Dublin, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The "Digital Payments Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
Major players in the digital payments market are Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc., and MasterCard.
The global digital payments market will grow from $96.19 billion in 2022 to $111.11 billion in 2023 at a compound annual growth rate (CAGR) of 15.5%. The digital payments market is expected to grow to $197.87 billion in 2027 at a CAGR of 15.5%.
Asia Pacific was the largest region in the digital payments market in 2022. Western Europe was the second largest region in the digital payments market. The regions covered in the digital payments report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of digital payments are point of sale and online sales. Online sales refer to the sales of products and payments made online. The various deployments are cloud-based and on-premise. The services are used in retail, banking and financial services, telecommunications, government, transportation, and other digital payments.
Quick onboarding and ease of use are expected to drive the digital payments market. Individuals require flexibility, transparency, and friction-free onboarding. They are more attracted to such methods which are frictionless, and as a result, software innovators such as Square and PayPal are using automation to decrease the onboarding time to a few minutes.
Digital payments are very easy to use compared to conventional methods as they only require a bank account or phone number and a smartphone with an internet facility. For instance, according to new data compiled by Taiwan's government, out of a population of about 23 million, nearly 10 million are mobile payment users. The ease of adoption increases the number of users, thereby contributing to the growth of the market.
A breach in security is expected to hinder the digital payments market globally. The increase in the digitalization of payments has led to security breaches, incurring losses to merchants and customers as well. According to the 2022 AFP Payments Fraud and Control Survey, 71% of the respondent organizations were victims of payment fraud or attempt. The threat of security thereby hinders the digital payment market.
Contactless payment technology is soaring in the digital payments market. Many users are increasingly opting for contactless payment technologies such as mobile wallets, contactless cards, and others as they are more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near-field communication (NFC) for the transmission of amounts among users. Mobile payments transaction volume reached $1.7 billion in 2021 whicvh was a 27% increase as compared to 2020.
In August 2022, Razorpay, a Bengaluru-based fintech startup, acquired 80% stake in Ezetap for an undisclosed amount. The acquisition would strengthen the digital payments infrastructure of Razorpay and help it better serve the customers. Ezetap is a Bengaluru-based digital payments startup.
The countries covered in the digital payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Key Metrics
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $111.11 billion |
| Forecasted Market Value (USD) by 2027 | $197.87 billion |
| Compound Annual Growth Rate | 15.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Alipay
- Amazon Pay
- Apple Pay
- Tencent
- Google Pay
- First Data
- Paypal
- Fiserv
- Visa Inc.
- MasterCard
- Total System Services (TSYS)
- Novatti
- Global Payments
- Financial Software & Systems
- Worldline
- BlueSnap
- Net 1 UEPS Technologies
- Wirecard
- ACI Worldwide
- Worldpay (Vantiv)
- Aurus Inc.
- Chetu
- Paysafe
- PayU
- Yapstone
- Adyen
Key Topics Covered:
1. Executive Summary
2. Digital Payments Market Characteristics
3. Digital Payments Market Trends And Strategies
4. Digital Payments Market - Macro Economic Scenario
4.1 COVID-19 Impact On Digital Payments Market
4.2 Ukraine-Russia War Impact On Digital Payments Market
4.3 Impact Of High Inflation On Digital Payments Market
5. Digital Payments Market Size And Growth
5.1. Global Digital Payments Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Digital Payments Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Digital Payments Market Segmentation
6.1. Global Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Point of Sale
- Online Sale
6.2. Global Digital Payments Market, Segmentation By End-user Industry, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Retail
- Banking and Financial Service
- Telecommunication
- Government
- Transportation
- Other End Use Industries
6.3. Global Digital Payments Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cloud
- On-Premise
6.4. Global Digital Payments Market, Segmentation By Enterprise, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Large Enterprises
- Small And Medium Enterprises
7. Digital Payments Market Regional And Country Analysis
7.1. Global Digital Payments Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Digital Payments Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/bm8d5k-payments?w=12
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