Digital Payments Market worth US$ 4004.95 billion 2019 with a CAGR of 13.8%

Published Date: April 2023

Digital payments market accounted for US$ 4004.95 billion in 2019 with a CAGR of 13.8%. Growth in the number of customer-centric applications, increased focus on omnichannel payment mode, and expansion of the E-commerce industry globally, are the major factor driving growth of the global digital payments market. In addition, robust proliferation of the internet and increasing investments by internet service providers has upsurge growth of the target market. According to Best VPN organization, in 2017 there was 600% increase in cyber-attacks. The U.S. is the most affected nation by coordinated cyber-attacks, experiencing 303 attacks from 2015 to 2017, followed by India, which faced 133, and Japan hit by 87. Nevertheless, contact less payment method is an alternative payment channel which is creating major trend for the growth of the global market. It deals with short-range wireless technologies, such as near field communication (NFC) or radio frequency identification (RFID), to securely complete payments between a contactless card and contactless-enabled PoS terminal.

The report “Global Digital Payments Market, By Mode of Payment (Point of Sale (Contact Payment, Contactless Payment, and Bank Cards) and Digital Wallets (Digital Currencies and Net Banking)), By End-user Industry (Retail, Banking and Financial Service, Telecommunication, Government, Transportation, and Other), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030.

Key Highlights:

  • In March 2019, Apple has launched Apple card, an innovative, new kind of credit card created by Apple and designed to help customers. Apple Card is built into the Apple Wallet app on iPhone. It helps customers to lead a healthier financial life.

Key Market Insights from the report:        

The global digital payments market accounted for US$ 4004.95 billion in 2019 and is projected to register a moderate CAGR of 13.8% over the forecast period. The market report has been segmented on the basis of mode of payment, end-user industry, and region.

  • Based on mode of payment, the global digital payments market is segmented into mode ofpayment and digital wallets. Mode of payment is further bifurcated into contact payment, contactless payment, and bank cards. Digital wallets are also further segmented into digital currencies and net banking.
  • Based on end-user industry, the global market is segmented into retail, banking and financial service,telecommunication, government, transportation, and others.
  • Based on region, North America is accounted to estimate for the largest share of the global digital payment market. Expansion of the mobile commerce industry in North America and well-developed digital economy are the key factors contributing to the growth of the global market in this region. In addition, implementation of digital payment solutions by the organizations in this region leads to rising trend of mobile app purchases, mobile Person-to-Person (P2P), and mobile bill payments.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Digital Payments Market, By Mode of Payment (Point of Sale (Contact Payment, Contactless Payment, and Bank Cards) and Digital Wallets (Digital Currencies and Net Banking)), By End-user Industry (Retail, Banking and Financial Service, Telecommunication, Government, Transportation, and Other), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”

To know the upcoming trends and insights prevalent in this market, click the link below:

Links:https://prophecymarketinsights.com/market_insight/Global-Digital-Payments-Market-By-3673

The prominent player operating in the global digital payments market includes PayPal Holdings Inc., Visa Inc., MasterCard Incorporated (MasterCard), Amazon.com Inc., Alphabet Inc., Apple Inc., CCAvenue (Avenues India Pvt. Ltd), Paytm Mobile Solutions Private Limited, Stripe Inc., and Alipay.com Co. Ltd.

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