Digital Payment Market Size is Projected to Reach USD 70640 Million by 2026 Growing at a CAGR of 10.2% | Valuates Reports

BANGALORE, India, March 26, 2020 /PRNewswire/ -- One of the major reasons expected to drive the digital payment market (Online payment market) size during the forecast period is the increased use of smartphones, coupled with high internet penetration.

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In 2019, The Global Digital payment market size was USD 35510 million and was forecasted to hit USD 70640 million by the end of 2026, with a CAGR of 10.2 percent in 2021-2026.

Digital payment includes payment gateways, payment processing solutions, mobile wallet solutions, mobile protection, fraud detection solutions, and POS solutions. Digital payment systems are divided into managed and professional services. During the forecast period, the payment gateway solutions subsegment is projected to rise at the highest CAGR.

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FACTORS AFFECTING DIGITAL PAYMENT MARKET SIZE :

    --  The emergence of global digitalization has had a significant impact on
        the demand for digital payment services. The growing need to provide
        enhanced customer service at the Point of Sales (POS) terminal is
        expected to drive the demand for digital payment systems in the coming
        years.
    --  Developing safe and reliable gateways to payment is expected to drive
        market growth. Innovation in payment systems utilizing blockchain, the
        Internet of Things (IoT), Artificial Intelligence (AI), and real-time
        payments would also drive the sector. Security technology advances such
        as tokenization of card data to prevent fraud are expected to generate
        growth opportunities in the coming years.
    --  Another major factor accounting for rising the global digital payment
        market size is the substantial steps taken by government bodies across
        the globe to facilitate digital payments. Furthermore, a significant
        development in the e-commerce field also leads to the growth of the
        digital payment industry worldwide.

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DIGITAL PAYMENT MARKET SHARE ANALYSIS BY REGION :

    --  Over the forecast period, Asia Pacific is projected to emerge as the
        fastest-growing regional market. The industry is being fuelled by the
        rise of digitalization, combined with government policies to use digital
        payments in developed countries.
    --  The growing digital economy, coupled with the proliferation of the
        mobile commerce industry, is expected to drive the North American market
        share for the digital payments market.

DIGITAL PAYMENT MARKET SEGMENTATIONS

Digital Payment Market segment by Regions/Countries, this report covers

    --  North America
    --  Europe
    --  China
    --  Japan
    --  Southeast Asia
    --  India
    --  Central & South America

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Digital Payment Market segment by Type, the product can be split into

    --  Payment Gateway Solutions
    --  Payment Wallet Solutions
    --  Payment Processing Solutions
    --  Payment Security and Fraud Management Solutions
    --  POS Solutions
    --  Other.

Digital Payment Market segment by Application, split into

    --  MNOs
    --  Financial Institutions (Banks)
    --  Payment Network
    --  Intermediaries
    --  Merchants
    --  Customers.

The key players covered in this study

    --  Alipay
    --  Tencent
    --  Aci Worldwide
    --  Adyen
    --  Aliant Payment Systems
    --  Aurus
    --  Net
    --  Bluesnap
    --  Chetu
    --  Dwolla
    --  Financial Software And Systems
    --  First Data
    --  Fiserv
    --  Global Payments
    --  Net 1 Ueps Technologies
    --  Novatti
    --  Paypal
    --  Paysafe
    --  Payu
    --  Six Payment Services
    --  Stripe
    --  Total System Services
    --  Wex
    --  Wirecard
    --  Worldline
    --  Worldpay
    --  Yapstone
    --  Others.

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