About Digital Payment & Security
The pace of the shift to digital payment has significantly increased with the focus towards a cashless economy. Nowadays digital payment is becoming a key part of daily lives and impacting society, business and economy at large. Innovative use of technology has enabled digital payment infrastructure and the creation of innovative products such as mobile wallets, i.e. prepaid payment instruments. As rapid transactions to the digital payment ecosystem, threats are also moving from cash to cyber and the nascent ecosystem is already facing sophisticated cybersecurity. Digital payment features real-time, agile and personalized payment services. It entails the usage of the application program interface, blockchain technologies, and mobile wallets.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail competitive advantage through combined collaborations. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Payment & Security market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Visa (United States), Mastercard (United States), Chase Bank (United States), American Express Company (United States), Discover Financial Services (United States), Citibank (United States), Capital One (United States), Bank of America Corporation (United States), Wells Fargo (United States) and U.S. Bank (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are USAA (United States), Credit One Bank, N.A. (United States), Barclays Bank Delaware (United States), Synchrony (United States) and PNC Financial Services Group, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Digital Payment & Security market by and Region.
On the basis of geography, the market of Digital Payment & Security 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). If we see Market by Password Security Type, the sub-segment i.e. 3D Secured will boost the Digital Payment & Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Transaction Platform, the sub-segment i.e. Online [Browser {Net Banking}, Mobile {App Based}] will boost the Digital Payment & Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Card Type, the sub-segment i.e. Credit Cards will boost the Digital Payment & Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Transaction Card on File Type, the sub-segment i.e. With Card on File will boost the Digital Payment & Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Advancement and Development in Technology to Offer Hassle-Free Transaction
Market Growth Drivers:
High Proliferation of Smartphones and Worldwide Initiatives for the Promotion of Digital Payments
Challenges:
Risk of Fraud and Cyber-Attacks Affecting Digital Payment
Restraints:
Lack of Global Standards for Cross-Border Payments
Opportunities:
Growing Demand from Emerging Economies
Market Leaders and their expansionary development strategies
In November 2023, Worldpay acquires Rapyd This deal combines Worldpay's global reach with Rapyd's expertise in emerging markets and cross-border payments, creating a leading player in the global payments landscape.
In September 2023, RBI To Launch Digital Rupee Pilot In Call Money Market. The launch of the digital rupee pilot in the call money market is a significant step towards the introduction of a CBDC in India. The success of the pilot will be closely watched by the RBI and other stakeholders in the Indian financial system.
In the United States, the rights and liabilities of both consumers and financial institutions involved in consumer electronic payment transactions, including funds transfer through the ACH, ATM or POS networks, are governed by the Electronic Fund Transfer Act of 1978 and the Federal Reserve’s Regulation E. Regulation E also sets standards for financial disclosure, card issuance, access and error resolution procedures applicable to all financial institutions.
Key Target Audience
Digital Payment Service Provider, Manufacturers of Payment Cards, Payment Security Providers, Payment Solution Providers, BFSI Industry, Governmental Bodies, Research Organizations and Regulatory Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.