The digital payment market size is projected to grow from USD 111.2 billion in 2023 to USD 193.7 billion by 2028, at a CAGR of 11.8% during the forecast period. An increasing online consumer base and a change in consumer payment behavior will fuel the demand for digital payments. The payments industry is getting more crowded as new technology players enter the market to fill customer experience gaps left behind by large firms. Digital currencies are emerging in the global payments system and are likely to revolutionize the entire ecosystem of investments and monetary financing, owing to their characteristics of technological innovation, immediacy, and security.
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By Solution, the payment processors segment holds the largest market size during the forecast period.
The payment processor provides a connection between the issuer bank and the merchant bank, as well as enables merchants to receive payments. Payment processing solutions offer a secure and scalable processing platform that processes domestic, inter-regional, and international credit card transactions. The payment processor sector within the financial industry pertains to firms or entities that facilitate electronic payment transactions between merchants and consumers. These payment processors have a crucial function in guaranteeing the secure and effective movement of funds across a spectrum of transactions, encompassing online purchases, in-person transactions, mobile payments, and other forms of financial interactions.
By offering, the service segment is expected to grow with the highest CAGR during the forecast period.
The services segment has been broadly classified into professional services and managed services. The professional services segment includes consulting, implementation, and support and maintenance. Digital payment vendors offer professional and managed services to plan, design, implement, and deploy digital payment solutions. Support and maintenance services help ensure the overall development of digital payment solutions, which is expected to drive the growth of the services segment.
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Unique Features in the Digital Payment Market:
The convenience of touching a card or mobile device at a point-of-sale terminal, improving user experience, and emphasising sanitation, particularly in light of the ongoing pandemic, make contactless payments stand out as a noteworthy feature. Mobile wallets have grown in popularity because they enable users to store payment cards and conduct transactions using their smartphones. They frequently include extra features like loyalty programmes and tools for managing personal finances, easing the financial lives of users.
The facilitation of cross-border transactions, which simplifies international money transfers with integrated currency conversion and favourable exchange rates, is an additional crucial factor. For companies and people involved in international trade and remittances, this tool is a godsend. The Digital Payment Market has given security first priority and implemented strong security controls, such as tokenization, biometric authentication, and real-time fraud monitoring. By reducing the possibility of fraudulent transactions, these technologies provide users with a higher level of security and peace of mind.
The popularity of real-time payments has made it possible to send money instantly and do away with the waiting times involved with conventional banking systems. Businesses needing quick access to capital will find this option especially useful. Another convenience is peer-to-peer (P2P) payments, which let people transfer money to friends and family instantly with just a few taps on their mobile devices, doing away with the need for actual currency or cheques. In order to distribute costs or repay loans among pals, P2P payments are becoming more and more common.
Programmes for incentives and loyalty are typically included in digital payment systems. Customers are encouraged to use digital payment methods since users can earn rewards like points, cashback, or discounts on future purchases. Integrated merchant services give businesses a full package that enables them to accept several payment methods, manage inventory, and produce sales reports. The ease with which those without conventional bank accounts may now participate in the economy thanks to digital payments is another significant feature that encourages financial inclusion.
Major Highlights of the Digital Payment Market:
The development of contactless payments, which allow customers to make purchases at point-of-sale terminals by only tapping their credit or debit cards or mobile devices, is one of the evolution’s notable characteristics. The advantages of this innovation’s hygiene and safety, particularly in light of the COVID-19 epidemic, have helped it earn notoriety in addition to bringing unparalleled simplicity. Consumers all throughout the world prefer contactless payments because of how quick and simple they are.
Within the Digital Payment Market, mobile wallets have become a game-changer. Users can store their credit and debit cards in these digital wallets and use their cellphones to conduct purchases. Their incorporation of other services like loyalty programmes, digital receipts, and personal money management tools sets them unique and makes them a one-stop shop for users’ financial needs. Through this integration, financial operations are streamlined and made easier to utilise.
Using digital payment platforms has greatly streamlined cross-border transactions. With integrated currency conversion and favourable exchange rates, users may now send and receive money overseas. This discovery lowers the difficulty and expense of cross-border financial transactions, which is especially advantageous to enterprises active in international trade and people sending money home.
Cross-border transactions have been significantly simplified by the use of digital payment platforms. Users can now send and receive money internationally thanks to integrated currency conversion and competitive exchange rates. This finding makes cross-border financial transactions less complex and expensive, which benefits both individuals sending money home and businesses engaged in international trade.
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Top Key Companies in the Digital Payment Market:
The major digital payment market vendors include PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil).
Major players in the global digital payment market have used a variety of growth strategies, such as partnerships, collaborations, agreements, and new product launches, to expand their reach. New product launches and acquisitions have been the most common strategies used by major players from 2019 to 2023. These strategies have helped them to innovate their offerings and reach a wider range of customers.
PayPal is a leading technology platform and digital payments company. It enables digital and mobile payments on behalf of consumers and merchants across the globe. In April 2023, the new version of PayPal Payment Solution provided acceptance of PayPal payments with Apple Pay, save payment methods with PayPal Vault, and real-time account updater. In October 2021, PayPal launched Zettle Terminal, a new, all-in-one point-of-sale solution that offered increased mobility in-store for small businesses. The Zettle Terminal will be available in the UK beginning today and will continue to roll out across additional markets in Europe in 2021 and into 2022 and the US next year.
Fiserv is a financial technology and solutions company. The company offers financial services to clients across various industries. The company operates through three business segments: Merchant Acceptance, Financial Technology (Fintech), and Payments. The Payments segment includes products and services required to process digital payment transactions, including card transactions such as debit, credit, and prepaid card processing and services, a range of network services, security and fraud protection products, and card production and print services for financial institutions and corporate clients. In March 2023, Fiserv launched version V11.0 of Banking Hub, bringing about a new API in the Indirect Liability service. In November 2021, Fiserv introduced Clover Online Ordering with Delivery, which provided flexible food delivery services with direct menu management, order and payment processing, and reporting through the Clover platform.
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