The Worldwide Digital Payment Industry is Expected to Reach $243 Billion by 2028

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Mar 01, 2022

DUBLIN, March 1, 2022 /PRNewswire/ — The “Digital Payment Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component, Deployment, Organization Size, and Industry” report has been added to ResearchAndMarkets.com’s offering.

The global digital payment market is expected to grow from US$ 89,045.67 million in 2021 to US$ 243,426.71 million by 2028; global digital payment market is estimated to grow at a CAGR of 15.4% from 2021 to 2028.

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. Many governments invest massive capital in the digital payment industry and undertake various initiatives to digitize the payment process.

For instance, to encourage digital payments, Indian government has taken many key initiatives to increase the transaction rate via Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Unstructured Supplementary Service Data (USSD), Aadhar Pay, and debit cards. Digital India, the debut of the Unified Payments Interface (UPI), and the 14444-helpline number are all driving forces behind the migration to digital payments.

Many companies such as IRCTC (Railways), Makemytrip, Yatra, Ibibo, Cleartrip (Airlines and hotels), Trivago (hotels), redBus (buses), and Bookmyshow (events) are taking efforts to develop their product portfolio to transact online contributing to the growth of the digital payment market in India. One of the vital growth imperatives for a country’s economy is digital payment. It can assist promote productivity and economic growth, improving transparency, increasing tax collection, expanding financial inclusion, and provide new economic opportunities for end-users.

However, cyberattacks can hinder the growth of the digital payment market. These attacks are the most severe threats the payment industry has faced in a long time. Digital payments began to pick up speed with the growth of e-commerce companies and the introduction of digital wallet providers. In addition, digital wallets offered enticing discounts and cashbacks to encourage customers to use the payment channel. Due to tempting offers, simplicity of use, and rising smartphone penetration, digital wallet firms have made their way into consumers’ phones and pockets.

Furthermore, to broaden their appeal, digital wallets began pushing customers to use digital wallets for offline POS transactions such as shopping malls, supermarkets, grocery stores, restaurants, and gas stations. These POS transactions are likely to make up most of the digital payment’s platform in the coming years. Thus, digital wallets are showing a rapid growth and play a unique role in the digital payment market growth.

In terms of the impact of COVID-19 pandemic on the digital payment market throughout the key verticals, North America had the biggest market share. Progress in vaccination programs and the reopening of businesses are anticipated to fuel the demand for digital payment in the coming years. While the first half of 2020 led to reduced sales revenue due to the lockdown and halted operations of several industries, the second half of 2020 witnessed a massive surge in online sales. Market players are investing in customer experience management technologies to boost sales and generate revenues. There is an increasing trend of using artificial intelligence, cloud technology, edge computing, machine learning, and IoT technology in North America. Further, the advent of 5G technology, combined with IoT, is expected to create lucrative opportunities in maximizing efficiency and minimizing wastage of resources across various industry verticals. Thus, the digital payment market in North America is expected to grow at a significant pace post-COVID-19 pandemic.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the digital payment market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the digital payment market thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, and distribution

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Digital Payment Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion

5. Digital Payment Market- Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Prevalence of Smartphones Enabling Expansion of mCommerce
5.1.2 Rising Adoption of Contactless Payments
5.2 Market Restraints
5.2.1 Lack of International Cross-Border Payment Standards
5.3 Market Opportunities
5.3.1 Growing Adoption of Open-Banking APIs
5.4 Future Trends
5.4.1 Surging Demand for Mobile Point of Sales (mPOS)
5.5 Impact Analysis of Drivers and Restraints

6. Digital Payment Market – Global Market Analysis
6.1 Global Digital Payment Market Overview
6.2 Global Digital Payment Market Forecast and Analysis
6.3 Market Positioning- Top Five Players

7. Digital Payment Market Analysis – By Component
7.1 Overview
7.2 Digital Payment, by Component (2020 and 2028)
7.3 Solutions
7.3.1 Overview
7.3.2 Solutions: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
7.3.3 Payment Gateway
7.3.3.1 Overview
7.3.3.2 Payment Gateway: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
7.3.4 Payment Processing
7.3.4.1 Overview
7.3.4.2 Payment Processing: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
7.3.5 Payment Security and Fraud Management
7.3.5.1 Overview
7.3.5.2 Payment Security and Fraud Management: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
7.3.6 Point of Sale
7.3.6.1 Overview
7.3.6.2 Point of Sale: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
7.3.7 Payment Wallet
7.3.7.1 Overview
7.3.7.2 Payment Wallet: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
7.4.3 Professional Services
7.4.3.1 Overview
7.4.3.2 Professional Services: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
7.4.4 Managed Services
7.4.4.1 Overview
7.4.4.2 Managed Services: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)

8. Digital Payment Market – By Deployment
8.1 Overview
8.2 Digital Payment, by Deployment (2020 and 2028)
8.3 On-Premise
8.3.1 Overview
8.3.2 On-Premise: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Cloud-Based
8.4.1 Overview
8.4.2 Cloud-Based: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)

9. Digital Payment Market – By Organization Size
9.1 Overview
9.2 Digital Payment, by Organization Size (2020 and 2028)
9.3 Small and Medium Enterprises
9.3.1 Overview
9.3.2 Small and Medium Enterprises: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Large Enterprises
9.4.1 Overview
9.4.2 Large Enterprises: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)

10. Digital Payment Market – By Industry
10.1 Overview
10.2 Digital Payment, by Industry (2020 and 2028)
10.3 BFSI
10.3.1 Overview
10.3.2 BFSI: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Retail and Ecommerce
10.4.1 Overview
10.4.2 Retail and Ecommerce: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
10.5 Healthcare
10.5.1 Overview
10.5.2 Healthcare: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
10.6 Travel and Hospitality
10.6.1 Overview
10.6.2 Travel and Hospitality: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
10.7 Media and Entertainment
10.7.1 Overview
10.7.2 Media and Entertainment: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
10.8 IT and Telecom
10.8.1 Overview
10.8.2 IT and Telecom: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)
10.9 Others
10.9.1 Overview
10.9.2 Others: Digital Payment Market – Revenue and Forecast to 2028 (US$ Million)

11. Digital Payment Market – Geographic Analysis

12. Impact of COVID-19 Pandemic on Digital Payment Market
12.1 Overview
12.2 North America: Impact Assessment of COVID-19 Pandemic
12.3 Europe: Impact Assessment of COVID-19 Pandemic
12.4 APAC: Impact Assessment of COVID-19 Pandemic
12.5 MEA: Impact Assessment of COVID-19 Pandemic
12.6 SAM: Impact Assessment of COVID-19 Pandemic

13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 Merger and Acquisition
13.4 New Development

14. Company Profiles
14.1 ACI WORLDWIDE, INC
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 Adyen
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Financial Software & Systems Pvt. Ltd
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Fiserv, Inc
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Global Payments Inc
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 Novatti Group Ltd
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 PayPal Holdings, Inc
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 Paysafe Limited
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Block, Inc
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
14.10 PayU
14.10.1 Key Facts
14.10.2 Business Description
14.10.3 Products and Services
14.10.4 Financial Overview
14.10.5 SWOT Analysis
14.10.6 Key Developments