The Digital payment consists of cashless electronic transactions or the monetary transactions that are made by using the Internet, and mobile payment methods. The points of sale (PoS) mobile applications (apps) are key features promoting the use of digital payment methods. The digital payment method also includes peer-to-peer transfers made between consumers and private users. The digital payment includes the key features over the real-time, agile, and personalized payment services. It also entails the usage of an application program interface (API), mobile wallets, and blockchain technologies.
These have further advanced the payment technologies to enhance the customer experience. The digital payment supports safer, faster, and more convenient payment methods. The digital payments transfer also offers advantages associated to being the time convertible process, and also holding the expenses on transactions which may decrease the risk of loss & theft as they are protected, it is further appropriate to utilize the payment methods, and also offers the advantage of much simpler payment ways.
The surge over the usage of internet offerings added to the lucrative opportunities for the payment platform providers. The proliferation of smartphones has also started fueling the global Payments Market Growth Rate. The significant rise in government initiatives has further promoted the use of digital and cashless payment modes driving the global digital payment market. The considerable expansions over the e-commerce industry have also expected to boost the future of the digital payment market. The e-commerce industry is anticipated to create significant lucrative opportunities for the players being active over the digital payment market. Moreover, the increase in financial fraud and cybercrimes is also estimated to adversely impact the global market. Furthermore, the increase in usage of internet applications used over the digital payment mode is expected to support the digital payment demand over the forecast period. On the other hand, seamless technological integration across mobile banking and e-wallets creating a wide-scale opportunity for the digital payment rises globally.
The digital payment market can be further segmented based on enterprise size, end-use industry, technology, payment mode, and geography. In terms of technology, the digital payment market can be analyzed into contact and contactless payment. The contactless payment includes categories such as near field communication (NFC), Europay, MasterCard, and Visa (EVM), e-wallets, mobile apps, and bitcoins. As per the mode of payment, the market can be further segmented into POS devices and Internet-based payment mode. Based on the enterprise size, the market can be classified into small and medium enterprises (SMEs) and large enterprises.
In terms of region, the Payments Market share can segment into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The digital payment market in the Asia Pacific and Middle East & Africa is expanding at a significant pace owing to the significant rise in the growth of transportation and automobile, healthcare, financial & banking service industries. The digital payment market in the North American and European regions is anticipated to expand relative at a steady pace over the forecast period. The Asia Pacific is further estimated to offer significant opportunities to the digital payment market owing to the rise in the adoption of the Internet and the high proliferation of smartphones.
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Payments Market Research Report
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