WASHINGTON, April 11, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Digital Payments Market finds that the rise in the issues such as, fraud, biometric authentication, and identity theft can become a secure and reliable option for all the payments that takes place digitally.
The total Global Digital Payments Market is estimated to reach USD 204.1 Billion by 2028. The market stood at a revenue of USD 87.8 Billion in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 15.10%.
Biometric authentication is an important and unique payment method as it incorporates and provides efficiency, accuracy, and security under a single package. It is a highly-secured method as it involves unique characteristics of an individual. This factor also helps in building the customer trust and loyalty. Biometric authentication is a verification method, it involves structural and biological characteristics of a person. These verification methods include iris recognition, fingerprinting scanners, heartbeat analysis, facial recognition, and vein mapping.
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Market Dynamics:
Driver: Initiatives for Digital Payments Markets Promotion across the Globe
Nations across the world enforce ICT technologies in order to promote economies to the digital world. Governments undertake several initiatives in order to digitize process of the payment. Digital Payments Market is one of the key growth imperatives for a nation’s economy. It can help boost economic growth and productivity, increase tax revenue, improve transparency, open new economic opportunities, and expand financial inclusion for end users. For instance, the Government of India has launched several initiatives in order to promote Digital Payments Markets like, the launch of Unified Payments Interface (UPI), Digital India, and 14444-helpline number. These initiatives help in increase awareness about the benefits of the use of new technologies and promote digitalization.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Digital Payments market is predicted to grow at a CAGR of roughly 15.10% during the forecast period.
- The Digital Payments market was estimated to be worth roughly USD 87.8 Billion in 2021 and is expected to reach USD 204.1 Billion by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Digital Payments market.
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Segmentation of Digital Payments Market -
By Component -(Revenue- USD Million, 2016-2028)
- Solutions
- Services
By Deployment Type -(Revenue- USD Million, 2016-2028)
- On-premises
- Cloud
By Organization Size -(Revenue- USD Million, 2016-2028)
- Small and Medium-sized Enterprises
- Large Enterprises
By Vertical -(Revenue- USD Million, 2016-2028)
- Banking Financial and Insurance Services
- Retail and Ecommerce
- Healthcare
- Travel and Hospitality
- Transportation and Logistics
- Media and Entertainment
- Others
By Region- (Revenue- USD Million, 2016-2028)
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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Challenges: Evolving cyber-attacks on Digital Payments Markets
Cyberattacks are a major hindrance in the growth of the market for Digital Payments Market solutions. Cyber-attacks are the most critical problems that the payment sector has been from over a decade. The rising adoption of technologies with respect to Digital Payments Market is also leading to an increase in cybersecurity risks, such as frauds and cyber thefts. Embracing technologies in payment industry and integrating them with organizations have also expanded concerns and risks over privacy, regulatory compliance, and theft. Evolving cyber-attacks affect firms by using mobile malware in order to break into payment systems to get the data of the cardholders. The evolving frauds include affiliate fraud, botnets, friendly fraud, velocity attacks, phishing, and triangulation.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Digital Payments Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America to Dominate the Global Digital Payments Market
North America has dominated the Global Digital Payments Market in 2021 and is likely to continue the same trend during the forecast period. The regional market benefits from determinants, such as the rising deployment of smart parking meters and also several technology enhancements in the same. For instance, in July 2020, Park Mobile, a parking solution provider, announced its partnership with Easy Park, a facilities service provider.
Asia Pacific is expected to grow at a fastest CAGR during the forecast period. The nations in the region have undertaken key initiatives to enhance the payment sector. For instance, Asian Payments Network (APN) is a group of 11 Asian countries that include the Philippines, China, Singapore, Malaysia, Thailand, Vietnam, Indonesia, South Korea, Japan, New Zealand, and Australia to promote cross-border banking transactions in the region.
List of Prominent Players in the Digital Payments Market:
- 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)
- Pay U (Netherlands)
- Apple (US)
- JPMorgan Chase (US)
- WEX (US)
- FLEETCOR (US)
- Aurus (US)
- PayTrace (US)
- Stax by Fatt Merchant (US)
- 2Checkout now Verifone (US)
- Spreedly (US)
- Dwolla (US)
- Braintree (US)
- Clover (US)
- Open Way Group (Belgium)
- EBANX (Brazil)
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Digital Payments Market Size, Share & Trends Analysis Report by Component (Solutions, Services), by Deployment Type (On-premises, Cloud), by Organization Size (Small and Medium-sized Enterprises, Large Enterprises), by Vertical (Banking Financial And Insurance Services, Retail and Ecommerce, Healthcare, Travel and Hospitality), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/digital-payments-market-222317
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Cross-Border B2C E-Commerce Market?
- How will the Digital Payments Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Digital Payments Market?
- What is the Digital Payments market drivers and restrictions?
- What will be the CAGR and size of the Digital Payments Market throughout the forecast period?
Recent Developments:
Nov, 2021: Fiserv has launched EnteractSM, a new, cloud-based customer relationship management (CRM) platform for financial institutions. Enteract features a Microsoft Azure-based integration framework that synchronizes customer data with back-end systems and enables real-time process integration across core banking, enterprise content management and digital channels.
Sep, 2021: Global Payments Inc and Virgin Money signed an agreement to leverage Global Payments’ unique two-sided network to empower Virgin Money customers with market leading Digital Payments Markets experiences globally.
This market titled “Digital Payments Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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