Industry Background:
Digital Payment is the process of sending and receiving money through any kind of electronic platform and does not involve any sort of hard cash. It is a very easy, useful, and instant way of making any kind of online money transactions. These days the digital payment is attracting more and more people and has become a major part of the daily lives and is thus impacting the society, as well as business and in turn the economy to a very large extent. With the increased usage of the innovative technology has therefore enabled the digital payment infrastructure and also helped in the creation of more innovative products like the mobile wallets, etc. However, apart from all these factors, there are also some issues that are related to security such as the hacking of personal data and unpredicted technical issues that could create problems. The demand for online payment is constantly growing globally due to the growing e-commerce market and improved customer experience. The leap towards digital payment has considerably increased owing to the emphasis towards a cashless economy.This growth is primarily driven by Increase in the use of Smartphones with a High-Speed Network Connectivity and Various Digital Payment Platforms
.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2022-2028 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Technology sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as ACI Worldwide Inc. (United States), Google Inc. (United States), Fidelity National Information Services, Inc. (United States), Fiserv, Inc. (United States), PayPal Holdings, Inc. (United States), Wirecard AG (Germany), Alipay (China), Vodafone Group Plc. (United Kingdom), Orange S.A. (France), Gemalto (Netherlands), Fidelity National Information Services, Inc. (FIS) (United States) and Mastercard Incorporated (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Influencing Trend:
Increasing use of Digital Payment Methods Among the Youth Generation and The Growing Trend of Using Digital Payment Applications With the Advent of Digital Money
Market Growth Drivers:
Increase in the use of Smartphones with a High-Speed Network Connectivity and Various Digital Payment Platforms and Rising Need for the Elimination of Physical Money Transactions So As To Curb the Money Related Frauds
Challenges:
The Necessity to the Access to the Internet and Lack of Knowledge about Digital Payment in the Rural Areas
Restraints:
The Cybersecurity Related Theft Associated with Using Digital Payment and Unexpected Technological Errors
Opportunities:
Rising Promotional Events and Activities Regarding Cashless Payments, The Advancement and Development in Digital Payment Technology and Growing Usage of E-commerce in the Developing Regions
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Digital Payment Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Digital Payment Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Digital Payment players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Digital Payment Study Sheds Light on
The Digital Payment Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Digital Payment industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Digital Payment industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.