Digital Payment Systems Market Scope
Digital Payment Systems is used to send and receive money through electronic platforms which do not involve any hard cash. It is an easy, instant and convenient way for online money transactions. However, there are some issues related to cybersecurity like personal data may get hacked and unexpected technical issues might create problems. The demand for Online Payment System is continuously growing globally because of the ecommerce market and better customer experience
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Android Pay (Google LLC) (United States), ACI Worldwide (United States), PayPal Holdings Inc. (United States), Adyen (Netherlands), Global Payments (United States), Amex Pay (American Express) (United States), FIS (United States), Novatti Group Ltd. (Australia), Total System Services Inc. (United States), PayU Group (Netherlands), Dwolla Inc. (United States) and NTT DATA Corporation (Japan) |
CAGR | % |
The competitive landscape and the key players' strategies can help you make informed decisions about choosing the right digital payment solutions for your business or personal needs the impact of regulations, or the potential of specific technologies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Digital Payment Systems market throughout the predicted period.
Android Pay (Google LLC) (United States), ACI Worldwide (United States), PayPal Holdings Inc. (United States), Adyen (Netherlands), Global Payments (United States), Amex Pay (American Express) (United States), FIS (United States), Novatti Group Ltd. (Australia), Total System Services Inc. (United States), PayU Group (Netherlands), Dwolla Inc. (United States) and NTT DATA Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Volante Technologies Inc. (United States) and Yapstone Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Digital Payment Systems market by Type and Region with country level break-up.
On the basis of geography, the market of Digital Payment Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In November 2023, Alipay Hong Kong partnered with multiple international payment networks to facilitate cross-border payments between Hong Kong and various countries, including Thailand, Malaysia, and Singapore. This move aims to boost tourism and e-commerce activities in the region.
In November 2023, Google Wallet embraced the future of passwordless authentication by integrating passkeys. These cryptographic credentials stored on users' devices replace traditional passwords, offering enhanced security and eliminating the risk of phishing attacks.
"In support of the U.S. government’s cybersecurity priorities, Secretary of State Michael Pompeo launched the Digital Connectivity and Cybersecurity Partnership (DCCP) in July 2018, a whole-of-government initiative to promote access to an open, interoperable, reliable, and secure internet to counter authoritarian influences on communications infrastructure development. The DCCP interagency working group, co-chaired by USAID and the U.S. Department of State, supports the development of communications infrastructure through private sector engagement, promotes transparent regulatory policies for open, competitive markets, and builds partners’ cybersecurity capacity to address shared threats. DCCP will help partner countries realize the tremendous economic and social benefits of the digital economy, while creating new commercial opportunities for U.S. and local technology companies."
Influencing Trend:
Increasing use of Digital Payment Method Among Generation Z who have Never known the World without Smartphones and Internet, The Advent of Digital Money in Digital Payment System Market and Use of Digital Payment Applications is on Trend
Market Growth Drivers:
Prevalence of use of Smartphones with Good Network Connectivity and Digital Platforms and Rising Need for Eliminating Black Money Transactions
Challenges:
Unexpected Technological Errors can Hinder the Market and The Necessity of Internet Access
Restraints:
The Cybersecurity Related Theft Associated with Using Digital Payment Systems and Lack of Knowledge about Digital Payment Systems in Rural Regions of the World
Opportunities:
Rising Promotional Events and Activities of Cashless Payments will Boost the Digital Payment System Market, The Advancement and Development in Digital Payment System Technology and Growing Use of E-commerce Industry
Key Target Audience
Digital Payment Systems Providers, International Digital payment System Providers, Financial institutes and Venture Capital, Research and Development Institutes, Government Bodies and Others