The global digital payments market size is expected to grow from $83.27 billion in 2021 to $96.19 billion in 2022 at a compound annual growth rate (CAGR) of 15.5%. The global digital payment market size is then expected to grow to $170.95 billion in 2026 at a CAGR of 15.5%.
What is the Global Digital Payments Market?
The digital payments market consists of all the transactions that take place across the digital media along with the product and services associated. Digital payments is a payment mode that uses digital mediums such as the internet, cell phones, and automated devices to send and receive money. It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money.
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What drives the Global Digital Payments Market?
Quick onboarding and ease of use are expected to drive the digital payments market. Individuals require flexibility, transparency, and friction-free onboarding. They are more attracted to such methods which are frictionless and as a result software innovator such as square and PayPal are using automation for decreasing the onboarding time to a few minutes. Digital payments are very easy to use compared to the conventional methods as they only require a bank account or phone number and a smartphone with an internet facility. For instance, according to new data compiled by Taiwan's government, a population of about 23 million, nearly 10 million are mobile payments users. The ease of adoption increases the number of users, thereby contributing to the growth of the market.
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Global Digital Payments Market Segments
The global digital payments market is segmented:
By Mode of Payment: Point of Sale, Online Sale
By End-User Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Others
By Deployment: Cloud, On-Premise
By Enterprise: Large Enterprises, Small and Medium Enterprises
By Geography: The regions covered in the digital payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global digital payments market.
Digital Payments Global Market Report 2022provides market size and growth forecasts for the global digital payments market, global digital payments market share, digital payments market segments and geographies, digital payments market competitive landscape including leading competitors’ revenues, profiles and market shares. The digital payments market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Digital Payments Industry Playersinclude Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc., and MasterCard. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
