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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Digital Payment Market
Request Now !Digital payment is any payment or transaction made digitally. In this method, the payer as well as the payee both use the electronic mode for sending and receiving money, no hard cash is used between them. Sometimes it is not mandatory in some cases for the payee to participate digitally for the transaction to be fulfilled. Users can transfer money to the payee’s account by net banking, where the payee needs not have a net banking account to receive the money. Digital payment has helped people in many ways by making their payment flexible as well as secure enough than any other mode of transaction. Customers need not to carry cash with them all the time. Banking card, USSD, UPI, mobile wallets, internet banking, and mobile banking are different digital payment methods which play a key role in the global digital payment market growth.
Increase in number of e-commerce industries, developments in mobile payment technology, increased use of mobile wallets to make payments and development of secure & safe payment gateways are the major factors that drive the growth of the digital payment market. In addition, need to provide better customer experience by companies and increase in the promotion of digital payments fuels the growth of the market. However, lack of global standards for cross border payments and lack of knowledge among emerging economies hamper the growth of the digital payment market. Furthermore, technological advancements in mobile banking and e-wallets are anticipated to provide major opportunities for the market.
The digital payment market is segmented into component, deployment mode, organization size, industry vertical, and region. In terms of component, the market is bifurcated into solution and services. The solution segment is further sub segmented into payment gateway solutions, payment processing solutions, payment wallet solutions, payment security & fraud management solutions, and pos solutions. The service segment is further divided into system integration & deployment service, consulting services, and support & maintenance services. By deployment mode, it is classified into on-premise and cloud. As per industry vertical, it is categorized into BFSI, retail & agriculture, IT & telecom, education, healthcare and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the global digital payment market analysis include Aurus Inc., PayPal Holdings Inc., WEX Inc., Total System Services Inc., Paysafe Holdings U.K. Limited, Global Payments Inc., YapStone Inc., Novatti Group Limited, Financial Software & Systems Pvt. Ltd, and Fiserv Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
DIGITAL PAYMENT MARKET KEY SEGMENTS
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