Digital Payment Market was valued at USD 82.97 Billion in 2022, and it is expected to reach USD 285.37 Billion by 2029, exhibiting a CAGR of 19.3 % during the forecast period (2023-2029)

Digital Payment Market Overview:

The Digital Payment Market  analysis provides a comprehensive picture of the competition, including the market share and company profiles of the worldwide industry's top rivals. The research scope covers a complete analysis of the Digital Payment Market , as well as the causes for variances in the industry's growth in various places.

Market Scope:

To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.

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Segmentation:

According to solution, the payment processing sector, which accounted for around 25.0% of worldwide revenue in 2022, dominated the digital payment market. As consumers' desire for online shopping expands throughout the world, retailers are implementing payment processing systems to offer seamless checkout experiences to customers. Players who offer payment processing solutions are focusing on mergers and acquisitions as well as collaborations to increase their market share. For instance, PayU bought Red Dot Payment, a provider of payment solutions, in July 2019 to strengthen its position in Singapore.

The point-of-sale sector, which accounted for more than 52.0% of worldwide revenue in 2022, dominated the digital payment market in terms of payment method. Point of sale (POS) systems are those that retail businesses utilise to complete transactions. The benefits of using a point of sale include quick checkout options, a customised customer experience, and several payment methods. The point-of-sale payment method is used by many shops and restaurants to enhance the payment experiences of their clients. For instance, in order to include point-of-sale technologies into its food ordering process, Grubhub, an online food ordering service, established a partnership with ParTech Inc., a maker of point-of-sale systems, in January 2020.

Based on deployment, the on-premise market segment held a commanding 65.0% share of worldwide revenue in 2022. On-premise digital payment solutions allow businesses total control over their apps and systems, which are simple for their IT team to manage. On-premise digital payment solutions are also used by businesses to safeguard their apps and systems against hazardous threats. For instance, Microsoft declared a collaboration with ACI Global in November 2019. The collaboration resulted in lower long-term capital investment and higher security for ACI World Wide's on-premises clients.

End-user-based market share in 2022 belonged to the BFSI sector, which generated more than 23.0% of worldwide revenue. An increase in remittances to low- and middle-income countries is probably one of the key drivers boosting new market growth potential over the predicted period. Banks are also improving their ability to compete with companies that offer digital payment solutions, like Google, Amazon, and Facebook. To make life simpler for its customers, Bank of America, for instance, introduced a digital debit card in June 2019.

Key Players:

The entire procedure comprises a review of the financial records of the important market participants. Following an evaluation of the total market size, the market was divided into many divisions and sub-segments, which were confirmed by key industry professionals such as CEOs, VPs, directors, and marketing executives. The biggest players in the Digital Payment Market are as follows:

1. Total System Services, Inc.
2. Wirecard AG
3. Novetti Group Limited
4. PayPal Holdings Inc.
5. ACI Worldwide Inc.
6. Adyen N.V.
7. Aurus
8. Aliant Payments
9. Alipay
10. Apple Pay
11. Dwolla
12. FattMerchant
13. FIS
14. Fiserv
15. Global Payments
16. Intuit
17. JPMorgan Chase
18. Mastercard
19. PayPal
20. Paysafe
21. PayTrace
22. PayU
23. Spreedly
24. Square
25. Stripe
26. Visa
27. WEX
28. Worldline
29. 2Checkout

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Regional Analysis:

Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Digital Payment Market study. Current and future trends are examined in order to assess the entire market potential and uncover profitable trends in order to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.

COVID-19 Impact Analysis on Digital Payment Market :

Due to a break in operations, end-user sectors where Digital Payment Market are used had a decline in growth from January to May in various countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India. This resulted in a large drop in the revenues of firms operating in these industries and, as a consequence, in demand for Digital Payment Market manufacturers, affecting the development of the Digital Payment Market in 2020. End-user business demand for Digital Payment Market has dropped considerably as a result of lockdowns and a rise in COVID-19 incidents throughout the world.

Key Questions Answered in the Digital Payment Market Report are:

• Which segment had the largest share in the Digital Payment Market in 2021?
• What is the competitive landscape of the Digital Payment Market ?
• Which are the key drivers aiding the Digital Payment Market growth?
• Which region has the maximum share in the Digital Payment Market ?
• What will be the CAGR of the Digital Payment Market during the forecast period ?

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