Digital Payment Market worth $180.2 billion by 2026 – Report by MarketsandMarkets™

Chicago, July 18, 2022 (GLOBE NEWSWIRE) — According to a new market research report “Digital Payment Market by Component (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management) and Services), Deployment Mode, Organization Size, Vertical and Region – Global Forecast to 2026″, published by MarketsandMarkets™, the Digital Payment Market size expected to grow from USD 88.1 billion in 2021 to USD 180.2 billion by 2026, at a CAGR of 15.4% during the forecast period. The global Digital Payment Market is gaining traction, owing to factors such worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, and increase in eCommerce sales and growth in internet penetration. These factors are expected to drive the global Digital Payment Market.

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The usage of mobile devices is likely to increase the number of interactions customers have with their respective banks, allowing banks and financial institutions to understand their needs in an effective manner. By offering an array of payment services, such as mobile wallets, P2P transfers, POS mobile card readers, and international remittances, banks and financial institutions stand to experience new high-growth opportunities. To combat the threat from non-bank providers, banks and financial institutions need to redesign and personalize the payments experience, collaborate strategically to keep pace with digital giants, such as Apple and Google, and reach out to the unbanked and the underbanked. Singapore’s PayNow, a joint effort of the country’s major banks, attracted over 500,000 users in its first month, which is a tenth of the adult population.

Cloud segment is expected to record the highest growth during the forecast period. Several vendors in the Digital Payment Market offer payment solutions through the public and private cloud. Cloud-based payment solutions are available in various subscriptions and pay-per-use models. These solutions empower businesses to invest in payment technologies according to their specific requirements. The cloud-based deployment of digital payment software is gaining traction among SMEs, as cloud-based deployment helps SMEs avoid upfront costs associated with hardware, software, storage, and technical staff.

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In terms of geographic coverage, the global Digital Payment Market has been segmented into five major regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest growth rate during the forecast period, as the region comprises developed and emerging economies, such as Australia, China, and India. APAC is at the forefront of adopting online payment modes for various transactions. Asian consumers prefer equal measures of seamless and security in all aspects of their digital payment transactions. Payment methods vary widely throughout the region, between and within countries, and across the spectrums of development from urban to rural.

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Related Reports:

Payment Processing Solutions Market by Payment Method (Debit Card, Credit Card, eWallets, ACH), Deployment Type (On-premises, Cloud-based), Vertical (BFSI, Government and Utilities, Telecom and IT, Healthcare) and Region – Global Forecast to 2027

Contactless Payment Market by Component (Hardware (PoS and Cards), Solutions, and Services (Consulting, Integration and Deployment, and Support and Maintenance)), Vertical (Retail and hospitality), and Region – Global Forecast to 2025

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