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Digital Payment Market: Market Segments: By Component [Solutions (Payment Gateway Solutions, Payment Processing Solutions, Wallet Solutions, Payment Security and Fraud Management Solutions, Point of Sale Solutions), Services (professional services (Consulting, Implementation, Support and Maintenance), Managed Services)]; By Deployment Mode (On-Premises and Cloud); By Organization Size (Large Enterprises, and Small and Medium-sized Enterprises (SMEs)); By Product Type (Standalone and Integrated); By Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, and Others); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030

July 2022 | 303 pages | ID: D7A7F09EA760EN
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Product Overview
Digital Payment is the method of payment using digital methods. In digital payments, both the payee and the payer employ automated methods to collect and move money. The whole transaction is completed online. There are several advantages to the introduction of digital payments across many sectors.

Market Highlights
Digital Payment Market is expected to project a notable CAGR of 14.5% in 2030.
Digital Payment Market to surpass USD 167.6 billion by 2030 from USD 77.9 billion in 2019 at a CAGR of 14.5% throughout the forecast period, i.e., 2020-30. The increase in the number of e-commerce industries, advances in mobile payment technology, increased use of mobile wallets to make payments, and the advent of stable & safe payment gateways are the main factors driving the growth of the digital payment industry. Moreover, the need to enhance customer support for companies and increase the promotion of digital payments is driving the market growth.

Digital Payment Market: Segments
SMEs segment to grow with the highest CAGR during 2020-30
Digital Payment Market is segmented by Organization Size as SMEs and large enterprises. The greater market share in 2019 was accounted for by the Large enterprises' segment. Large businesses are categorized as companies with workforce strength of over 1,000 workers. Large businesses are adopting digital payment solutions because of the need to digitize their payment landscape, adapt to dynamic customer trends, streamline business processes, and improve market competitiveness. Large businesses practice the omnichannel approach as they focus on enriching the experience of the customer. The integration of digital payment innovations such as digital wallets and payment processing with the existing payment environment of large organizations is important for the redemption of loyalty points and the facilitation of rapid payment at PoS terminals. The small and medium business segment is expected to experience significant growth over the forecast period due to an increase in the number of start-ups around the globe. Growing government initiatives through various digital SME campaigns across the globe are expected to power the segment over the forecast period.

Retail and e-commerce to grow with the highest CAGR during 2020-30
Digital Payment Market is segmented by verticals into BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others. The major share was occupied by the BFSI segment as electronic payment solutions are widely adopted in the BFSI market due to secure money transactions. In addition, the rising digitalization of banks and financial institutions is expected to fuel the segment's growth over the next few years. The growth of the segment is further driven by various innovations in digital banking, such as mobile banking, management of personal finance, and digital wallets. The retail and e-commerce segment is projected to emerge as the fastest-growing end-use segment over the forecast period. A mobile wallet platform allows the retailer to ease the shopping process for the consumer. It also saves time at checkout for customers and eliminates the hassle of plastic payment cards. In addition to the rising use of mobile wallet apps, the wide availability of smartphones is also contributing to the growth of the market segment.

Digital Payment Market: Market Dynamics
Drivers
High proliferation of digital initiatives
Countries around the world are embracing ICT technologies in order to promote digital economies. Governments are following numerous measures in order to digitize the payment process. Digital payments are one of the main growth imperatives for a country's economy. It can help boost productivity and economic growth, improve accountability, increase tax collections, boost financial inclusion, and create new economic opportunities for end-users. The Government of India has launched numerous measures in order to further promote digital payments. These projects help foster digitalization and raise awareness of the advantages of the use of emerging technologies. Numerous digital payment systems have also been introduced in other countries such as Singapore and Australia.

Surge in usage of the internet across the globe
The rise in Internet penetration offers lucrative opportunities for payment network providers. The global appetite for digital payments is also driving smartphone proliferation. The growth of government initiatives to promote digital and cashless payment methods is driving the global digital payment industry. Substantial growth is also anticipated in the e-commerce sector to fuel the global digital payment industry. The growth of the global digital payment industry is a significant factor in addition to this smartphone proliferation. As a result of convincing customers to offer it the digital payment industry is expected to see a significant boost. Customers do not have to bring with them money and can take their ATM wherever they want. In fact, customers don't really have to be physically present for technology advancement payments. At any time, they can pay from any part of the world. Moreover, the market for digital payment solutions is expected to increase mainly due to the rise in the number of customer-centric payment applications, and the increasing focus on Omnichannel payment mode.

Restrain
Lack of global standards for cross-border payments
It is expected that the absence of uniform policies would deter businesses from buying digital payment policies, which could be a restraining factor in the growth of the digital payment industry. The higher costs of digital payments are one of the key factors hindering the development of the digital payment industry. Insurance companies have had to pay out expensive premiums due to the ransomware attacks of the last two to three years. And if the Digital Payment providers do not cover the ransom fee, the recovery cost for the infected computer is high. To offset the additional costs associated with the added services, such as hacker negotiation and data recovery assistance after a ransomware attack, the coverage rates are expanded by Digital Payment providers. The rising costs of Digital Payment have delayed the implementation of the policy because businesses are more focused on increasing cybersecurity rather than paying the insurance premium.

Digital Payment Market: Key Players
PayPal Holdings Inc
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.

American International Group, 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.
Alipay.com Co. Ltd
Digital Payment Market: Regions
Digital Payment Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.

Digital Payment Market in North America held the largest market share of XX.X% in the year 2019 and it is expected to continue its market dominance in the future due to the presence of a large number of solution providers in the region. Market growth can be attributed to the presence of a large number of providers of digital payment solutions in the region. The growth of the mobile commerce industry combined with the developed digital economy in North America are additional factors driving demand. The Asia Pacific is expected to emerge as the fastest-growing regional market during the forecast period. The growth of digitalization, coupled with government efforts to use digital payments in developed countries, is propelling the industry. An increasing number of small and medium enterprises in the region are expected to create growth opportunities for players. India's increasing e-commerce industry and an expanding consumer base are expected to contribute to market growth.

Competitive Landscape:
The Digital Payment market, which is highly competitive, consists of several major players such as PayU (Netherland), Aliant Payment Systems Inc. (US), Aurus Inc. (US), Fiserv, Inc. (the US), BlueSnap Inc. (US), Novatti Group Limited (Australia) hold a substantial market share in the Digital Payment market. Other players analyzed in this report are ACI Worldwide, Inc. (the US), Stripe (US), Adyen NV (Netherland), Global Payments Direct, Inc. (the US), First Data Corporation (US), PayPal Holdings, Inc. (the US), Worldpay, Inc. (US), Wirecard AG (Germany), and YapStone, Inc. (US) among others.

The market competition has been stepped up by the availability of many players offering Digital Payment. For Instance, In September 2020, Worldline acquired a majority stake (53%) in a leading online collecting payment service provider, GoPay. This acquisition created new opportunities for Worldline in European markets.

Digital Payment Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Digital Payment Market report also contains analysis on:
Digital Payment Market Segments:
By Component:

Solutions
Payment Gateway Solutions
Payment Processing Solutions
Payment Wallet Solutions
Payment Security and Fraud Management Solutions
Point of Sale (POS) Solutions
Services
Professional Services
Consulting
Implementation
Support and Maintenance
Managed Services
By Deployment Type:
On-premises
Cloud
By Organization Size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
By Vertical:
Banking, Financial Services, And Insurance
Retail and Ecommerce
Healthcare
Travel and Hospitality
Transportation and Logistics
Media and Entertainment
Other
Digital Payment Market Dynamics
Digital Payment Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
FAQs on Digital Payment Market
Which segment is anticipated to hold the largest market share?
At what CAGR is the market anticipated to grow between 2020 and 2030?
Who are the key players in the Digital Payment Market?
What could be the challenging factors in the growth of the Digital Payment Market?
What are the growth drivers for the Digital Payment Market?
1. EXECUTIVE SUMMARY

2. DIGITAL PAYMENT MARKET

2.1. Product Overview
2.2. Market Definition
2.3. Segmentation
2.4. Assumptions and Acronyms

3. RESEARCH METHODOLOGY

3.1. Research Objectives
3.2. Primary Research
3.3. Secondary Research
3.4. Forecast Model
3.5. Market Size Estimation

4. AVERAGE PRICING ANALYSIS

5. MACRO-ECONOMIC INDICATORS

6. MARKET DYNAMICS

6.1. Growth Drivers
6.2. Restraints
6.3. Opportunity
6.4. Trends

7. CORRELATION & REGRESSION ANALYSIS

7.1. Correlation Matrix
7.2. Regression Matrix

8. RECENT DEVELOPMENT, POLICIES & REGULATORY LANDSCAPE

9. RISK ANALYSIS

9.1. Demand Risk Analysis
9.2. Supply Risk Analysis

10. DIGITAL PAYMENT ANALYSIS

10.1. Porters Five Forces
  10.1.1. Threat of New Entrants
  10.1.2. Bargaining Power of Suppliers
  10.1.3. Threat of Substitutes
  10.1.4. Rivalry
10.2. PEST Analysis
  10.2.1. Political
  10.2.2. Economic
  10.2.3. Social
  10.2.4. Technological

11. DIGITAL PAYMENT MARKET

11.1. Market Size & forecast, 2019A-2030F
  11.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
  11.1.2. By Volume (Million Units) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

12. DIGITAL PAYMENT: MARKET SEGMENTATION

12.1. By Regions
  12.1.1. North America:
    12.1.1.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
  12.1.2. Europe:
    12.1.2.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
  12.1.3. Asia-Pacific:
    12.1.3.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
  12.1.4. MEA:
    12.1.4.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
  12.1.5. Latin America:
    12.1.5.1. By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
12.2. By Component: Market Share (2020-2030F)
  12.2.1. Solutions, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F
  12.2.2. Services, By Value (USD Million) 2019-2030F; Y-o-Y Growth (%) 2020-2030F

13. 12.3 BY ORGANIZATION SIZE: MARKET SHARE (2020-2030F)

14. 12.3.1. LARGE ENTERPRISES, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

15. 12.3.2. SMES, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

16. 12.4 BY DEPLOYMENT TYPE: MARKET SHARE (2020-2030F)

17. 12.4.1. ON-PREMISES, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

18. 12.4.2. CLOUD, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

19. 12.5 BY VERTICAL: MARKET SHARE (2020-2030F)

20. 12.5.1. BFSI, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

21. 12.5.2. RETAIL AND ECOMMERCE, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

22. 12.5.3. HEALTHCARE, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

23. 12.4.4. TRAVEL AND HOSPITALITY, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

24. 12.5.5. TRANSPORTATION AND LOGISTICS, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

25. 12.4.6. MEDIA AND ENTERTAINMENT, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

26. 12.4.7. OTHERS, BY VALUE (USD MILLION) 2019-2030F; Y-O-Y GROWTH (%) 2020-2030F

27. 13. COMPANY PROFILE

28. PAYPAL HOLDINGS INC.

28.1. Company Overview
28.2. Company Total Revenue (Financials)
28.3. Market Potential
28.4. Global Presence
28.5. Key Performance Indicators
28.6. SWOT Analysis
28.7. Product Launch

29. VISA INC.

30. MASTERCARD INCORPORATED (MASTERCARD)

31. AMAZON.COM INC.

32. ALPHABET INC.

33. APPLE INC.

34. CCAVENUE (AVENUES INDIA PVT. LTD)

35. PAYTM MOBILE SOLUTIONS PRIVATE LIMITED

36. STRIPE INC.

37. ALIPAY.COM CO. LTD

Consultant Recommendation
**The above-given segmentations and companies could be subjected to further modification based on in-depth feasibility studies conducted for the final deliverable.


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