About Digital Payment Solutions
The digital payment solutions market is defined as the market for all products and services that enable businesses and consumers to make and receive payments electronically. This includes a wide range of payment methods, such as credit and debit cards, mobile wallets, online payment processors, and POS systems. The digital payment solutions market is growing rapidly, driven by a number of factors, including the increasing use of the internet and smartphones, the growth of e-commerce, and the changing preferences of consumers. The digital payment solutions market is expected to grow rapidly in the coming years, driven by the increasing adoption of digital payments, the growing popularity of mobile wallets, and the rising demand for contactless payments. The key players in the market are investing heavily in developing new digital payment solutions and expanding their reach into new markets.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior-quality products to cater to the ever-growing demand for Digital Payment Solutions. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Payment Solutions 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), PayPal (United States), Square (United States), Stripe (United States), FIS (Fidelity National Information Services)(United States), Fiserv (United States), Worldpay (United Kingdom), Adyen (Netherlands), ACI Worldwide (United States), Global Payments (United States), Mercado Pago (Argentina), Alipay (China), Tencent (China), PayU (Netherlands), Citrus Pay (India) and One97 Communications (Paytm)(India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Oxigen (India), ZipCash (India), Bharti Airtel (India) and Others.
Segmentation Overview
AMA Research has segmented the market of Global Digital Payment Solutions market by and Region.
On the basis of geography, the market of Digital Payment Solutions 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 Platform, the sub-segment i.e. Web-based will boost the Digital Payment Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Near Field Communication (NFC) will boost the Digital Payment Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Individuals will boost the Digital Payment Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Payment Method, the sub-segment i.e. Credit/Debit Cards will boost the Digital Payment Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing adoption of contactless payments and Increasing use of mobile wallets and QR codes
Market Growth Drivers:
Rising smartphone and internet penetration and Increasing e-commerce adoption
Challenges:
Competition from incumbent financial institutions and new entrants and Regulatory compliance requirements
Restraints:
Lack of awareness and infrastructure in some developing countries and Security and privacy concerns
Opportunities:
Emerging markets offer significant growth potential for digital payment solutions and Small and medium-sized businesses are increasingly adopting digital payments
Market Leaders and their expansionary development strategies
In June 2022, Google Pay launched Tap to Pay on Android, a new feature that allows merchants to accept contactless payments on their Android devices without any additional hardware. and In May 2022, Apple Pay announced that it would be expanding its support for real-time payments (RTP) in the United States.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Strategic Business Planners, Government Regulatory, Research Organizations and End-Use Industries
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.