Report Id: SNS/ICT/1388 | May 2022 | Region: Global | 135 Pages
Report Scope & Overview:
Digital Payments Market size was valued at USD 79.40 Bn in 2022 and is expected to reach USD 378.58 Bn by 2030, and grow at a CAGR of 21.56 % over the forecast period 2023-2030.
Any payment or transaction that is made digitally is referred to as a digital payment. The payer and the payee both utilize the electronic mode to transmit and receive money in this technique; no actual currency is exchanged between them. It is not always necessary for the payee to engage digitally in order for the transaction to be completed. Users can transfer money to the payee's account via net banking, even if the payee does not have a net banking account. People have benefited from digital payment in numerous ways since it is more flexible and secure than any other means of transaction. Customers do not require to have cash on them at all times. Digital payment systems such as banking cards, USSD, UPI, mobile wallets, online banking, and mobile banking all play a role in the worldwide digital payment market's growth.
As the transformation of money and payments continues, digital currencies such as stablecoins are emerging. Novatti has launched an AUD-backed stablecoin for blockchain payments.
Various steps are being taken by governments to automate the payment process.
ICT technologies are being used by countries all over the world to develop digital economies.
It has the potential to promote productivity and economic growth, as well as improve transparency, raise tax revenue, and broaden financial inclusion.
There aren't many worldwide payment systems that are simple to use.
Different government legislation in different nations, as well as a lack of worldwide standards
Cross-border payments are not supported by the domestic payment infrastructure.
Governments are launching numerous measures to give connection to these remote people in order to promote financial inclusion.
Digital wallets are having a huge impact and are assisting in financial inclusion.
Globally, the number of unbanked people is reducing, creating a favorable climate.
The surge in cybersecurity concerns is a result of the rising implementation of digital payment technology.
The adoption of payment technology and its integration with enterprises has raised the dangers and concerns about privacy.
IMPACT OF COVID-19:
COVID-19 has had a considerable influence on operations in a few key industries, including manufacturing, logistics, hospitality, transportation, healthcare, and retail, as well as a modest impact on IT and telecom, energy and utilities, government, education, and BFSI. As a result of the pandemic, contactless and wallet payments have grown in popularity. Due to the currency lockdown and aversion to currency exchange, eWallets are becoming more popular for peer-to-peer (P2P) transfers, bill payments, and customer-to-business (C2B) payments for essential services. Some wallet providers, on the other hand, have raised their prices for merchants and customers, causing businesses to refuse to use their wallets for transactions.
In 2021, the payment processing category led the market, accounting for the largest part of worldwide revenue. Retailers are adopting payment processing solutions to give customers with flawless checkout experiences as their preference for online shopping grows throughout the world. To enhance their market position, players who provide payment processing solutions rely on mergers and acquisitions as well as collaborations. Over the projected period, the payment gateway segment is expected to develop at the quickest CAGR. Payment gateway solutions are in high demand among retailers since they make payments more convenient.
In 2021, the point-of-sale sector dominated the market. Retail establishments utilize point-of-sale systems to process transactions. Fast checkout choices, a tailored client experience, and many payment alternatives are all advantages of these systems. Over the projected period, the net banking segment is predicted to increase at a high rate. Net banking's advantages, such as increased time efficiency, simplicity of banking, and activity tracking, are among the primary causes driving the segment's expansion. As a result, online banking users are increasing in many nations throughout the world.
In 2021, the on-premise segment dominated the market. On-premise digital payment implementation gives businesses total control over their apps and systems, which can be easily controlled by their IT team. Furthermore, one of the primary causes driving the need for on-premise solutions among enterprises is the rising incidence of financial crimes as a result of the COVID-19 epidemic. Over the projected period, the cloud sector is expected to develop at the fastest CAGR. One of the primary drivers fueling the segment's growth is the continuing implementation of smart city initiatives, which is being accompanied by an increase in the number of unmanned retail establishments. Additionally, payment firms' efforts to integrate artificial intelligence technologies into their payment systems are projected to boost the segment's growth.
In 2021, the big enterprise sector dominated the market. Large retail shops are increasingly requesting digital payment solutions in order to allow their consumers to perform transactions while preserving social distance. Retailers employ digital payment methods such as smart banking cards, point-of-sale systems, and e-wallets to shorten checkout times. Over the projected period, the small and medium businesses category is expected to develop at the quickest CAGR. Paper-based billing systems are expensive, prone to mistakes, and inefficient, thus small and medium businesses are switching to digital invoicing. To assist small and medium businesses in their digitization efforts, payment solution providers are focusing on partnerships.
In 2021, the BFSI (Banking, Financial Services, and Insurance) category dominated the market. The growing demand for cross-border and domestic digital remittances is prompting banks to implement digital payment systems. Furthermore, banks are improving their products in order to compete with digital payment solution providers like Google, Amazon, and Facebook. Over the projected period, the retail & e-commerce category is expected to increase at the quickest rate. One of the primary factors fueling the segment's growth is the increased adoption of mobile-based payment solutions among customers for retail purchases.
KEY MARKET SEGMENTS:
On The Basis of Component:
Payment Gateway Solutions
Payment Processing Solutions
Payment Wallet Solutions
Payment Security and Fraud Management Solutions
Point of Sale (POS) Solutions
Support and Maintenance
On The Basis of Mode of Payment:
Point of Sales
On The Basis of Deployment Type:
On The Basis of Organization Size:
Small and Medium-sized Enterprises
On The Basis of Vertical:
Banking, Financial Services, And Insurance
Retail and Ecommerce
Travel and Hospitality
Transportation and Logistics
Media and Entertainment
North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America make up the worldwide digital payment market by region. APAC is predicted to be the fastest-growing region. The region's governments have taken significant steps to strengthen the payment sector. For example, the Asian Payments Network (APN) is a consortium of 11 Asian nations that encourage cross-border financial transactions in the area, including the Philippines, China, Singapore, Malaysia, Thailand, Vietnam, Indonesia, South Korea, Japan, New Zealand, and Australia.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Aurus Inc., PayPal Holdings Inc., WEX Inc., Total System Services Inc., Paysafe Holdings U.K. Limited, Global Payments Inc., YapStone Inc., Novatti Group Limited, Financial Software & Systems Pvt. Ltd., Fiserv Inc.
|Market Size in 2022||US$ 79.40 Bn|
|Market Size by 2030||US$ 378.58 Bn|
|CAGR||CAGR of 21.56% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• by Component (Solution and service)
• by Mode of Payment (Bank Cards, Digital Currencies, Digital Wallets, Net Banking, Point of Sales, Others)
• by Deployment Type (On-premises and Cloud), by Organization Size (Small and Medium-sized Enterprises and Large Enterprises)
• by Vertical (Banking, Financial Services, And Insurance, Retail, and eCommerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, Other Verticals)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Aurus Inc., PayPal Holdings Inc., WEX Inc., Total System Services Inc., Paysafe Holdings U.K. Limited, Global Payments Inc., YapStone Inc., Novatti Group Limited, Financial Software & Systems Pvt. Ltd., Fiserv Inc.|
|Key Drivers||• Various steps are being taken by governments to automate the payment process.
• ICT technologies are being used by countries all over the world to develop digital economies.
|Market Opportunities||• Governments are launching numerous measures to give connection to these remote people in order to promote financial inclusion.
• Digital wallets are having a huge impact and are assisting in financial inclusion.
Frequently Asked Questions (FAQ) :
Ans:-The forecast period of the Digital Payments Market is 2022-2028.
Ans- Various steps are being taken by governments to automate the payment process. and ICT technologies are being used by countries all over the world to develop digital economies.
Ans:- APAC is predicted to be the fastest-growing region.
Ans:- The primary growth tactics of Digital Payments Market participants include merger and acquisition, business expansion, and product launch.
Ans:- Key Stakeholders Considered in the study are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers, and exporters.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Digital Payments Market Segmentation, by Component
8.1.1 Payment Gateway Solutions
8.1.2 Payment Processing Solutions
8.1.3 Payment Wallet Solutions
8.1.4 Payment Security and Fraud Management Solutions
8.1.5 Point of Sale (POS) Solutions
8.2.1 Professional Services
8.2.4 Support and Maintenance
9. Digital Payments Market Segmentation, by Payment
9.1 Professional Services
9.4 Support and Maintenance
9.5 Managed Services
10. Digital Payments Market Segmentation, by Deployment Type
11. Digital Payments Market Segmentation, by Organization Size
11.1 Small and Medium-sized Enterprises
11.2 Large Enterprises
12. Digital Payments Market Segmentation, by Vertical
12.1 Banking, Financial Services, And Insurance
12.2 Retail and Ecommerce
12.4 Travel and Hospitality
12.5 Transportation and Logistics
12.6 Media and Entertainment
12.7 Other Verticals
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14. Company Profiles
14.1 Aurus Inc.
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 PayPal Holdings Inc.
14.3 WEX Inc.
14.4 Total System Services Inc.
14.5 Paysafe Holdings U.K. Limited
14.6 Global Payments Inc.
14.7 YapStone Inc.
14.8 Novatti Group Limited
14.9 Financial Software & Systems Pvt. Ltd.
14.10 Fiserv Inc.
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
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