The Global Digital Payment Market Size was estimated at USD 3.53 trillion in 2018 and is anticipated to grow at a CAGR of 24.4% to reach USD 19.89 trillion in transaction value by 2026.
The term "digital payment" describes the transfer of money using electronic devices like laptops, tablets, and mobile phones. The last few years have seen constant advancements in this technology. The digital payment system now offers a wide variety of new payment methods, ranging from online purchases and card swapping to tapping NFC cards and scanning codes. This ongoing advancement and the abundance of payment options are hastening the adoption of digital payments. A further factor driving up demand for digital payments is the expansion of internet connectivity everywhere. The widespread use of smartphones is enticing people to engage in digital marketing.
Get A Free Sample at:
https://www.fortunebusinessinsights.com/enquiry/sample/digital-payment-market-101972
Information about the report:
The Digital Payment Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The market size is the total amount of money that service providers make when they sell their products to customers. Market share is the portion of the market that a single provider or a group of providers controls. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Digital Payment Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Payment Type Analysis,
The payment type segment is broken down into mobile payments, online banking, point of sale (POS), and digital wallets. The point of sale (POS) segment is further divided into proximity payment and remote payment, while the mobile payment segment is divided into proximity payment and remote payment. Near-field communication through the card is also subdivided into these segments.
By Industry Analysis,
The following industries are included in digital payment: media & entertainment, retail, BFSI, automotive, medical & healthcare, transportation, consumer electronics, and others (education, IT & telecom, etc.).
The retail industry is experiencing tremendous growth as a result of the digitization of payments. The retail industry was one of the first to accept digital payments. Debit and credit cards were the primary methods of payment in retail during the early days of digital payments. Because of current advancements in the payment sector, retailers have upgraded their payment methods. The use of mobile payment and digital wallets has increased, and retailers now provide a payment option upon customer request. In addition, vendors are providing cards, QR code scanners, and NFC-compatible payment devices at POS systems.
By Analysis,
With the introduction of online banking tools like NEFT or RTGS, digital payments in the BFSI sector got their start. Because they are more familiar with the process, traditional users find online banking to be more secure than any other. The user can transfer money, pay fees or bills, manage accounts, or even apply for insurance policies, investment plans, and saving options with online banking payments. Banks are providing partnerships with other banks for direct transactions through bank accounts for mobile payment types. Users can complete the transaction more quickly with the help of this facility. According to the digital payment market analysis, this has resulted in the significant uptake of online payments for buying, online or in-store shopping, and paying bills, among other things.