Digital payments provide significant benefits to people, companies, governments, or international development organizations. Cost Saving, transparency and financial inclusions are some of the major benefits.
Statistics:
The global digital payment market is estimated to account for US$ 8520 Bn in terms of value by the end of 2022.
Drivers:
The increase in number of smartphone subscriptions in North America is expected to drive the growth of the global digital payments market. For instance, as per GSMA, the number of smartphone subscribers is projected to reach 328 billion by the year of 2025. Moreover, Egypt have also approved Meeza debit card for its digital payment establishment for the cashless transactions.
Opportunity:
Rising demand for enhanced 5G connectivity as it helps digital payment service providers to implement fraud prevention measures more efficiently acts an opportunity in the growth of the global digital payments market. According to the GSM Association, 5G network is expected to cover nearly one-third of the world’s population by 2025.
Recent Development:
In September 2021, Mastercard always concentrated on rising its crore trade worldwide, comprising growing the customer and trade goods and solutions and the rising number of transactions it uses. The company also aims to offer efficient transaction methods that cater to the expanding ways people communicate and transact in the rising digital economy.
Restraint:
Due to the independent development of payment systems, there is strict need for standardization and automation across inter and intra-bank networks present across regions. This negatively affects banks and businesses, and further leads in manual intervention to collect and repair data. This is anticipated to hamper the growth of global digital payments market.
Global Digital Payments Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has led to a positive impact on the growth of global digital payments market as the receiving and approval of money via online transactions post Covid-19 had led to the changes in the surrounding and also played a crucial role in the market. As money also being one of the carrier of virus it is being advised by the government to use online payment modes which is further anticipated to boost the global digital payments market.
To know the latest trends and insights prevalent in the Global Digital Payments Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/digital-payments-market-5055
Key Takeaways:
The global digital payments was valued at US$ 7,360 Bn in 2021 and is forecast to reach a value of US$ 22,326.5 Bn by 2030 at a CARG of 12.8% between 2022 and 2030..
Online sales held the dominant position in the global digital payments market in 2021, accounting for 82.5% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Key Trends/Takeaways:
Trend 1:
POS systems integrated with digital payment technologies notify businesses to fulfill an order or replenish stock, offer insights regarding the evolving customer behavior. It also gives real-time alerts regarding new product trends, recommendations on customer management and suggests promotions to carry-out and evaluate sales trends. Such developments are expected to boost the growth of the global digital payments market.
Trend 2:
Rise in demand of payment gateway solutions among merchants as they enable convenient payment is anticipated to boost the growth of global digital payment market. Furthermore, payment gateways are used for in-store payments to enable customers make payments via smartphones and the internet. Thus, the growing adoption of payment gateways among the in-store retail shops is expected to offer lucrative growth opportunities in the market.
Competitive Landscape:
Major companies operating in the global digital payments market are Wordplay Inc. (Fidelity National Information Services), PayPal Holdings Inc., MasterCard Incorporated (MasterCard), Stripe Inc., Alphabet Inc., Fiserv Inc., Visa Inc., Alipay.com Co. Ltd, Amazon Payments Inc. (Amazon.com Inc.), Paytm (One97 Communications limited), Apple Inc. and Mobiamo Inc.
