Digital Payment Services Procurement Intelligence, Trends and Spend Analysis 2030

Digital Payment Services Category Overview

The global digital payment services market reached a value of USD 81.03 billion in 2022. A surge in online retail and mobile device usage is the primary engine fueling the demand for digital payment methods.

The trend towards digital payments is particularly driven by the tech-savvy young generation, specifically Generation Z. This demographic prioritizes online banking over traditional methods and seeks tailored, flexible, and relevant customer experiences. As digital payment service providers develop and deliver more engaging experiences, businesses are seeing a rise in demand for user interfaces that enhance growth.

The convenience and security offered by digital payments are key drivers due to the rising popularity of online shopping. Smartphones facilitate seamless online and in-store transactions, while contactless payments are gaining traction due to their ease of use and hygienic benefits. Furthermore, advancements in security features are increasing consumer trust in using these services. For example, platforms like Civic offer a secure and cost-effective way to establish digital identities, while cloud technology fuels innovation in digital payment offerings.

Order your copy of the Digital Payment Services Procurement Intelligence Report, 2023 – 2030 , published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Companies are continuously focusing on developing technologies or partnering and collaborating with tech-based firms to prevent fraud and increase security. For instance,

• In November 2022, Mastercard partnered with Vesta to offer a fraud management platform to merchants in Latin America and the Caribbean. The partnership aimed to improve the consumer’s digital experience and bolster trust in e-commerce by addressing the increasing need for online shopping and addressing evolving fraud threats in real time.
• In March 2022, LexisNexis Risk Solutions acquired BehavioSec, a Swedish company specializing in behavioral biometrics tech, to enhance its device and digital identity-focused offerings. BehavioSec’s predictive biometrics solution uses behavior analysis for continuous authentication, establishing identity trust, and preventing fraud. The acquisition became part of LexisNexis Risk Solutions’ Business Services group.

Digital Payment Services Sourcing Intelligence Highlights

• The number of both large and small companies operating in different areas has caused the digital payment services category to become highly fragmented on a worldwide scale. Players compete aggressively with one another to grow their customer base and offer superior customer service.
• Technology cost, transaction cost, and labor account for the largest cost component of the digital payment services business.
• Most providers offer services such as fraud prevention, account management, customer support, and risk management.

Digital Payment Services Procurement Intelligence Report Scope

The Digital Payment Services category is expected to have pricing growth outlook of 8% – 10% increase (Annually) from 2023 to 2030, with below pricing models.

• Subscription fee pricing model
• Transaction fees pricing model

Supplier Selection Scope of Report

• Cost and pricing,
• past engagements,
• productivity,
• geographical presence

Supplier Selection Criteria of Report

• Sustainability,
• price,
• quality,
• reliability,
• flexibility,
• technical specifications,
• operational capabilities,
• regulatory standards and mandates,
• category innovations

Digital Payment Services Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape
• Market estimates and forecasts from 2023 to 2030
• Growth opportunities, trends, and driver analysis
• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
• Porter’s 5 forces
• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
• Engagement and operating models, KPI, and SLA elements
• LCC/BCC analysis and negotiation strategies
• Peer benchmarking and product analysis
• Market report in PDF, Excel, and PPT and online dashboard versions 

Digital Payment Services Procurement Cost and Supplier Intelligence

Information is secured using cryptography, a method that converts it into a format that is difficult for unauthorized parties to read or understand. It is utilized in digital payments to safeguard sensitive data, including passwords and credit card details. Payment Card Industry Data Security Standard (PCI DSS) is a collection of security standards created to protect sensitive payment information, whereas Secure Sockets Layer (SSL) is a security protocol used to encrypt data communicated over the internet. Two-factor authentication (2FA) is a security procedure that adds an additional layer of protection against fraud by requiring users to submit two forms of identity.

List of Key Suppliers

• Visa
• Mastercard
• PayPal
• Alipay
• China UnionPay
• Amazon Pay
• Stripe
• PayU
• Adyen
• Paytm

Browse through Grand View Research’s collection of procurement intelligence studies:

• Call Center Service Procurement Intelligence Report, 2023 – 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Office Furniture Procurement Intelligence Report, 2024 – 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape) 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions