BANGALORE, India, March 26, 2020 /PRNewswire/ — One of the major reasons expected to drive the digital payment market (Online payment market) size during the forecast period is the increased use of smartphones, coupled with high internet penetration.

In 2019, The Global Digital payment market size was USD 35510 million and was forecasted to hit USD 70640 million by the end of 2026, with a CAGR of 10.2 percent in 2021-2026.

Digital payment includes payment gateways, payment processing solutions, mobile wallet solutions, mobile protection, fraud detection solutions, and POS solutions. Digital payment systems are divided into managed and professional services. During the forecast period, the payment gateway solutions subsegment is projected to rise at the highest CAGR.

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FACTORS AFFECTING DIGITAL PAYMENT MARKET SIZE :

• The emergence of global digitalization has had a significant impact on the demand for digital payment services. The growing need to provide enhanced customer service at the Point of Sales (POS) terminal is expected to drive the demand for digital payment systems in the coming years.
• Developing safe and reliable gateways to payment is expected to drive market growth. Innovation in payment systems utilizing blockchain, the Internet of Things (IoT), Artificial Intelligence (AI), and real-time payments would also drive the sector. Security technology advances such as tokenization of card data to prevent fraud are expected to generate growth opportunities in the coming years.
• Another major factor accounting for rising the global digital payment market size is the substantial steps taken by government bodies across the globe to facilitate digital payments. Furthermore, a significant development in the e-commerce field also leads to the growth of the digital payment industry worldwide.

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DIGITAL PAYMENT MARKET SHARE ANALYSIS BY REGION :

• Over the forecast period, Asia Pacific is projected to emerge as the fastest-growing regional market. The industry is being fuelled by the rise of digitalization, combined with government policies to use digital payments in developed countries.
• The growing digital economy, coupled with the proliferation of the mobile commerce industry, is expected to drive the North American market share for the digital payments market.

DIGITAL PAYMENT MARKET SEGMENTATIONS

Digital Payment Market segment by Regions/Countries, this report covers

• North America
• Europe
• China
• Japan
• Southeast Asia
• India
• Central & South America

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Digital Payment Market segment by Type, the product can be split into

• Payment Gateway Solutions
• Payment Wallet Solutions
• Payment Processing Solutions
• Payment Security and Fraud Management Solutions
• POS Solutions
• Other.

Digital Payment Market segment by Application, split into

• MNOs
• Financial Institutions (Banks)
• Payment Network
• Intermediaries
• Merchants
• Customers.

The key players covered in this study

• Alipay
• Tencent
• Aci Worldwide
• Adyen
• Aliant Payment Systems
• Aurus
• Net
• Bluesnap
• Chetu
• Dwolla
• Financial Software And Systems
• First Data
• Fiserv
• Global Payments
• Net 1 Ueps Technologies
• Novatti
• Paypal
• Paysafe
• Payu
• Six Payment Services
• Stripe
• Total System Services
• Wex
• Wirecard
• Worldline
• Worldpay
• Yapstone
• Others.

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