Digital Payment Market is expected to reach US$ 243,426.71 million by 2028 With CAGR 15.4%

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 growth of the digital payment market is essential for a country's economy as it can enhance productivity, transparency, tax collection, financial inclusion, and create new economic opportunities. The expansion of digital payment methods across the globe is driving the growth of the digital payment market. Online merchants providing incentives such as point of sale and discounts encourage customers to adopt digital payment methods, further driving demand. The rapid evolution of e-commerce, mobile payment technologies, and the increasing popularity of mobile wallets are key factors propelling the growth of the digital payment market. Governments worldwide are also taking initiatives to promote digital payments, which supports economic growth and benefits consumers in various countries.

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The List of companies -
1. ACI WORLDWIDE, INC
2. ADYEN
3. FINANCIAL SOFTWARE & SYSTEMS PVT. LTD.
4. FISERV, INC.
5. GLOBAL PAYMENTS INC.
6. NOVATTI GROUP LTD
7. PAYPAL HOLDINGS, INC.
8. PAYSAFE LIMITED
9. BLOCK, INC.
10. PAYU

On the basis of industry, the digital payment market is segmented into BFSI, retail and Ecommerce, healthcare, travel and hospitality, media & entertainment, IT and telecom, and others. In 2020, the BFSI segment led the market globally. The digital payment market is segmented into five key regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC.

The growth of e-commerce companies and the introduction of digital wallet providers have propelled the adoption of digital payments. Digital wallets offered attractive discounts and cashbacks to entice customers to use this payment channel. The simplicity of use and the increasing penetration of smartphones have further contributed to the widespread adoption of digital wallets. Additionally, digital wallet companies are encouraging customers to use digital wallets for offline POS transactions, such as shopping malls, supermarkets, grocery stores, restaurants, and gas stations, in order to expand their appeal.

These POS transactions are expected to comprise the majority of the digital payment's platform in the coming years. As a result, digital wallets are experiencing rapid growth and are playing a significant role in the growth of the digital payment market. Despite the benefits, the digital payment market's growth can be impeded by cyberattacks, which pose the most significant threat the payment industry has experienced in a long time.

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The growth of mobile commerce is directly influenced by the way people access the internet. Due to affordability and widespread availability of high-speed internet in many countries, users prefer smartphones for internet surfing over PCs. As a result, retailers have developed shopping applications that offer easy-to-browse catalogs and a seamless checkout experience. Payment service providers and banks have also taken advantage of customers' attachment to their mobile phones by providing banking apps that enable transactions to be completed on mobile device screens.

Furthermore, the rise of mobile commerce has transformed the way brick-and-mortar businesses operate, particularly in their acceptance of cashless payments. All of these factors are driving the growth of the digital payment market. For instance, Apple Pay, Samsung Pay, and Google Pay are among the leading competitors in Europe, where they compete with the market leaders in their respective countries. In China, the rise of mobile payment has been inconsistent, with a few prominent payment services, such as AliPay, WeChat, and LinePAY, leading to the growth of the digital payment market.

IMPACT OF COVID-19
North America had the largest market share in terms of the impact of the COVID-19 pandemic on the digital payment market across key verticals. As vaccination programs progress and businesses reopen, there is expected to be an increase in demand for digital payment in the coming years. Although the first half of 2020 resulted in reduced sales revenue due to lockdowns and the suspension of operations in several industries, the second half of 2020 saw a significant surge in online sales. Market players are investing in customer experience management technologies to boost sales and generate revenue. The use of artificial intelligence, cloud technology, edge computing, machine learning, and IoT technology is on the rise in North America. Additionally, the emergence of 5G technology, combined with IoT, is anticipated to create profitable opportunities for maximizing efficiency and minimizing resource waste across various industry verticals. Thus, the digital payment market in North America is projected to experience substantial growth after the COVID-19 pandemic.

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REGIONAL OVERVIEW
Many governments worldwide are driving initiatives to digitize payments, which helps promote economic growth and benefits end-users in numerous countries. An example of such an initiative was seen in June 2021 when Okay and FSS Technologies formed a partnership to provide targeted authentication security for consumer payments, particularly with transaction validation and authentication on mobile devices. FSS is already expanding its commercial potential in Europe by utilizing its next-generation products, technology, and solution offerings. Governments invest heavily in the digital payment industry and undertake various initiatives to digitize the payment process.

For instance, the Indian government has taken several 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. The migration to digital payments is being propelled by driving forces such as Digital India, the launch of the Unified Payments Interface (UPI), and the 14444-helpline number. Various companies, such as IRCTC (Railways), Makemytrip, Yatra, Ibibo, Cleartrip (Airlines and hotels), Trivago (hotels), redBus (buses), and Bookmyshow (events), are making efforts to develop their product portfolios for online transactions, contributing to the growth of the digital payment market in India.

TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 By Component
1.3.2 By Deployment
1.3.3 By Organization Size
1.3.4 By Industry
1.3.5 By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. 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. Key Market Dynamics
Continued…

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