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Allied Market Research

Digital Debit Market: Global Opportunity Analysis and Industry Forecast, 2020–2027

A09928
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Aug 2021 | 162 Views
 
Author(s) : NA
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Digital Debit Market Statistics: 2027

Digital debit, a digital version of debit and credit card, is stored in an app on mobile device. By using digital debit, users can purchase easily and quickly with near-field technology. It also stores several other items of traditional wallet such as license, gift cards, and tickets. 

Digital debit is protected with password and is used to make payments for groceries, online purchase, flight tickets, and many more. It has two main components, software and information. The software helps to store personal data as well as security and encryption of the data while the information is used to create a database of details provided by the user, including name, shipping address, payment method, and others. 

Market scope and structure analysis:

Report Matric

Details

  Market size available for the years

  2019-2027

  Base year considered

  2019

  Forecast period

  2020-2027

  Forecast unit

  Value (USD)

  Segments covered

  • Type
  • Mode Type
  • Application
  • Enterprise Size
  • Region

  Regions covered

  • North America (the U.S. and Canada)
  • Europe (Germany, the UK, France, and rest of Europe)
  • Asia-Pacific (China, Japan, India, and rest of Asia-Pacific)
  • LAMEA (Latin America, Middle East, and Africa)

  Companies covered

  • AT&T Inc.
  • Amazon.com
  • Ant Financial Services
  • Allied Wallet Inc.
  • American Express Company
  • Apple Inc.
  • Barclays Plc.
  • Google LLC.
  • Mastercard Inc.
  • One Mobikwik Systems Pvt Ltd.
  • One communications Ltd.
  • Visa Inc.
  • Wells Fargo & Company

 

COVID-19 scenario analysis:

  • The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown enforcements and restrictions on movements of non-essential goods as well as resources in various countries disrupted the supply chain.
  • The COVID-19 outbreak has become one of the biggest threats to the financial markets and global economy. To contain the impact of the coronavirus outbreak, countries, such as India, are implementing nationwide lockdown, shutting down public places & transport, limiting the movement of entire population, maintaining social distance, and working from home. The economic disruption is huge and the short-term decline in activity for businesses, both large and small, is considerable.
  • Digital payment through QR codes, Unified Payment Interface (UPI), mobile wallets, and cards have made V-shaped recovery in the past two to three months. The volume of digital payment transactions jumped almost 60% after the ongoing lockdown scenarios in every country to minimize the spread of the virus. The sudden growth in digital payment is expected to impact positively on the growth of the digital debit market.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Digital debit has a large number of benefits over traditional wallet, such as convenience, better security, and additional bonus & rewards,  which drive the growth of the digital debit market. In addition, increased usage of smartphones, supportive government initiatives, and changing customers’ preference toward digital payments further fuel the growth of the market. However, low security, lack of clear regulatory framework and heavy investment may hinder the growth of the market. Growth in penetration of digital debit in developing economies and increase in number of mobile banking users provide numerous opportunities for the digital debit market. 

Growing adoption of digital debit cards due to enhanced security: 

Digital debit offers better security than traditional wallet. It cannot be stolen or broken and when transactions are done in a store or online, the transaction is completed with the help of unique transactional ID or token. Therefore, the store or online is not expected to store one’s account information, which enhances the security of data.

High investment: 

Heavy initial monetary investment is required for building a functional digital wallet application, which can restrain the growth of the digital debit market. The application requires the initial development of the software as well as continual maintenance, fixes, and updates attached with it. However, when the software is acquired, organizations have to install the corresponding hardware in their stores, further increasing their costs.  

Growing adoption of digital debit in rural area: 

A huge impact is created on the economic development of a country by rural area as organizations and governments are able to witness the lack of bank accounts in the rural area. With the help of digital debit, they can easily create bank accounts without actually going physically to a bank branch. Digital debit also helps to create transparency in a business transaction in the rural area. Moreover, the increase in demand for mobile and rise in the number of internet users in the rural area are estimated to provide opportunities for digital payment solutions over the forecast period. 
 

Key Segments covered:

Segments

Sub Segments

  Type

  • Closed Wallets
  • Semi closed E-wallets
  • Open E-wallets

  Mode type  

  • Online Payment
  • Mobile wallet

  Application

  • Retail
  • Public Transportations
  • Vending Machines
  • Restaurants
  • Entertainment
  • Banking

  Industry vertical

  • IT & Telecom
  • Entertainment
  • Food And Beverages
  • Healthcare  And Pharmaceutical
  • Automotive
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the global digital debit market along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global digital debit market share.
  • The current digital debit market is quantitatively analyzed from 2019 to 2027 to highlight the global digital debit market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the digital debit market. 
  • The report provides detailed analysis based on competitive intensity and how the competition will take shape in coming years. 
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
  • Technologically sophisticated and reliable insights through well audited and veracious research methodology
  • Sovereign research proceeds that present a tangible depiction of marketplace


With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


Primary research
Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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