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Data Bridge Market Research has unveiled a new report called “Digital Payment Market“ which provides an in-depth exploration of growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and the competitive landscape. The Digital Payment marketing report offers an in-depth investigation of the market driving factors, opportunities, restraints, and challenges for obtaining crucial insight of the market. Such a brilliant report has been prepared by a team of enthusiastic analysts, skilled researchers, and experienced forecasters who work meticulously for the same. The wide-ranging market research report presents intelligent solutions to versatile business challenges and instigates an effortless decision-making process.
Data Bridge Market Research analyses that the digital payment market, which was USD 94.34 billion in 2022, is expected to reach USD 317.27 billion by 2030, at a CAGR of 20.60% during the forecast period 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Global Digital Payment Market Dynamics
Drivers
- Increasing Smartphone Penetration:
The widespread availability and affordability of smartphones have played a significant role in driving digital payment adoption. As more individuals own smartphones, they gain access to mobile payment apps and can conveniently make transactions on-the-go. This is enhancing the demand of the digital payment market during the forecast period of 2023 to 2030.
Opportunities
- Rapid Advancements in Technology
Technological advancements, including secure payment gateways, encryption techniques, and biometric authentication, have boosted consumer confidence in digital payment security. The development of near-field communication (NFC) technology has also facilitated contactless payments using smartphones or wearable devices. Thus the boom in technologies will create ample opportunities for the market to grow during the forecast period of 2023 to 2030.
Some Of The Major Players Operating In The Digital Payment Market Are:
- PayPal Holdings, Inc (U.S.)
- Fiserv, Inc (U.S.)
- Alipay (China)
- Apple Inc. (U.S.)
- Google, LLC (U.S.)
- Visa (U.S.)
- Mastercard (U.S.)
- American Express (U.S.)
- Amazon Pay (U.S.)
- Aurus Inc. (U.S.)
- Adyen (Netherlands)
- Kakao Pay Corp (South Korea)
- Grab (India)
- Paytm (India)
- SAMSUNG (South Korea)
- UnionPay International (China)
- MercadoLibre S.R.L (Argentina)
- WeChat Pay (China)
- Financial Software and Systems Pvt. Ltd. (U.S.)
- Novatti Group Ltd (Australia)
Recent Developments
- In October 2020, Aliant Payments made an announcement regarding the inclusion of XRP, an open-source independent digital asset, in their CryptoBucks cryptocurrency payment mobile app. The app, powered by Aliant Payments, supports various cryptocurrencies including Bitcoin Cash, Bitcoin, Ethereum, Litecoin, and now XRP. This addition enables merchants to accept XRP payments both online and in physical stores. The availability of XRP on the CryptoBucks app is accessible to users on both Android and iOS platforms, expanding the range of digital payment options for merchants and customers alike.
- In March 2022, Visa launched the Visa Creator Program, an initiative aimed at supporting creators, including musicians, filmmakers, fashion designers, and artists, in leveraging non-fungible tokens (NFTs) to enhance and accelerate their small businesses. The program, aptly named Visa Creator Program, seeks to empower emerging entrepreneurs by providing them with the tools and knowledge to navigate the world of NFTs. By engaging with and understanding NFT technology, creators can unlock new opportunities and explore innovative ways to monetize their work and engage with their audience.
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Digital Payment Market Segmentations:
Offering
- Solutions
- Application Program Interface
- Payment Gateway
- Payment Processing
- Payment Security and Fraud Management
- Transaction Risk Management
- Others
- Services
- Professional Services
- Consulting
- Implementation
- Support and Maintenance
- Managed Services
Deployment Model
- On-Premises
- Cloud
Organization Size
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
Mode of Payment
- Payment Cards
- Point of Sale
- Debit Card @POS
- Credit Card @POS
- NFC Card
- Unified Payments Interface (UPI) Service
- Mobile Payment
- Proximity Payment
- Remote Payment
- Online Payment
Mode of Usage
- Mobile Application
- Desktop/Web Browser
Technology
- Application Programming Interface (API)
- Data Analytics and ML
- Digital Ledger Technology (DLT)
- AI and IoT
- Biometric Authentication
End-User
- BFSI
- Healthcare
- IT and Telecom
- Media and Entertainment
- Retail and E-Commerce
- Transportation
- Others
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