Digital Payment Market Share to Surpass $243.42Bn, Worldwide, by 2028 at 15.4% CAGR – Exclusive Study by The Insight Partners

The digital payment market size is expected to grow from US$ 89.04 billion in 2021 to US$ 243.42 billion by 2028; it is estimated to grow at a CAGR of 15.4% from 2021 to 2028.

New York, June 29, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Digital Payment Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solutions and Services), Deployment (On-Premises and Cloud-Based), Organization Size (Small and Medium Enterprises and Large Enterprises), and Industry (BFSI, Retail and Ecommerce, Healthcare, Travel and Hospitality, Media and Entertainment, IT and Telecom, and Others)” The global digital payment market growth is driven by increasing prevalence of smartphones enabling the expansion of mCommerce and Rising Adoption of Contactless Payments.

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Increasing Prevalence of Smartphones Enabling Expansion of mCommerce Boosts Demand for Digital Payment Market:
The way people access the internet has a direct impact on the growth of mobile commerce. Users prefer smartphones over PCs for internet surfing as smartphones are more affordable, and high-speed internet is no longer a premium infrastructure in many countries. Retailers develop shopping applications that have easy-to-browse catalogs and a simple checkout experience. The fact that customers are intrinsically tied to their mobile phones is not missed by bankers and payment service providers. Banks provide banking apps that allow transactions to be completed on a mobile device’s screen. Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments. All these factors drive the growth of the digital payment market.

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Key Findings of Study:
The digital payment market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC.

Based on component, the digital payment market is bifurcated into solution and services. The solution segment contributed a larger revenue share in 2020. 

Based on deployment, the digital payment market is bifurcated into on-premise and cloud-based. The cloud-based segment held a larger revenue share in 2020.

Based on organization size, the digital payment market is bifurcated into small and medium enterprises and large enterprises. The large enterprise segment held a larger revenue share in 2020. 

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Impact of COVID-19 on Digital Payment Market:
The COVID-19 pandemic has benefited the digital payment solutions industry. Businesses are facing new challenges due to the pandemic and the development of remote work environments. At least 58 governments in developing countries have adopted digital payments to give COVID-19 help, according to a World Bank survey of policy responses to the pandemic. At least 36 countries received the funds in fully functional accounts that may be used for saving or transactions in addition to withdrawing cash. Financial inclusion necessitates such extensive capability. Further, the emergence of the pandemic in 2020 has prompted a slew of challenges for global market operations. Healthcare infrastructures of developed economies have collapsed due to the rising number of COVID-19 cases. As a result, the public healthcare emergency will require the governments and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives to recover the losses during the forecast period.

The growing demand for online payment methods worldwide propels the digital payment market growth. Many merchant offerings on online payment, such as point of sale and rebate, encourage users to utilize digital payment, which propels the demand for the digital payment. The digital payment market is growing due to rapid advancements in e-commerce, mobile payment technologies, and the growing use of mobile wallets. Globally, many governments are taking key initiatives to digitize payments; thus, this fosters economic growth and benefits end-users in many countries. For instance, in June 2021, Okay and FSS Technologies (Financial Software and Systems), a worldwide payments technology firm, announced their alliance to deliver focused authentication security to consumer payments, particularly transaction validation and authentication on mobile. With its next-generation products, technology, and solution offerings, FSS is already expanding its commercial potential in Europe. Many governments invest massive capital in the digital payment industry and undertake various initiatives to digitize the payment process.

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For instance, to encourage digital payments, Indian government has taken many key initiatives to increase the transaction rate via Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Unstructured Supplementary Service Data (USSD), Aadhar Pay, and debit cards. Digital India, the debut of the Unified Payments Interface (UPI), and the 14444-helpline number are all driving forces behind the migration to digital payments. Many companies such as as IRCTC (Railways), Makemytrip, Yatra, Ibibo, Cleartrip (Airlines and hotels), Trivago (hotels), redBus (buses), and Bookmyshow (events) are taking efforts to develop their product portfolio to transact online contributing to the growth of the digital payment market in India. One of the vital growth imperatives for a country’s economy is digital payment. It can assist promote productivity and economic growth, improving transparency, increasing tax collection, expanding financial inclusion, and provide new economic opportunities for end-users. However, cyberattacks can hinder the growth of the digital payment market. These attacks are the most severe threats the payment industry has faced in a long time. Digital payments began to pick up speed with the growth of e-commerce companies and the introduction of digital wallet providers. In addition, digital wallets offered enticing discounts and cashbacks to encourage customers to use the payment channel. Due to tempting offers, simplicity of use, and rising smartphone penetration, digital wallet firms have made their way into consumers’ phones and pockets. Furthermore, to broaden their appeal, digital wallets began pushing customers to use digital wallets for offline POS transactions such as shopping malls, supermarkets, grocery stores, restaurants, and gas stations. These POS transactions are likely to make up most of the digital payment’s platform in the coming years. Thus, digital wallets are showing a rapid growth and play a unique role in the digital payment market growth

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Mobile Money Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Mode of Transaction (Mobile Apps, QR Codes, Point of Sale, Mobile Banking, Others); Payment Type (Person to Person, Business to Person, Person to Business, Business to Business); Application (Bill Payments, Money Transfers, Travel and Ticketing, Merchandise and Coupons, Others) and Geography

Mobile Wallet and Payment Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Remote, Proximity); Technology (Near Field Communication, QR Code, Digital Only, Text-based); End User (Personal, Business) and Geography

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