Adroit Market Research - Industry Insights
Digital Payment Market by Payment Method (POS Device, Net Banking, Digital Wallets, Mobile Banking and Cryptocurrencies), Organization (SMEs and Large Enterprises), Applications (BFSI, telecom & IT, retail & e-commerce, healthcare, transport, government, others), and Region, Forecast 2018 to 2025
Feb 2020
Total Pages: 80
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Summary
The global digital payment market is valued at USD 42 billion in 2018 and is anticipated to grow at a CAGR of ~ over the forecast period. The growing use of mobile devices and smartphones, along with high internet penetration, is likely to fuel the market growth in the next five years. Easy accessibility and user-friendly digital payment applications are further projected to drive the growth of the industry. Additionally, various governments throughout the globe are taking initiatives to endorse cashless transactions. For example, the Government of India introduced the Digital India initiative, which emphases encouraging cashless transactions and digital payment processes in the nation.
The advancement of global digitalization has influenced the digital payment services market substantially. The internet facilitates merchants to deliver their services within the digital payment market space. The rising need to facilitate improved customer support at the POS terminals is projected to drive the industry growth within the forecast period. The rising number of e-commerce players, various developments within the mobile payment technology, and rising use of mobile wallets for performing transactions are contributing to the industry growth.
.png "Global Digital Payment Market 2018-2025 (USD Billion)")
The development of secure and safe payment gateways shall enable to boost digital payment methods by various sectors globally. The industry shall also be driven by advancements in payment technology using the internet of things (IoT), blockchain, artificial intelligence (AI), as well as real-time payments. Advancements in security technologies that include the tokenization of card information for eradicating fraudulent activities are likely to create growth prospects from 2019 to 2025.
Key Segments of the Digital Payment Market
Payment Method Overview, 2018-2025 (USD Billion)
- POS Devices
- Net Banking
- Digital Wallets
- Mobile Banking
- Crypto Currencies
Organization Type Overview, 2018-2025 (USD Billion)
- SMEs
- Large Enterprises
Application Type Overview, 2018-2025 (USD Billion)
- BFSI
- Telecom & IT
- Retail & e-Commerce
- Healthcare
- Transport
- Government
- Others
Regional Overview, 2018-2025 (USD Billion)
- North America
- U.S.
- Canada
- Europe
- France
- UK
- Germany
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Rest of APAC
- Central and South America
- Brazil
- Argentina
- Mexico
- Rest of South America
- Middle East and Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global digital payment market. Benchmark yourself against the rest of the market.
- Be prepared for how research & development (R&D) investments and digital payment market will be impacted by socio-political and economic factors over the next few years
- Ensure you remain competitive as new innovations by existing key players boost the market.
What does the report include?
- The study on the global digital payment market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the payment digital industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented on the basis of payment method, organization, applications, and end-user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
This study is suitable for industry participants and stakeholders in the global digital payment market. The report will benefit:
- Every stakeholder involved in manufacturing and distributing digital payment components or solutions.
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to the global digital payment market.
- Government organizations, regulatory authorities, policymakers and financial organizations looking for R&D investment trends in the global digital payment market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Digital payment is a contemporary method of monetary operations to eliminate paper-based notes usages. Unlike the traditional paper-cash transactions, within the digital payment method, the remunerator need not carry banknotes. The end-to-end procedure performs digital electronic payment transactions via net banking, POS devices, mobile banking, etc. the economy is inclining towards digital payment so as to leverage the convenience and speed delivered. Debit cards, credit cards, NFC transactions via mobile devices or cards, digital Wallets, ATM cards, are some of the examples of digital payment methods.
Companies such as PayPal Holdings Inc., ACI Worldwide Inc., Wirecard AG, and more are investing heavily in their R&D infrastructure along with acquiring promising startups in the areas of industrial IoT, big data, artificial intelligence, machine learning, and more. In January 2020, Amazon infused over USD 193 million within its Indian payment business Amazon Pay India Pvt. Ltd., having a total investment of about USD 622 million investment in the online payment solutions.
Payment Method Segment
Based on the payment methods, the market is classified into Point of Sale (POS) devices, net banking, digital Wallets, mobile banking, and cryptocurrencies. The POS devices segment held the largest market share in 2018, due to various advantages such as ease of use, high efficiency, and increased precision. POS terminals promptly accept several transactions via EMV chip cards, contactless payments, and mobile wallets that include Android Pay, Apple Pay, and Samsung Pay. The POS terminals rationalize the accounting procedures, thus making it simple for merchants to track past transaction records. The digital wallet payments are anticipated to grow at a considerable rate from 2019 to 2025. The emergence of e-commerce and online purchases is likely to augment the growth of digital wallets in the next few years.
Application Segment
Based on the organization type, the market is been categorized into SMEs and large enterprises. Large enterprise is likely to hold the largest market share for digital payments since they reduce the payment execution time, enhance customer experience, and improve prominence in administration. The digital payment solutions enable a large enterprise to explore their business within the new markets, both internationally and domestic, which were previously isolated owing to a high prevalence of monetary transactions.
The SMEs are likely to witness a substantial growth rate in the next five years owing to the several government initiatives via different digital SME promotions throughout the world. For example, in May 2017, IMDA, in Singapore introduced the SMEs Go Digital initiative to enhance SMEs to access new technologies.
-2018-2025-(USD-Billion).png "Global Digital Payment Market, by Application (Healthcare) 2018-2025 (USD Billion)")
On the geographical front, North America dominated the global digital payment market in 2019 and is expected to do so over the forecast period 2019 – 2025. Since the region is home for various industry players, North America is likely to possess the largest market share in the coming five years. Canada has experienced substantial growth, particularly due to vigorous government investments in technology that support digital payment solutions.
.png "Asia-Pacific Digital Payment Market, by Region, 2018-2025 (USD Billion)")
The growth for the digital payment industry in the Asia Pacific region is expected to be the largest from 2019-2025. The growth in demand for cashless payment methods from BFSI, telecom & IT, healthcare, retail & e-commerce, and manufacturing industries shall drive the demand for the market substantially. On the other hand, government initiatives and regulations within the digital payment industry from nations such as India, China, Singapore, and Japan, are helping create growth prospects for established fintech companies as well as startups to build advanced payment solutions.
As of 2019, the market for digital payment providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded digital payment technologies that provide digital and automation solutions.
Summary
The global digital payment market is valued at USD 42 billion in 2018 and is anticipated to grow at a CAGR of ~ over the forecast period. The growing use of mobile devices and smartphones, along with high internet penetration, is likely to fuel the market growth in the next five years. Easy accessibility and user-friendly digital payment applications are further projected to drive the growth of the industry. Additionally, various governments throughout the globe are taking initiatives to endorse cashless transactions. For example, the Government of India introduced the Digital India initiative, which emphases encouraging cashless transactions and digital payment processes in the nation.
The advancement of global digitalization has influenced the digital payment services market substantially. The internet facilitates merchants to deliver their services within the digital payment market space. The rising need to facilitate improved customer support at the POS terminals is projected to drive the industry growth within the forecast period. The rising number of e-commerce players, various developments within the mobile payment technology, and rising use of mobile wallets for performing transactions are contributing to the industry growth.
The development of secure and safe payment gateways shall enable to boost digital payment methods by various sectors globally. The industry shall also be driven by advancements in payment technology using the internet of things (IoT), blockchain, artificial intelligence (AI), as well as real-time payments. Advancements in security technologies that include the tokenization of card information for eradicating fraudulent activities are likely to create growth prospects from 2019 to 2025.
Key Segments of the Digital Payment Market
Payment Method Overview, 2018-2025 (USD Billion)
- POS Devices
- Net Banking
- Digital Wallets
- Mobile Banking
- Crypto Currencies
Organization Type Overview, 2018-2025 (USD Billion)
- SMEs
- Large Enterprises
Application Type Overview, 2018-2025 (USD Billion)
- BFSI
- Telecom & IT
- Retail & e-Commerce
- Healthcare
- Transport
- Government
- Others
Regional Overview, 2018-2025 (USD Billion)
- North America
- U.S.
- Canada
- Europe
- France
- UK
- Germany
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Rest of APAC
- Central and South America
- Brazil
- Argentina
- Mexico
- Rest of South America
- Middle East and Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global digital payment market. Benchmark yourself against the rest of the market.
- Be prepared for how research & development (R&D) investments and digital payment market will be impacted by socio-political and economic factors over the next few years
- Ensure you remain competitive as new innovations by existing key players boost the market.
What does the report include?
- The study on the global digital payment market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the payment digital industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented on the basis of payment method, organization, applications, and end-user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
This study is suitable for industry participants and stakeholders in the global digital payment market. The report will benefit:
- Every stakeholder involved in manufacturing and distributing digital payment components or solutions.
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to the global digital payment market.
- Government organizations, regulatory authorities, policymakers and financial organizations looking for R&D investment trends in the global digital payment market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Chapter 1 Introduction
1.1 Introduction to the Study
1.2 Market Definition and Scope
1.3 Units, Currency, Conversions and Years Considered
1.4 Key Stakeholders
1.5 Key Questions Answered
Chapter 2 Research Methodology
2.1 Introduction
2.2 Data Capture Sources
2.2.1 Primary Sources
2.2.2 Secondary Sources
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Data Triangulation
2.6 Assumptions and Limitations
Chapter 3 Executive Summary
Chapter 4 Research Methodology
4.1 Introduction
4.2 Data Capture Sources
4.2.1 Primary Sources
4.2.2 Secondary Sources
4.3 Market Size Estimation
4.4 Market Forecast
4.5 Assumptions and Limitations
Chapter 5 Market Outlook
5.1 Introduction
5.2 Value Chain Analysis
5.3 Macroeconomic Indicators
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Rising initiatives by governments for promoting cashless transactions
5.4.1.2 Growing penetration of mobile devices and smartphones
5.4.2 Market Restraints
5.4.2.1 Growing cyber attacks and breaches
5.4.2.2 Data privacy & security
5.4.3 Market opportunities
5.4.3.1 Increased Investments
5.5 Porter’s Five Forces Analysis
5.6 PESTEL Analysis
Chapter 6 Digital Payment Market by Payment Method
6.1 Introduction
6.1.1 POS Devices
6.1.2 Net Banking
6.1.3 Digital Wallets
6.1.4 Mobile Banking
6.1.5 Cryptocurrencies
Chapter 7 Digital Payment Market by Organization Type
7.1 Introduction
7.1.1 SMEs
7.1.2 Large Enterprises
Chapter 8 Digital Payment Market by Applications
8.1 Introduction
8.1.1 BFSI
8.1.2 Telecom & IT
8.1.3 Retail & e-Commerce
8.1.4 Healthcare
8.1.5 Transport
8.1.6 Government
8.1.7 Others
Chapter 9 Digital Payment Market By Region
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 France
9.3.3 UK
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of Asia Pacific
9.5 Middle East & Africa
9.6 South America
9.6.1 Brazil
9.6.2 Argentina
9.6.3 Rest of South America
Chapter 10 Competitive Landscape
10.1 Company Ranking
10.2 Market Share Analysis
10.3 Strategic Initiatives
10.4 Mergers & Acquisitions
10.4.1 New Product Launch
10.4.2 Investments
10.4.3 Expansion
10.4.4 Others
Chapter 11 Company Profiles
11.1 Paypal Holdings Inc.
11.1.1 Overview
11.1.2 Products and Services Portfolio
11.1.3 Recent Initiatives
11.1.4 Company Financials
11.1.5 SWOT
11.2 Worldpay
11.2.1 Overview
11.2.2 Products and Services Portfolio
11.2.3 Recent Initiatives
11.2.4 Company Financials
11.2.5 SWOT
11.3 Wirecard
11.3.1 Overview
11.3.2 Products and Services Portfolio
11.3.3 Recent Initiatives
11.3.4 Company Financials
11.3.5 SWOT
11.4 Fiserv
11.4.1 Overview
11.4.2 Products and Services Portfolio
11.4.3 Recent Initiatives
11.4.4 Company Financials
11.4.5 SWOT
11.5 ACI Worldwide
11.5.1 Overview
11.5.2 Products and Services Portfolio
11.5.3 Recent Initiatives
11.5.4 Company Financials
11.5.5 SWOT
11.6 Global Payments
11.6.1 Overview
11.6.2 Products and Services Portfolio
11.6.3 Company Financials
11.6.4 SWOT
11.7 Bluesnap
11.7.1 Overview
11.7.2 Products and Services Portfolio
11.7.3 Recent Initiatives
11.7.4 Company Financials
11.7.5 SWOT
11.8 PayU
11.8.1 Overview
11.8.2 Products and Services Portfolio
11.8.3 Recent Initiatives
11.8.4 Company Financials
11.8.5 SWOT
11.9 Stripe
11.9.1 Overview
11.9.2 Products and Services Portfolio
11.9.3 Recent Initiatives
11.9.4 Company Financials
11.9.5 SWOT
11.10 Yapstone
11.10.1 Overview
11.10.2 Products and Services Portfolio
11.10.3 Recent Initiatives
11.10.4 Company Financials
11.10.5 SWOT
11.11 Aurus
11.11.1 Overview
11.12 Neurotechnology
11.12.1 Overview
11.13 Aliant Payment Systems
11.13.1 Overview
11.14 Wex
11.14.1 Overview
11.15 Financial Software and Systems (FSS)
11.15.1 Overview