Global Digital Payment Market to 2027

Global Digital Payment Market to 2027

Global Digital Payment Market to 2027

Market Overview

Global Digital Payment market was valued at USD 333.11 billion I 2018, which is expected to reach USD 87.76 billion by 2027 at a 18.5 %.

Digital payment methods are transferring funds through electronic media like laptops, mobile, tablets. In digital payment method payer and payee utilizes digital platform to send and receive money. This method is also referred as electronic payment method. Various modes are used to transfer money by using digital payment method such as Point of Sales, Net Banking, Digital Wallets, Digital Currencies, Bank Cards, and Others.

Market Drivers

Increase in demand for digital payments in e-commerce industry is the key driving factor which is expected to boost the global digital payment market growth. Furthermore, rise in internet penetration is expected to propel the global digital payment market growth. Moreover, increase in government initiatives towards cashless country will have the positive impact on global digital payment market growth. In addition to that, high proliferation of smart phones is expected to fuel the global digital payment market growth, during this forecast [period. Additionally, progressive changes in regulatory frameworks will grow the global digital payments market growth, over the forecast period.

Market Restraints

However, lack of global standards for cross-border payments is the restraining factor which is expected to hamper the global digital payments market growth. Also, security and privacy concerns will affect the global digital payment market growth. Furthermore, instability of mobile network is expected to hinder the global digital payment market growth.

Market Segmentation

Global Digital Payment Market is segmented into solution such as Transaction Risk Management, Payment Security & Fraud Management, Payment Processing, Payment Gateway, Application Program Interface, and Others, by mode of payments such as Point of Sales, Net Banking, Digital Wallets, Digital Currencies, Bank Cards, and Others, by deployment type such as cloud, and on-premise. Further, Global Digital Payment Market is segmented into enterprise size such as Large enterprises, and Small & Medium Enterprises, by End Use such as BFSI, Retail & E-Commerce, Media & Entertainment, IT & Telecommunication, and Healthcare.

Also, Global Digital Payment Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as Global Payments, ACI Worldwide, Novatti, Total System Services, Chetu, Fiserv, Wirecard, World pay, Paypal, Six Payment Services, and First Data.

Market Taxonomy

By Solution

• Transaction Risk Management
• Payment Security & Fraud Management
• Payment Processing
• Payment Gateway
• Application Program Interface
• Others

• Point of Sales
• Net Banking
• Digital Wallets
• Digital Currencies
• Bank Cards
• Others

• Cloud
• On-premise

• Large enterprises
• Small & Medium Enterprises

• BFSI
• Retail & E-Commerce
• Media & Entertainment
• IT & Telecommunication
• Healthcare

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa