Global Digital Payment market was valued at USD 33.11 billion in 2018, which is expected to reach USD 87.76 billion by 2027 at a CAGR 18.5 %.
Digital payment methods are transferring funds through electronic media like laptops, mobile, tablets. In digital payment method payer and payee utilizes digital platform to send and receive money. This method is also referred as electronic payment method. Various modes are used to transfer money by using digital payment method such as Point of Sales, Net Banking, Digital Wallets, Digital Currencies, Bank Cards, and Others.
Owing to the evolution of 5G network, Li-Fi, artificial intelligence, and internet of things, the information and communication technology industry is stepping stones especially in emerging areas including distributed ledgers, Digital Payment, driverless cars, and smart cities.
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The report includesa detailed analysis of substantial factors that impact the digital payment market significantly. The report accurately explains the factors that are driving, restraining, and challenging the Digital Payment Market growth over the assessment period. It also includes the changing aspects that are expected to create likely opportunities for market players to reach a comprehensive understanding of the market.
Increase in demand for digital payments in e-commerce industry is the key driving factor which is expected to boost the global digital payment market growth. Furthermore, rise in internet penetration is expected to propel the global digital payment market growth. Moreover, increase in government initiatives towards cashless country will have the positive impact on global digital payment market growth. In addition to that, high proliferation of smart phones is expected to fuel the global digital payment market growth, during this forecast period. Additionally, progressive changes in regulatory frameworks will grow the global digital payments market growth, over the forecast period.
However, lack of global standards for cross-border payments is the restraining factor which is expected to hamper the global digital payments market growth. Also, security and privacy concerns will affect the global digital payment market growth. Furthermore, instability of mobile network is expected to hinder the global digital payment market growth.
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Global Digital Payment Market is segmented into solution such as Transaction Risk Management, Payment Security & Fraud Management, Payment Processing, Payment Gateway, Application Program Interface, and Others, by mode of payments such as Point of Sales, Net Banking, Digital Wallets, Digital Currencies, Bank Cards, and Others, by deployment type such as cloud, and on-premise. Further, Global Digital Payment Market is segmented into enterprise size such as Large enterprises, and Small & Medium Enterprises, by End Use such as BFSI, Retail & E-Commerce, Media & Entertainment, IT & Telecommunication, and Healthcare.
Also, Global Digital Payment Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as
- Global Payments,
- ACI Worldwide,
- Total System Services,
- World pay,
- Six Payment Services, and
- First Data.
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