Digital Payment Solutions Market is estimated to be US$ 356.80 billion by 2030 with a CAGR of 19.80% during the forecast period

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Published Date: April 2023

The Digital Payment Solutions Market accounted for US$ 59.50 billion in 2020 and is estimated to be US$ 356.80 billion by 2030 and is anticipated to register a CAGR of 19.80%. Pay Core Digital Payment solutions enable banks, processors, telecom operators and retailers for smooth implementation of digital payments in accordance with international payment standards. The Solution offers an integrated platform that manages the entire life cycle of digitized cards. Ranging from the enrollment process, it manages the operations of provisioning and secure management of credentials. The platform allows issuers and repair providers to supply their services in their own wallets or third party wallets. The Solution supports in-app payments to enable payment transactions for e-commerce and m-commerce retailers also as within the physical merchants like gas stations and transportation operators.

The report “Global Digital Payment Solutions Market, By Type (Payment Gateway Solutions, Payment Wallet Solutions, Payment Processing Solutions, and Others (Payment Security & Fraud Management Solutions and POS Solutions), By Application (MNOs, Financial Institutions (Banks), Payment Network, Intermediaries, Merchants, and Customers), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”

Key Highlights:

In 2021, India launched new payment system. India’s Prime Minister, Narendra Modi, recently launched e-RUPI, an electronic voucher promoting digital payment solutions.
In 2021, Zomato has incorporated a wholly-owned subsidiary to handle digital payments and payment gateway services after going public. The new subsidiary is called Zomato Payments Private Limited (ZPPL).

Analyst View:

Contactless payments help reduce customer queues and hassles, and supply better leads to the shape of upper revenue for retailers. Consistent with First Data, contactless transactions are faster than both cash and traditional card transactions. Contactless transactions average 12.5 seconds as compared to 26.7 seconds and 33.7 seconds for conventional card transactions and cash transactions, respectively. This reduced transaction time leads to shorter queues, increased revenue, and better customer satisfaction. Thanks to increased throughput at each Point of Sale (PoS), less workforce is required during peak hours. Consistent with the Visa database, the adoption of contactless smart cards is increasing across the world because the transaction process is straightforward.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Digital Payment Solutions Market, By Type (Payment Gateway Solutions, Payment Wallet Solutions, Payment Processing Solutions, and Others (Payment Security & Fraud Management Solutions and POS Solutions), By Application (MNOs, Financial Institutions (Banks), Payment Network, Intermediaries, Merchants, and Customers), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030”

Key Market Insights from the report:

The Global Digital Payment Solutions Market accounted for US$ 59.50 billion in 2020 and is estimated to be US$ 356.80 billion by 2030 and is anticipated to register a CAGR of 19.80%. The global digital payment solutions market report segments the market on the basis of type, application, and region.

By Type, the Global Digital Payment Solutions Market is segmented into Payment Gateway Solutions, Payment Wallet Solutions, Payment Processing Solutions, and Others (Payment Security & Fraud Management Solutions and POS Solutions).
By Application, the Global Digital Payment Solutions Market is segmented into MNOs, Financial Institutions (Banks), Payment Network, Intermediaries, Merchants, and Customers.
By region, the Global Digital Payment Solutions Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific has the largest market in terms of revenue due to increasing proliferation of smartphones enabling e-commerce and rise in the ecommerce sales and growth in internet penetration in this region.

Competitive Landscape:

Some of the prominent players operating in the global digital payment solutions market include First Data Corp, Worldpay Inc., Chetu, Paypal, Wirecard, Fiserv, Total System Services (TSYS), Novatti, Global Payments, and Bluesnap.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period