Digital Payment Market Growth Trends, Development Strategies and Forecast Report, 2025

Felton, Calif., USA, Oct. 26, 2020 — /EPR Network/ —

The global Digital Payment Market research report provides complete insights on industry scope, global trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

The global digital payment market is projected to attain USD 132.5 billion by the end 2025, according to a new report released by Million Insights. The market is anticipated to expand at a CAGR of 17.6% throughout the forecast period, 2019 to 2025. Proliferation of digitalization across various industries including BFSI, retail, healthcare, and IT and telecom is anticipated to boost the market growth.

Competitive Landscape: 

Leading players operating in this industry are Wirecard AG; Total System Services, Inc.; Novetti Group Limited; ACI Worldwide Inc.; Adyen N.V.; and PayPal Holdings Inc. These players are focusing on various strategic initiatives like M&A, strategic partnerships and collaborations for gaining competitive advantage over other competitors. Moreover, these companies are constantly engaged in innovating their services to differential their offerings. In addition, companies are developing new platforms and innovative products by investing in R&D. 

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Growth Drivers: 

Rising penetration of e-commerce portals like Flipkart, Alibaba, and Amazon.com, Inc. that support various payment gateways and mobile wallets is projected to further fuel the growth of the market in the forthcoming years.

Rising government initiatives that promote digitalization and usage of digital payment platforms are anticipated to contribute to the market growth. For example, the government of India introduced its Digital India campaign that promotes cashless transactions and usage of various mobile wallets available. Vendors are adopting emerging technologies such as artificial intelligence, machine learning, block chain technology, and IoT for improving the security aspects of the digital payment platforms and to enhance the user experience.

End Use Outlook: 

• BFSI
• Healthcare
• IT & Telecom
• Media & Entertainment
• Retail & E-commerce
• Transportation 

Regional Insight: 

In 2018, North America held the largest share across the global digital payments market owing to presence of leading providers of digital payment services. Moreover, rising penetration of e-commerce platforms and digitalization across the region are the factors propelling the regional market growth. In addition, rising adoption of cashless transaction in Canada owing to presence of strong digital infrastructure and customer willingness is anticipated to further contributed to the regional growth.

Asia Pacific is projected to attain the fastest CAGR across the global market from 2019 to 2025 owing to rising government campaigns that promote usage of digital payment portals and propagation of digitalization. Moreover, rising number of SMEs and new entrants entering in the regional market is projected to propel the market growth in Asia Pacific. Furthermore, rising penetration of e-commerce industry and availability of large consumer base in India are anticipated to impact the regional market growth.

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