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According to The Business Research Company’s research report on the digital payments market, companies operating in the digital payments industry are increasingly adopting wearable devices as payment devices. Wearable devices are a category of electronic devices that can be worn as on the body and are used for tracking information on a real-time basis. The gadgets are hands-free devices with practical applications that are powered by microprocessors and have the ability to send and receive data via the Internet. Wearable devices allow consumers to enjoy the convenience of using their card for payments. They also enable payments to be quickly and invisibly added to wearables, delivering an enhanced consumer experience.
For instance, in September 2020, Apple Inc launched Apple Watch Series 6, which can be used for making payments online digitally using Apple Pay. Also, in 2021, Indian Private sector lender, Axis Bank launched wearable contactless payment devices ‘Wear ‘N’ Pay’. The the devices come in the form of a band, key chain and watch loop that will enable customers pay on the go.
The digital payments market is segmented by mode of payment into point-of-sale (POS) and on-premises. The point-of-sale market was the largest segment of the digital payments market segmented by mode of payment, accounting for 64.4% of the total in 2020. Going forward, the point-of-sale market is expected to be the fastest growing segment in the digital payments market segmented by mode of payment, at a CAGR of 9.7% during 2020-2025. It is used in end-user industries into retail, banking and financial service; telecommunication, government and transportation. The digital payments market is also segmented by deployment into cloud and on-premise and by client enterprise size into large enterprise and small and medium enterprise.
The Business Research Company’s report titled Digital Payments Global Market Report 2021 - By Mode Of Payment (Point Of Sale, Online Sale), By End-User Industry (Retail, Banking And Financial Service; Telecommunication, Government, Transportation), By Deployment (Cloud, On-Premise), By Enterprise (Large Enterprises, Small And Medium Enterprises), COVID-19 Growth And Change covers major digital payments companies, digital payments market share by company, digital payments manufacturers, digital payments market size, and digital payments market forecasts. The report also covers the global digital payments market and its segments.
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The global digital payments market is expected to grow from $29.66 billion in 2020 to $32.27 billion in 2021 at a compound annual growth rate (CAGR) of 8.77%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $46.94 billion in 2025 at a CAGR of 9.83%.
North America was the largest region in the digital payments market, accounting for 38.8% of the total in 2020. It was followed by Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the digital payments market will be South America and Africa where growth during 2025-2030 will be at CAGRs of 15.6% and 12.6% respectively. These will be followed by the Middle East and Eastern Europe, where the markets are expected to grow at CAGRs of 12.0% and 11.5% respectively.
The global digital payments market is concentrated, with a few large players. The top ten competitors in the market made up to 53.61% of the total market in 2020. This can be due to the existence of number of local players in the market serving customers in particular geographies. Paypal Holdings Inc. was the largest competitor with 10.73% share of the market, followed by Ant Group, Amazon.com, Inc., Visa Inc., Apple Inc., Google Pay, Mastercard Incorporated, JP Morgan Chase & Co., Fiserv Inc., and ACI Worldwide Inc.
Digital Payments Global Market Report 2021 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide digital payments market overviews, digital payments market analyze and forecast market size and growth for the whole market, digital payments market segments and geographies, digital payments market trends, digital payments market drivers, digital payments market restraints, digital payments market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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