DUBLIN, February 17, 2022--(BUSINESS WIRE)--The "Digital Payment Market, Size, Global Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Digital Payment Market is expected to reach US$ 12.55 Trillion by 2027, growing with a CAGR of 10.9% during 2021-2027.
Recently, digital payment has made its application in various industries like banking & financial sectors, hotels & restaurants, ecommerce, retail, corporate sectors, public sectors, healthcare, and transportation & telecommunication, hence making the services procured in the industries faster, easier, and more secure for parties involved in the transaction. Remarkably, the millennial population across the world is more inclined towards a redefined online payment solution.
COVID-19 Impact boosted the Global Digital Payment Market:
Globally, COVID-19 has imposed significant limitations on people's lives. This has also altered payments made, driven by lifestyle changes. Digital payment soared as word spread through family, friends, and campaigns worldwide. Therefore, across the spectrum, people found ways to live, work, transact and discover the uses of online transactions. Online payment has been providing the backbone for people to access their funds as they need it amidst the pandemic.
The Emerging Methods of Payment Systems:
Globally, consumers are more inclined towards checkout processes working as fast as possible and helping to avoid long lines. Further, allowing businesses to adopt online payment systems to increase sales, reduce costs and boost profits in the long run. As per the analysis, some of the most significant emerging payment methods include credit cards, e-wallet, debit cards, charge and deferred debit cards and bank transfers. The Global Online Payments Market was US$ 6.75 Trillion in 2021.
Regional Outlook of Digital Payment Market:
Asia Pacific is currently the global leader in the digital payments industry. The APAC region is projected to generate high revenues and remain a strong contender in the race to a truly cashless society. Contrarily on the other side of the globe, North America has a sophisticated and mature digital payments market, and the traditional cash infrastructure is now witnessing a decline in bank branches and ATMs, further demonstrating North America's move away from cash.
In addition, Europe, the Middle East, Africa, and Latin America are also predicted to be within the top regions in the global digital payment industry, with most of the infrastructure being developed. Besides, Europe, Finland, Sweden, and the UK are likely to be some of the country's leading the way to a cashless society widely adopting online payments.
Key Market Players in the Digital Payment Industry:
Globally, different vital companies are offering digital presentment and payment solutions. The key companies are working relentlessly to provide solutions that are beneficial for parties involved in the industry. Remarkably, the key companies are also exploring the scope of digital payment to identify the trends that can change the future of electronic payments. The report covers Paypal Holdings Inc., Visa Inc., Mastercard Incorporated, Amazon.Com Inc. and Alphabet Inc. as some prominent players that have developed a payment solution for the future and are running the market with its solution.
The Future of Digital Payment Is Frictionless:
Digital payments have evolved tremendously over the past few years. As per the analysis, global digital payment are expected to have a very bright future. In the coming future, industries using online payment will have the ability to stay ahead of the latest trends in the dynamic landscape of payment systems. Besides, industrial applications failing to use innovative digital payment technology that keeps up with consumer demand is expected to hurt sales and leave their business falling behind.
Mobile POS Systems
Charge and Deferred Debit Card
Banking & Financial Sectors
Hotels & Restaurants
Transportation & Telecommunication
Application Program Interface
Payment Security & Fraud Management
Transaction Risk Management
Paypal Holdings Inc.
Recent Development & Strategies
For more information about this report visit https://www.researchandmarkets.com/r/i4hv9o
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