Digital Payment Market 2021 Size, Share by Industry Expansion, Cost Structure, Development Status, Opportunities Analysis, Future Plans, Revenue Percentage, and Forecast 2030

In a recent published report, Kenneth Research has updated the market report for Digital Payment Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Payment Market products.

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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

Market Snapshot

The Global Digital Payment Market is expected to register a 16.77% CAGR, exhibiting substantial growth during the forecast period. The market was valued at USD 40,633.3 million in 2018; it is expected to reach USD 120,245.9 million by 2025. North America accounted for the largest market value of USD 13,864.1 million in 2018; the market is expected to register a CAGR of 17.50% during the forecast period.

The Final Report will cover the impact analysis of COVID-19 on this industry:

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Digital payment is the process by which a payer and payee use electronic modes to send and receive money. It is a cashless mode of transaction. The payment is carried out via digital wallets, digital currencies, net banking, bank cards, and contact and contactless payment at points of sale. Convenience, accessibility, lower risk, time-saving, user-friendliness, and traceability are some of the advantages offered by digital payment methods. There are some concerns regarding the restrictions on payment and amount limit for each payment, along with the risk of being hacked and continuous requirement of active internet access.

Based on type, the market has been classified as cloud and on-premise. In a cloud-based digital payment, there are limited chances of a single point of failure (SPOF) as all devices, components, and network paths are duplicated and reserved. Hence, to make cloud-based digital payments more secure, digital issuance systems are used; these systems are capable of storing all the credentials securely on the cloud, issuing them to mobile applications that have been previously installed on the device. Enterprises prefer the on-premises deployment of digital payment solutions to gain complete control over their infrastructure and assets as well as enhance their online security measures. These solutions help merchants in managing any payment device across any application from a centralized, secure managed platform.

Digital payment has become one of the primary growth imperatives for a country’s economy. It can help boost productivity and economic growth, improve transparency, increase tax revenues, expand financial inclusion, and open new economic opportunities for the end users. For the same, governments across the world are implementing ICT technology to promote digital economies. They are undertaking various initiatives to digitize the payment process. For instance, the Government of India that has launched various initiatives such as Digital India, the launch of Unified Payments Interface (UPI), and the 14444-helpline number to help promote digital payments. However, a lack of standards for cross-border payments is a challenge for the global digital payment market during the forecast period.

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Regional Analysis

The global digital payment market, by region, has been segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America is expected to dominate the global digital payments market during the forecast period due to the presence of a large number of solution providers in the region.

Companies Covered

The key players of the global digital payment market are PayU (Netherland), Aliant Payment Systems Inc. (US), Aurus Inc. (US), Fiserv, Inc. (US), BlueSnap Inc. (US), Novatti Group Limited (Australia), ACI Worldwide, Inc. (US), Stripe (US), Adyen NV (Netherland), Global Payments Direct, Inc. (US), First Data Corporation (US), PayPal Holdings, Inc. (US), Worldpay, Inc. (US), Wirecard AG (Germany), and YapStone, Inc. (US).

Key Developments

In July 2019, Fiserv, Inc. launched mobile bill presentment, which allows clients to digitally present a customer’s bill in a mobile wallet, while also supporting alerts and notifications that increase payment speed by reminding the customer to pay their bills early or on time.

In June 2019, BlueSnap announced the availability of its new product—Integrated Payments for Platforms—in Europe, which provides embedded payments for independent software vendors and gives European-based ISVs the ability to scale and monetize their businesses with a single payment provider.

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In June 2019, PayU acquired iyzico—a digital payment services provider and FinTech start-ups in Turkey. The acquisition will allow the company to consolidate its position as a leader in the payments space and accelerate scale and efficiency.

In July 2019, Wirecard announced a partnership with YES BANK, which will expand the scope of India’s Aadhaar Enabled Payment System, a biometric digital payment system developed by the National Payments Corporation of India.

Segmentation

By Component: solution and services

By Deployment Cloud and On-Premise

By Organization Size: Large enterprise and Small & Medium Enterprises (SMEs)

By Vertical (BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce, and others)

By region: North America, Asia-Pacific, Europe, South America, and the Middle East & Africa

Key questions addressed by the report

What was the historic market size (2018)?

Which segmentation (Component / Solution/ Industry) is driving the market?

What will be the growth rate by 2025?

Who are the key players in this market?

What are the strategies adopted by key players?

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.

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