SAN FRANCISCO, Nov. 11, 2019 /PRNewswire/ — The global digital payments market size is expected to reach USD 132.5 billion by 2025, registering a CAGR of 17.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. The ongoing technology and digital revolution led by the growing penetration of smartphones is driving the market. Furthermore, the entry of numerous non-banking institutions such as Amazon.com, Inc. and Alibaba, which are into offering payment solutions and services, is further expected to propel digital payment services market growth over the forecast period.
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Key suggestions from the report:
- Increasing customer demand for immediacy of monetary transactions is expected to fuel the monetary transactions processing segment over the forecast period
- Point of sales terminals are widely used by various end-use industries to process card payments. It offers customers an easy and convenient way to pay their bills
- Processing electronic monetary transactions in the cloud are more secure than on-premise methods. Also, cloud processing quickly identifies fraudulent transactions and avoids data theft
- Electronic payments can deliver a substantial uplift to an SME’s growth and profitability by delivering better customer experience, transaction cost reduction, record retention, and competitive advantage by enabling access to the overseas digital payment solutions market
- Various banks and financial consulting firms are focusing on transforming the existing operations of their banking clients to the digital ecosystem, thereby driving the adoption of digital monetary transaction solutions in the BFSI industry vertical
- Asia Pacific is anticipated to register the highest growth rate owing to increasing demand for electronic monetary transaction solutions in emerging countries such as China and India
- Key market players include Adyen N.V.; ACI Worldwide Inc.; PayPal Holdings Inc.; Novetti Group Limited; Global Payments Inc.; Wirecard AG; and Total System Services, Inc.
Read 150 page research report with ToC on “Digital Payment Market Size, Share & Trends Analysis Report By Solution, By Mode of Payment, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2019 – 2025” at: https://www.grandviewresearch.com/industry-analysis/digital-payment-solutions-market
Various countries across the globe are making regressive changes in their regulatory framework favoring digital economy. This has led to an exponential growth of electronic monetary transactions. Various trends, such as the Internet of Things (IoT), cloud computing, tokenization, biometrics, and ubiquitous connectivity, are expected to shape the way consumers transact in future.
The advent of next-generation systems such as e-wallets and payment banks is expected to fuel digital payment systems market growth. In addition, various non-banking institutions are focusing on leveraging and innovating technology to simplify user experience and provide them with better financial and banking services. Technological advancements are allowing monetary transaction solution providers to offer personalized experiences that are more customer-centric.
The market is expected to witness significant growth owing to the growth of the e-commerce companies across the globe. Instead of selecting conventional offline retail, customers nowadays are more inclined towards online shopping. This, in turn, is expected to propel the market over the forecast period.
The growth of the North American regional market can be attributed to the existence of a large number of solution providers in the region as well as expansion of the mobile commerce industry. Proliferation of digitalization, coupled with supportive government initiatives in developing countries, is propelling the Asia Pacific market.
Grand View Research has segmented the global digital payments market on the basis of solution, mode of payment, deployment, enterprise size, end use, and region:
- Digital Payment Solution Outlook (Revenue, USD Billion, 2014 – 2025)
- Digital Payment Mode of Payment Outlook (Revenue, USD Billion, 2014 – 2025)
- Digital Payment Deployment Outlook (Revenue, USD Billion, 2014 – 2025)
- Digital Payment Enterprise Size Outlook (Revenue, USD Billion, 2014 – 2025)
- Digital Payment End-use Outlook (Revenue, USD Billion, 2014 – 2025)
- Digital Payment Regional Outlook (Revenue, USD Billion; Number of Transactions, Billion; Valuation, USD Trillion, 2014 – 2025)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
