Digital Payment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Solutions and Services), Deployment (On-Premises and Cloud-Based), Organization Size (Small and Medium Enterprises and Large Enterprises), and Industry (BFSI, Retail and Ecommerce, Healthcare, Travel and Hospitality, Media and Entertainment, IT and Telecom, and Others) 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.
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Key Players Influencing the Market
- ACI WORLDWIDE, INC
- Financial Software & Systems Pvt. Ltd.
- Fiserv, Inc.
- Global Payments Inc.
- Novatti Group Ltd
- PayPal Holdings, Inc.
- Paysafe Limited
- Amazon Payments, Inc.
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.
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
Table of Content – Major Key Points
1 Scope of the Report
2 Executive Summary
3 Global Digital Payment by Company
4 World Historic Review for Digital Payment by Geographic Region
8 Middle East & Africa
9 Market Drivers, Challenges and Trends
10 Manufacturing Cost Structure Analysis
11 Marketing, Distributors and Customer
12 World Forecast Review for Digital Payment by Geographic Region
13 Key Players Analysis
14 Research Findings and Conclusion
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