in the global Digital Payment market report, including a detailed assessment of the microeconomic and macroeconomic environment of the market. Factors surrounding the market and affecting its movement are studied in detail in the report, allowing for a comprehensive understanding of the market’s likely growth trajectory of the market in view of the economic factors affecting its dynamics. PORTER’s five forces analysis is performed in the report in order to understand the effect of various economic drivers on the Digital Payment market over the forecast period.
However, lack of global standards for cross-border payments is the restraining factor which is expected to hamper the global digital payments market growth. Also, security and privacy concerns will affect the global digital payment market growth. Furthermore, instability of mobile network is expected to hinder the global digital payment market growth.
Also, Global Digital Payment Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Global Payments, ACI Worldwide, Novatti, Total System Services, Chetu, Fiserv, Wirecard, World pay, Paypal, Six Payment Services, and First Data.
- Transaction Risk Management
- Payment Security & Fraud Management
- Payment Processing
- Payment Gateway
- Application Program Interface
By Mode of Payment
- Point of Sales
- Net Banking
- Digital Wallets
- Digital Currencies
- Bank Cards
By End Use
- Retail & E-Commerce
- Media & Entertainment
- IT & Telecommunication
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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