Digital payment market
Insightace Analytic PVT. Ltd. announces the release of a market assessment report on the “Global Digital Payment Market- (By Offering (Solutions (Payment Gateway, Payment Processors, Payment Wallet, Point of Sale, and Other Solutions), Services (professional services (Consulting, Implementation, Support & Maintenance), Managed Services), By Transaction Type (Domestic and Cross Border), Payment Mode (Cards, Digital Wallet, ACH Transfer), By Vertical (BFSI, Retail & E -commerce, Healthcare, Travel & Hospitality, IT & ITES, Telecom, Transport & Logistics, other verticals), other verticals, other verticals), other verticals), other verticals), the other verticals), other verticals)) turnover and prediction until 2034. ”
According to the latest investigation of Insightace Analytic, the global market for digital payments is valued at US $ USD 124.8 billion in 2024, and it is expected that the USD 357.7 billion will reach by 2034, with a CAGR of 11.2% during a forecast period of 2025-2034.
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Digital payments include the electronic transfer of monetary value carried out by private individuals, companies or organizations via various digital platforms. These transactions include online payments, mobile payments, contactless solutions and the use of digital wallets. Cilitated by progress in internet connectivity, mobile technology and secure payment infrastructure, digital payments offer a seamless and safe alternative to conventional financial transactions. In recent years, the digital payment landscape has undergone considerable growth and innovation, so that the way in which financial transactions are carried out transforms fundamentally by both consumers and companies.
The market for digital payments is characterized by intense competition, in which participants ranging from traditional financial institutions and major technology companies to Agile FinTech startups. The growth of the sector is largely powered by the rise of e-commerce and the increasing acceptance of technology-in-terms financial services. Prominent players such as @Google Pay, @Apple Pay, @Samsung Pay and @alipay have recorded a considerable market share by investing in advanced technologies and improving their platforms. @Alibaba Group has, for example, developed @alipay to streamline transactions between consumers and traders, so that efficiency is optimized and the user experience is improved.
List of prominent players in the market for digital payments:
• PayPal (US)
• Fiserv (US)
• FIS (US)
• Worldwide payments (US)
• Square (US)
• Stripe (US)
• Visa (US)
• Mastercard (US)
• Worldline (France)
• Adyen (the Netherlands)
• ACI Worldwide (US)
• Temenos (Switzerland)
• Payu (the Netherlands)
• Apple (US)
• JPMorgan Chase (US)
• Wex (US)
• Fleetcor (US)
• Aurus (US)
• Paytrace (US)
• Stax by Fattmerchantch (US)
• Verifone (US)
• Spreaddess (US)
• Dwolla (US)
• Bharatpe (India)
• Payset (UK)
• Paysend (UK)
• Matchmove (Singapore)
• Ripple (US)
• Ebanx (Brazil)
• Others
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Market dynamics
Drivers:
The growing tendency of consumers for non-continuous payment methods is a primary factor that stimulates the expansion of the digital payments market. These methods offer improved speed and convenience for transferring funds between accounts. The acceptance of cost-effective payment technologies, including QR code-based systems and compact terminal solutions, further supports this transition.
Millennials are paramount in this digital shift and embrace mobile and online payment platforms at a fast pace. Moreover, the increasing demand for seamless and user -friendly experiences is an important catalyst for market growth. As the competition intensifies, the ability of service providers to offer exceptional customer experiences has become an essential distinguishing factor, which promotes greater user involvement and long -term loyalty.
Challenges:
Despite the robust growth process, the digital payments sector stands for various critical challenges. An important obstacle is the lack of standardized frameworks for facilitating cross -border transactions. This is exacerbated by legal discrepancies between jurisdictions and a shortage of technical expertise in emerging markets, which jointly hinder the efficiency of global digital payment systems. As international trade continues to grow, inconsistencies in government regulations, data management policy and incompatible national payment infrastructures create considerable operational complexities. The limited capacity of many domestic systems to support cross -border integration further limits the scalability and performance of international digital payment solutions.
Regional trends:
The ASIA-Pacific (APAC) region is expected to lead the worldwide market for digital payments in terms of income, supported by a highly projected composite annual growth rate (CAGR). The widespread acceptance of digital portfolios and mobile payment platforms in countries with a high population such as China and India, together with increased penetration of smartphones, stimulates regional growth. At the same time, North America remains an important contribution to the world market. The region benefits from advanced digital infrastructure, high internet accessibility and a technologically skilled consumer base, all of which create a favorable environment for the continuous application of digital payment solutions in both consumer and business segments.
Recent developments:
• In September 2023, Temenos contributed to the advanced payment functionalities to IBM Cloud, which facilitates the transformation of financial institutions with the emphasis on security and compliance with the regulations. The availability was extended to the Temenos Payments Hub in IBM Cloud for financial services in the hybrid cloud infrastructure of IBM, powered by Linuxon and Red Hat Openshift with IBM Power.
• In August 2023, PayPal introduced Holdings Inc Stablecoin, making it the first major financial enterprise. This promotion can considerably improve the slow acceptance of digital tokens for transactions.
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Segmentation of digital payment market
By offering
• Solutions
O Paytyway Solutions
O Solutions for payment processor
O pay wallet solutions
o Point or sale (POS) solutions
O others
• Services
o Professional services
Consulting
Implementation
Support and maintenance
O managed services
By transaction type
• homely
• Cross border
Per payment mode
• Tickets
• ACH -Transfer
• Digital wallet
• Others
By vertical
• BFSI
• Retail & e-commerce
• IT & Ites
• Telecom
• Healthcare
• Travel and hospitality
• Transport and logistics
• Media and entertainment
• Others
Per regional
North America
• the US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast -Asia
• Rest of Asia Pacific
Latin America
• Brazil
• Argentina
• Rest of Latin -America
Middle East and Africa
• GCC -Landen
• South Africa
• Rest of the Middle East and Africa
Read overview report- https://www.insightaceanalytic.com/rport/digital-payment-market/2168
About us:
Insightace Analytic is a market research and consultancy firm that enables customers to make strategic decisions. Our qualitative and quantitative solutions for market information inform the need for market and competition instruments to expand companies. We help customers to achieve competitive advantage by identifying untreated markets, exploring new and competitive technologies, segmenting potential markets and restoring products. Our expertise is the provision of syndicated and adapted market information reports with an in -depth analysis with important market insights in a timely and cost -effective way.
Contact us:
Insightace Analytic PVT. Ltd.
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This release is published on OpenPR.
