The growing usage of smart phones and the expansion of the smart phone sector are likely to drive the worldwide digital payments market forward. According to Statista, around 1.43 billion smart phones were sold globally, with Apple accounting for 24%. Rising demand and the approval of various Android smart phones are expected to stimulate market expansion. The absence of worldwide payment systems that are easy to use, a lack of global standards, and varying government restrictions in various nations are projected to stymie the expansion of the global digital payments business. In any case, digital payments from one nation to another are expected to be more costly, slower, and less transparent than in the past. The complexities associated with this strategy are projected to stifle the expansion of the global digital payments industry.
According to Coherent Market Insights, the Global Digital Payments Market was valued at US$ 7,360 Bn in 2021 and is forecast to reach a value of US$ 22326.5 Bn by 2030 at a CAGR of 12.8% between 2022 and 2030.
Major Players in the Digital Payments Industry:
1. Wordplay Inc. (Fidelity National Information Services)
Worldplay Communications operates as a disruptive online video platform and software-as-a-service provider. It enables organizations to leverage the explosive growth trends of online video and to realize the measurable impacts that video content has on target audience engagement. Founded in 2006, headquartered in Alberta, Canada. In Feb. 04, 2021 TELUS and Calgary-based Worldplay Communications announced a partnership that will innovate local community content and give Canadian businesses and consumers a new platform to connect virtually.
2. PayPal Holdings Inc.
PayPal Holdings, Inc. operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. The company provides payment solutions under the PayPal, PayPal Credit, Braintree, Venmo, Xoom, PayPal Zettle, Hyperwallet, PayPal Honey, and Paidy names. The company was founded in 1998 and is headquartered in San Jose, California.
3. MasterCard Incorporated (MasterCard)
Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company offers payment solutions and services under the MasterCard, Maestro, and Cirrus. Mastercard Incorporated was founded in 1966 and is headquartered in Purchase, New York.