Digital Payment Market Analysis By Transaction Mode (Mobile Web Payments, Near-Field Communication, SMS Direct Carrier Billing, Others), By Application (Media & Entertainment, Energy & Utilities, Healthcare, Retail, Hospitality & Transportation, Others) & Forecast 2024-2035
- PUBLISHED ON
- 3/28/2023
- NO OF PAGES
- 288
- CATEGORY
- Information Technology
The global Digital Payment Market size was valued at USD 1,450.6 Billion in 2022, and is projected to reach USD 14,060.3 billion by 2032, growing at a CAGR of 30.1 % from 2022 to 2032.
The increasing adoption of mobile devices and e-commerce is the driving factor behind the growth of the digital payment market.
The growing use of mobile devices such as smartphones and tablets has been a major driving force behind the growth of the digital payment market. With the proliferation of mobile devices, consumers are increasingly using their smartphones and tablets to make purchases and conduct financial transactions, and they expect to be able to do so quickly and easily. This trend is particularly evident in the rise of e-commerce, which has transformed the way that people shop and conduct business online. E-commerce has enabled consumers to purchase goods and services from anywhere at any time, and has facilitated the growth of online marketplaces such as Amazon, Alibaba, and eBay. To support this growing demand for mobile and online payments, financial technology (fintech) companies have developed a range of digital payment solutions that are optimized for mobile and online transactions. These solutions include mobile wallets, digital currencies, and mobile payment apps, which enable users to make payments with just a few taps on their mobile devices. In addition to the convenience and ease of use offered by digital payments, they also provide significant security benefits. Digital payments are typically processed through secure encryption technologies and are subject to rigorous fraud detection and prevention measures. This makes them much more secure than traditional payment methods, which are susceptible to fraud and theft.
The adoption of digital payments is also being driven by government initiatives aimed at promoting financial inclusion and reducing the use of physical cash. In many countries, governments are implementing policies and programs to encourage the adoption of digital payments as a means of improving financial access and reducing the costs associated with physical cash.
Segmentation:
By Transaction Mode
• Mobile Web Payments
• Near-Field Communication
• SMS Direct Carrier Billing
• Others
By Application
• Media & Entertainment
• Energy & Utilities
• Healthcare
• Retail
• Hospitality & Transportation
• Others
Geography:
The dominance of a particular region in the digital payment market can vary depending on the specific segment of the market and the timeframe in question. However, currently, the Asia-Pacific region is one of the most dominant regions in the global digital payment market. Countries in the Asia-Pacific region such as China, India, and South Korea have seen rapid growth in their digital payment markets over the past few years. This growth is fueled by factors such as a large population, rising internet and smartphone penetration, government support, and a growing middle class with a higher disposable income. China is particularly noteworthy in this regard, with digital payment giants like Alipay and WeChat Pay dominating the domestic market. These companies have created a cashless society in China, with many consumers using mobile payments for everything from daily transactions to buying houses and cars. Overall, the digital payment market is expected to continue to grow globally, with the Asia-Pacific region playing a significant role in driving this growth.
Impact of COVID-19 on the global Digital Payment Market:
The COVID-19 pandemic has had a significant impact on the digital payment market, accelerating the shift towards cashless transactions and increasing the adoption of digital payment solutions. Some of the impacts are as follows: Increase in online shopping: With lockdowns and restrictions on physical stores, consumers turned to online shopping to fulfill their needs. This led to a surge in digital payments, as online retailers typically offer a variety of payment options, including digital wallets, credit and debit cards, and bank transfers. Contactless payments: The pandemic also highlighted the importance of contactless payments, with consumers looking for safer ways to make payments. This led to an increase in the adoption of contactless payment methods such as mobile payments and tap-to-pay cards. Growth of e-commerce platforms: The pandemic has also led to the growth of e-commerce platforms, with more businesses moving online to survive. This has resulted in increased demand for digital payment solutions that can handle a high volume of transactions.
Overall, the COVID-19 pandemic has accelerated the adoption of digital payment solutions, with consumers and businesses alike turning to cashless transactions as a safer and more convenient alternative to cash. This trend is expected to continue beyond the pandemic, driving further growth in the digital payment market.
Impact of the Russia-Ukraine War on the global Digital Payment Market:
The ongoing conflict between Russia and Ukraine has had several impacts on the digital payment market, both in Russia and Ukraine, as well as in other countries that have imposed sanctions or taken other actions in response to the conflict. Some of the impacts are as follows: Economic sanctions: Following the conflict, many countries have imposed economic sanctions on Russia, which have affected its financial and banking systems. This has led to restrictions on the use of credit cards and other payment methods for Russian businesses and individuals. National payment systems: Russia has responded to the sanctions by developing its own national payment system, known as Mir, to reduce its reliance on international payment networks such as Visa and Mastercard. This has led to a push for greater adoption of Mir by Russian banks and businesses, which may impact the use of other payment methods in the country. Cross-border transactions: The conflict has also led to restrictions on cross-border transactions between Russia and Ukraine, which may impact businesses that rely on cross-border payments.
Company Profiles:
• PayPal
• Stripe
• Square
• Adyen
• Alipay
• WeChat Pay
• Amazon Pay
• Apple Pay
• Google Pay
• Samsung Pay
• Mastercard
• Visa
• American Express
• Skrill
• Payoneer.
Historic Year: 2016-2022
Forecast: 2024-2035
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
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