Growing demand for smartphones in emerging economies will positively impact the growth of the digital payment market

0

List of companies presented on the market: Visa Inc., Paytm, Microsoft Corporation, Google Inc., Amazon.com, Inc., Samsung Electronics Co. Ltd., PayPal Holdings Inc., MasterCard International Inc., Facebook Inc., Alipay .com Co Ltd

Pune, India, August 03, 2021 (GLOBE NEWSWIRE) – The world digital payment market The size is expected to reach a transaction value of $ 19.89.9 trillion by 2026, with a CAGR of 24.4% during the forecast period due to the increasing use of smartphones globally. Smartphones can be considered one of the greatest, if not the greatest, revolutions in the information and telecommunications industry of the last century. Today, all kinds of information is at your fingertips thanks to the ubiquity of smartphone technology and its use is only increasing. For example, a study conducted by the Pew Research Center in early 2019 found that nearly 5 billion people worldwide use cell phones, with South Korea representing the highest percentage. The proliferation of smartphones has given rise to the concept of digital transactions in which payments can be made using new technologies such as Quick Response Codes (QRs) and mobile wallets. The convenience of transacting using just your phone has disrupted traditional modes of exchange and prompted businesses, banks, and governments to innovate, leading to digital payments market trends.

Fortune Business Insights ™ illustrates the above information and more in its new report, titled “Digital Payment Market Size, Industry Share & Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, medical and health, transport, consumer electronics, others), and regional forecasts, 2019-2026”. The report states that the value of this market stood at a transaction value of US $ 3.53 trillion in 2018. Apart from this, the report also shares:

  • Comprehensive overview of industry outlook;

  • Comprehensive assessment of drivers and challenges impacting the market;

  • Accurate prediction of market trends and future prospects; and

  • Detailed assessment of the competitive landscape and regional dynamics shaping market development.

PDF brochure sample request: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/digital-payment-market-101972

High vulnerability of financial information to online criminals hinders growth

Electronic payments are transactions between buyers and sellers that are facilitated by the Internet. These transactions require filling in private financial information such as card details, which makes the user vulnerable to cybercrimes. Credit card frauds have become commonplace today as your card details can be easily acquired through phishing and hacking activities. Additionally, protecting financial information requires huge investments in building a robust digital infrastructure, which may not be possible in developing and underdeveloped countries. Finally, digital payments rely heavily on a stable internet connection, which may not always be available, leading to disruption and confusion in the market. However, the advantages of digital transactions far outweigh the disadvantages, which bodes well for the growth of the digital payments market.

Maturing consumer behavior to drive the Asia-Pacific market

The Asia-Pacific is likely to dominate the digital payment market over the next decade due to the rapid adoption of smartphones in highly populated countries such as India and China. Consumer preferences are maturing and shifting towards digital and electronic ways of doing business, says one of our senior analysts. In addition, governments in the region are aggressively promoting digital payment methods, such as the Indian government’s Digital India campaign.

In 2018, the market size of North America was $ 0.96 trillion in terms of transaction value and the region is expected to experience remarkable growth due to the presence of some of the largest financial institutions and pioneers. of technology to the world. In Europe, a large part of the population owns smartphones and the banking sector in EU member states is strong, which bodes well for the region’s market.

Scope and segmentation of the report:

Cover of the report

Details

Forecast period

2019 to 2026

Forecast period 2019 to 2026 CAGR

24.4%

2026 value projection

$ 19.89 billion

Year of reference

2018

Market size in 2018

US $ 3.53 trillion

Historical data for

2015 to 2017

Number of pages

120

Covered segments

By type of payment, by sector and by region

Growth drivers

Growth of e-commerce and technology driven initiatives to increase market growth

Growing adoption of digital payment among Gen Z to help market growth

The trend is likely to create intense competition and significant market opportunities for players in the digital payment market.

Pitfalls and challenges

Heavy capital investment and higher cost of electricity per unit threaten market growth

Click here to learn about the short and long term impact of COVID-19 on this Digital Payment market.

Please visit: https://www.fortunebusinessinsights.com/digital-payment-market-101972

Ensure that transactional security is at the center of the concerns of key players

In the face of increasing cybercrime cases, competitors are focusing on developing convenient yet secure services to minimize the possibility of fraudulent activity. Many companies are actively collaborating to find innovative solutions, others target niche sectors in emerging economies.

Industry Developments:

  • November 2019: Google Inc. has modified its popular Google Pay platform and launched the “Google Pay for Business” app in Chennai, India, which will target exclusively the country’s nascent micro, small and medium-sized enterprise (MSME) sector. The app would transfer the full amount of the transaction to the UPI user’s bank account.

  • October 2019: American Express, Visa, Discover and MasterCard have teamed up to develop a secure, simple and fast payment solution for online card payments. The service, which will be available in the United States in early 2020, is based on the EMV® Secure Remote Commerce standard which will allow customers to easily checkout using a “click-to-pay” option.

Request customization: https://www.fortunebusinessinsights.com/enquiry/customization/digital-payment-market-101972

Key Players Covered In The Digital Payment Market Report:

• Visa inc.

• Payment

• Microsoft Corporation

• Google Inc.

• Amazon.com, Inc.

• Samsung Electronics Co. Ltd.

• PayPal Holdings Inc.

• MasterCard International Inc.

• Facebook Inc.

• Alipay.com Co Ltd

Quick Buy – Digital Payment Marketplace: https://www.fortunebusinessinsights.com/checkout-page/101972

Contents

  • introduction

    • Definition, by segment

    • Research approach

    • Sources

  • Summary

  • Market dynamics

  • Key ideas

    • Macro and micro economic indicators

    • Consolidated SWOT analysis of the main players

    • Porter’s Five Forces Analysis

  • Global Digital Payment Technology Market Analysis, Outlook and Forecast, 2015-2026

  • North America Digital Payment Technology Market Analysis, Outlook and Forecast, 2015-2026

COT Suite.

Talk to our analyst- https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/digital-payment-market-101972

Take a look at the related research analyzes:

Facial Recognition Door Locks Market COVID-19 Size, Sharing and Impact Analysis, by Application (Residential, Hotel, Commercial, Government and Others) and Regional Forecast, 2021-2028

IoT in the smart city market COVID-19 size, sharing and impact analysis, by component (solution and services), by application (smart building, smart healthcare, smart energy, smart transportation, public safety, smart infrastructure and others) and regional forecast, 2021 -2028

Mobile Virtual Network Operator (MVNO) Market COVID-19 size, share and impact analysis, by operating model (MVNO reseller, MVNO service provider and full MVNO), by type of service (postpaid and prepaid), by subscriber (business and home / residential) and regional forecast , 2021 -2028

Cyber ​​security market Analysis of the size, sharing and impact of COVID-19, by component (solution and services), by type of deployment (cloud and on-premises), by company size (small and medium business and large business), by sector (BFSI, IT and telecommunications, retail, healthcare, government, manufacturing, travel and transportation, energy and utilities and others) and regional forecast, 2021-2028

Enterprise A2P SMS Market COVID-19 size, sharing and impact analysis, by deployment (on-premise and in the cloud), by application (deep content services, customer relationship management services, promotion and marketing, interactive services and Others), by End User (BFSI, Retail & Ecommerce, Travel & Hospitality, Healthcare, Media & Entertainment, & Others) and Regional Forecast, 2021-2028

About Us:

Fortune Business Insights ™ delivers accurate data and innovative business analytics, helping organizations of all sizes make the right decisions. We tailor innovative solutions to our clients, helping them meet various challenges unique to their business. Our goal is to provide them with aggregate market insights, providing them with granular insight into the market in which they operate.

Contact us:

Fortune Business Insights ™ Pvt. Ltd.

308, Supreme Headquarters,

Investigation n ° 36, Baner,

Pune-Bangalore Highway,

Pune – 411045, Maharashtra, India.

Call:

United States: +1 424 253 0390

UK: +44 2071 939123

APAC: +91 744 740 1245

E-mail: [email protected]

LinkedIn: https://www.linkedin.com/company/fortune-business-insights

Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd

Read the press release: https://www.fortunebusinessinsights.com/press-release/digital-payment-market-9532

Share.

About Author

Leave A Reply