Digital Payments Market 2021 Global Trends, Market Share, Industry Size, Growth, Opportunities Analysis and Forecast : First Data, Paypal, Fiserv Visa Inc.

Global digital payments market is was valued at $5058.96 billion in 2020and is anticipated to grow with a healthy growth rate of more than 11.1 % over the forecast period 2021-2027. Digital payment is a type of payment mechanism that uses electronic mediums to exchange money. The transaction takes place via electronic or digital medium. Easy to use and quick is the main feature of digital payments which also drives its growth. The ease of adoption increases the number of users, thereby contributing to the growth of the market. For instance, according to new data compiled by Taiwan’s government, a population of about 23 million, nearly 10 million are mobile payments users. However, (Restraint) breach in security is still a main threat for the growth of the market.

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In addition to this, Cybercrimes and Cyberattacks also possesses threat towards the security of digital Payments. According to the Mumbai Police Cyber Cell the number of E-wallet frauds and digital payments crimes rose up to 70% in 2020. India on average is hit by 375 cyberattacks each day in 2020. It is also estimated that in the first nine months of 2020 organizations and individuals have suffered a loss of US $ 6 trillion due to cybercrimes and frauds. All these problems hinders the digital payments market. Also, Blockchain & Data Mining is the technology for the cryptocurrencies which is a type of digital money. Blockchain allows the user to buy and sell digital goods. Block chain has the ability to produce tremendous results in the field of payments. It is a highly secure, transparent and decentralized public ledger. Blockchain has the ability to transform and create entirely new economic models.

The regional analysis of global Digital Payments market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America dominates the digital payment markets. In the year 2020 it accounted for 35% of the share of total revenue. Europe and Asia Pacific are expected to be the fastest growing market. European Government has made efforts to launch European payment initiative. This initiatives focuses on creating a unified payment solution for merchants and consumers across Europe. The growth of Asia Pacific region is the result of emerging industries and the rising population along with the increase in smartphone users.

Major Industry player included in this report are:
Alipay
Amazon Pay
Apple Pay
Tencent
Google Pay
First Data
Paypal
Fiserv
Visa Inc.
MasterCard

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By Deployment:
Cloud
On-Premise

By End User Industry:
Banking & Financial Sectors
Hotels & Restaurants
Public Sectors
Healthcare
E-Commerce
Retail
Corporate Sectors
Transportation & Telecommunication
Others

By mode of payment:
Point of sale
Online sale

By Enterprise:
Large Enterprises
Small Enterprises
Medium Enterprises

The goal of the study report is to characterize Industry sizes of various portions and nations as of late and to figure the qualities to the coming eight years. The report is intended to join both subjective and quantitative parts of the industry inside every one of the districts and nations associated with the examination. Besides, the report additionally caters to the nitty gritty data about the pivotal viewpoints like driving elements and difficulties which will characterize the future development of the Industry. Furthermore, the report will likewise consolidate accessible freedoms in miniature Industry's for partners to contribute alongside the itemized investigation of the cutthroat landscape and item contributions of central members.

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