Global Digital Payment Market

Digital Payment Market by Solutions (Application Program Interface, Payment Gateway, Payment Processing, Payment Security & Fraud Management, Transaction Risk Management, and Others), Modes of Payment (Digital Currencies, Bank Cards, Digital Wallets, Point Of Sales, Net Banking, and Others), Deployment (Cloud and On-premise), Enterprise sizes (Large Enterprises and Small & Medium Enterprises), End-users (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

  • Report ID: ICT-SE-2656
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 192
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The global digital payment market size was valued over USD 56.20 billion in 2020 and is expected to expand at a substantial CAGR of 18.2% during the forecast period, 2021–2028. The growth of the market is attributed to the increase in e-commerce sales, huge adoption rate of smartphones, and enhanced internet penetration globally.


Global Digital Payment Market summary

Digital payment, also called electronic payment, offer financial services where the payment is made through digital modes with the payee and payer both use digital modes to receive and send money. No physical cash is required in digital payments. According to industry standards, digital payment is defined only as non-cash transactions done through digital channels. Various governments across the world are focusing to digitize payments. Digital payment is expected to promote economic growth and is also benefitting consumers in many countries across the world. For instance, the central bank of Mexico declared the launch of its smartphone payment system ‘CoDi,’ to decrease cash transactions in the country, in February 2019. Whereas, Judopay, a mobile-centric payment solution provider, also declared its partnership with the U.K. government to increase the adoption of digital payments in the public sector in November 2020.

The COVID-19 pandemic has positively influenced the market growth due to the increasing use of online payment solutions and a sheer rise in online sales. Customers all over the globe have shown a shifted from offline shopping to online shopping during the pandemic situation. According to the report published by Alvarez & Marsal, a management consulting company, over 16.1 million European consumers are expected to shift from offline to online shopping to decrease the risk of COVID-19. Owing to this change in purchasing patterns, online sales in the U.K. have increased by USD 4.50 billion in 2020.  

Market Trends, Drivers, Restraints, and Opportunities

  • Various government organizations all over the world are making efforts to increase the adoption of digital payments such as offering subsidy which is expected to boost the market growth.
  • Facial recognition technology is further gaining popularity globally and several companies are taking initiatives to provide facial recognition-based payment methods to retail stores, which is further expected to fuel the market.
  • Increasing e-commerce sales globally is one of the major factors driving the market growth in the coming years.
  • Customers changing purchasing patterns all over the world have shifted from offline shopping to online shopping during the pandemic, which is estimated to accelerate the growth of the market. 
  • Rapid rise in smartphone penetration across emerging economies is one of the key factors fueling the market growth.

Scope of the Report                          

The report on the global digital payment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Digital Payment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2020

Historic Data

2018–2019

Forecast Period

2021–2028

Segmentation

Solutions (Application Program Interface, Payment Gateway, Payment Processing, Payment Security & Fraud Management, Transaction Risk Management, and Others), Modes of Payment (Digital Currencies, Bank Cards, Digital Wallets, Point Of Sales, Net Banking, and Others), Deployment (Cloud and On-premise), Enterprise sizes (Large Enterprises and Small & Medium Enterprises), and End-users (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Aurus Inc.; Aliant Payments; Financial Software & Systems Pvt. Ltd.; Adyen; Novatti Group Pty Ltd.; PayPal Holdings Inc.; Global Payments Inc.; ACI Worldwide, Inc.; Wirecard, and Authorize.Net

Market Segment Insights

Payment processing segment is expected to grow at a rapid pace

Based on solutions, the global digital payment market is segmented into application program interface, payment gateway, payment processing, payment security & fraud management, transaction risk management, and others. The payment processing segment is expected to grow at a rapid pace in the market during the forecast period owing to growing preference for online shopping worldwide is pushing retailers to adopt payment processing solutions. However, the application program interface segment is anticipated to account for a major market share during the projected period as application program interface allows integration with various industry-specific payment platforms.


Global Digital Payment Market solutions

Point of sales segment is projected to expand at a considerable CAGR

On the basis of modes of payment, the market is divided into digital currencies, bank cards, digital wallets, point of sales, net banking, and others. The point of sales segment is projected to expand at a considerable CAGR during the forecast period as it provide benefits such as customized customer experience, multiple payment options, and fast checkout options. On the other hand, the net banking segment is anticipated to account for a key market share in the coming years due to increasing internet penetration.

On-premise segment is estimated to expand at a robust growth rate

In terms of deployment, the global digital payment market is bifurcated into cloud and on-premise. The on-premise segment is estimated to expand at a robust growth rate during the projected period as it provides organizations with complete control over applications and systems. Meanwhile, the cloud segment is anticipated to exhibit a high growth rate during the forecast period due to the rising number of unmanned retail stores.

Large enterprises segment is anticipated to register a high CAGR

In terms of enterprise size, the market is bifurcated into large enterprises and small & medium enterprise. The large enterprises segment is anticipated to register a high CAGR during the forecast period due to witnessing a large number of footfalls, which creates the demand for digital payment solutions for seamless checkouts. Moreover, the small & medium enterprise segment is projected to account for a key share of the market in the coming years as these enterprises are shifting from paper-based invoicing to digital invoicing,

BFSI segment is anticipated to grow at a considerable rate

In terms of end-users, the global digital payment market is categorized into BFSI, healthcare, it & telecom, media & entertainment, retail & e-commerce, transportation, and others. The BFSI segment is anticipated to grow at a considerable rate during the targeted period owing to increase in remittances to low- and middle-income countries generating new opportunities. Furthermore, the retail & e-commerce segment is expected to represent a large market share during the targeted period due to the rising number of unmanned retail stores worldwide.


Global Digital Payment Market end-users

North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the forecast period owing to increasing deployment of smart parking meters and technology enhancements along with growing number of unmanned stores in the U.S. The market of Asia Pacific, however, is anticipated to expand at a rapid pace during the forecast period due to the efforts undertaken by governments of the region such as digital campaign to increase electronic medium for payment.


Global Digital Payment Market region

Segments

Segments Covered in the Report
The global digital payment market has been segmented on the basis of
Solutions

  • Application Program Interface
  • Payment Gateway
  • Payment Processing
  • Payment Security & Fraud Management
  • Transaction Risk Management
  • Others

Modes of Payment

  • Digital Currencies
  • Bank Cards
  • Digital Wallets
  • Point of Sales
  • Net Banking
  • Others

Deployment 

  • Cloud
  • On-premise

Enterprise sizes 

  • Large Enterprises
  • Small & Medium Enterprises

End-users

  • BFSI
  • Healthcare
  • IT & Telecom
  • Media & Entertainment
  • Retail & E-commerce
  • Transportation
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Aurus Inc.
  • Aliant Payments
  • Financial Software & Systems Pvt. Ltd.
  • Adyen
  • Novatti Group Pty Ltd.
  • PayPal Holdings Inc.
  • Global Payments Inc.
  • ACI Worldwide, Inc.
  • Wirecard
  • Authorize.Net

 

Competitive Landscape

Key players competing in the global digital payment market are Aurus Inc.; Aliant Payments; Financial Software & Systems Pvt. Ltd.; Adyen; Novatti Group Pty Ltd.; PayPal Holdings Inc.; Global Payments Inc.; ACI Worldwide, Inc.; Wirecard, and Authorize.Net. The main market players are continuously engaged in various business development activities such as mergers and acquisitions, research and developments, investments for innovative products and collaborations. For instance, Aliant Payments declared that the Cryptobucks cryptocurrency payment app, which is powered by Aliant Payments, added XRP to its platform. XPR was made available for both Android and iOS mobile apps in October 2020.

Global Digital Payment Market keyplayers

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Digital Payment Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Digital Payment Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Digital Payment Market - Supply Chain
  4.5. Global Digital Payment Market Forecast
     4.5.1. Digital Payment Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Digital Payment Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Digital Payment Market Absolute $ Opportunity
5. Global Digital Payment Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Digital Payment Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Digital Payment Demand Share Forecast, 2019-2026
6. North America Digital Payment Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Digital Payment Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Digital Payment Demand Share Forecast, 2019-2026
7. Latin America Digital Payment Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Digital Payment Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Digital Payment Demand Share Forecast, 2019-2026
8. Europe Digital Payment Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Digital Payment Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Digital Payment Demand Share Forecast, 2019-2026
9. Asia Pacific Digital Payment Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Digital Payment Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Digital Payment Demand Share Forecast, 2019-2026
10. Middle East & Africa Digital Payment Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Digital Payment Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Digital Payment Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Digital Payment Market: Market Share Analysis
  11.2. Digital Payment Distributors and Customers
  11.3. Digital Payment Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Aurus Inc.
     11.4.2. Aliant Payments
     11.4.3. Financial Software & Systems Pvt. Ltd.
     11.4.4. Adyen
     11.4.5. Novatti Group Pty Ltd.
     11.4.6. PayPal Holdings Inc.
     11.4.7. Global Payments Inc.

Segments Covered in the Report
The global digital payment market has been segmented on the basis of
Solutions

  • Application Program Interface
  • Payment Gateway
  • Payment Processing
  • Payment Security & Fraud Management
  • Transaction Risk Management
  • Others

Modes of Payment

  • Digital Currencies
  • Bank Cards
  • Digital Wallets
  • Point of Sales
  • Net Banking
  • Others

Deployment 

  • Cloud
  • On-premise

Enterprise sizes 

  • Large Enterprises
  • Small & Medium Enterprises

End-users

  • BFSI
  • Healthcare
  • IT & Telecom
  • Media & Entertainment
  • Retail & E-commerce
  • Transportation
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Aurus Inc.
  • Aliant Payments
  • Financial Software & Systems Pvt. Ltd.
  • Adyen
  • Novatti Group Pty Ltd.
  • PayPal Holdings Inc.
  • Global Payments Inc.
  • ACI Worldwide, Inc.
  • Wirecard
  • Authorize.Net

 

Key players competing in the global digital payment market are Aurus Inc.; Aliant Payments; Financial Software & Systems Pvt. Ltd.; Adyen; Novatti Group Pty Ltd.; PayPal Holdings Inc.; Global Payments Inc.; ACI Worldwide, Inc.; Wirecard, and Authorize.Net. The main market players are continuously engaged in various business development activities such as mergers and acquisitions, research and developments, investments for innovative products and collaborations. For instance, Aliant Payments declared that the Cryptobucks cryptocurrency payment app, which is powered by Aliant Payments, added XRP to its platform. XPR was made available for both Android and iOS mobile apps in October 2020.

Global Digital Payment Market keyplayers

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