Global Digital Payment Solutions Market Overview
A digital payment, sometimes called an electronic payment, is the transfer of value from one payment account to another using a digital device such as a mobile phone, POS (Point of Sales) or computer, a digital channel communications such as mobile wireless data or SWIFT (Society for the Worldwide Interbank Financial Telecommunication). 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 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%.
Global Digital Payment Solutions Market Dynamics
Reduces Customer Queues
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. Countries in Europe and Southeast Asia are at the forefront of adopting contactless smart cards. According to Thales Group, there'll be 2.7 billion contactless cards in circulation by 2023, with the increasing adoption across countries like the US, Brazil, and South Asia. Countries like the United Kingdom, Canada, Europe, and Australia are expected to witness an increase within the number of transactions administered via contactless cards. In the UK, ‘tap and pay’ now accounts for quite 40% of all card transactions.
Rise in adoption of digital payment
Contactless payment technologies like Near-Field Communication (NFC), Host Card Emulation (HCE), and frequency Identification (RFID) ensure faster transactions with the touch-and-go process. Consumers across the world can now enjoy the convenience, speed, and convenience of contactless payments for little, frequent transactions using mobiles, cards, rings, and wristbands. Hence, the rising demand for contactless payments is predicted to subsequently increase the sales revenue of digital payment solutions
Global Digital Payment Solutions Market Segmentation
The global digital payment solutions market report segments the market on the basis of type, application, and region.
On the basis of type, the target market is sub-divided into Payment Gateway Solutions, Payment Wallet Solutions, Payment Processing Solutions, and Others (Payment Security & Fraud Management Solutions and POS Solutions). Based on the application, the global market is characterized into MNOs, Financial Institutions (Banks), Payment Network, Intermediaries, Merchants, and Customers.
Regional Insights:
For detailed understanding of market dynamics, based on region, the global medical bed 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. North America has the second largest market in terms of revenue due to demonetization was a massive currency-culling exercise taken up by the government, which made 86% of the currency in circulation invalid. The step was taken to fight against black money, terror financing, and counterfeit currency. This was a major driving force for the adoption of digital payments.
|
Attribute |
Details |
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Base year for estimation |
2020 |
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Forecast period |
2020 – 2030 |
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Market representation |
Revenue in USD Million & CAGR from 2020 – 2030 |
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Market Segmentation |
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 |
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Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Detailed Segmentation:
Global digital payment solutions market by type:
- Payment Gateway Solutions
- Payment Wallet Solutions
- Payment Processing Solutions
- Others (Payment Security & Fraud Management Solutions and POS Solutions)
Global digital payment solutions market by application:
- MNOs
- Financial Institutions (Banks)
- Payment Network
- Intermediaries
- Merchants
- Customers
Global digital payment solutions market by region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Global Digital Payment Solutions Market Key Players
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. For instance, in 2021, India launched new payment system. India’s Prime Minister, Narendra Modi, recently launched e-RUPI, an electronic voucher promoting digital payment solutions. According to an official statement, it is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app, or Internet banking access at the service provider. Any government agency and corporation can generate e-RUPI vouchers via their partner banks.
Global Digital Payment Solutions Market Company Profile
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- Stryker Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- First Data Corp
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Worldpay Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Chetu
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Paypal
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Wirecard
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Fiserv
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Total System Services (TSYS)
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Novatti
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Global Payments
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Bluesnap
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Stryker Corporation
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Global Digital Payment Solutions Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Digital Payment Solutions Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Cell Lysis Market, By Type, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- Payment Gateway Solutions
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Payment Wallet Solutions
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Payment Processing Solutions
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Others (Payment Security & Fraud Management Solutions and POS Solutions)
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Cell Lysis Market, By Application, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Segment Trends
- MNOs
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Financial Institutions (Banks)
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Payment Network
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Intermediaries
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Merchants
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Customers
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
- Overview
- Global Cell Lysis Market, By Region, 2020 – 2030, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
- Y-o-Y Growth Analysis (%), 2020 – 2030
- Regional Trends
- North America
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Mn), By Type, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Application, 2020 – 2030
- Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
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-
- Stryker Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- First Data Corp
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Worldpay Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Chetu
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Paypal
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Wirecard
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Fiserv
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Total System Services (TSYS)
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Novatti
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Global Payments
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Bluesnap
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Stryker Corporation
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The Last Word
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- Future Impact
- About Us
- Contact
FAQs
The global digital payment solutions market report segments the market on the basis of type, application, and region.
Contactless payments help reduce customer queues and hassles, and supply better leads to the shape of upper revenue for retailers.
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.
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.