Global Digital Payments Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends

30 Nov, 2021

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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 medium 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.

Global Digital Payments Market Size And Drivers:

The global digital payments market is expected to grow from $29.66 billion in 2020 to $32.27 billion in 2021 at a compound annual growth rate (CAGR) of 8.77%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $46.94 billion in 2025 at a CAGR of 9.83%. Quick on boarding and ease of use is expected to drive the digital payments market.

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Trends In The Global Digital Payments Market

Contactless payments technology is soaring up in the digital payments market. Many users are increasingly opting for contactless payments technology such as mobile wallets, contactless cards, and others as there more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near field communication (NFC) for transmission of amount among users. Black Friday sales of 2019 had an 82% rise in the purchase made with mobile wallets compared to the year 2018.

Global Digital Payments Market Segments:
The global digital payments market is further 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 global digital payments market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

Read More On The Report For The Global Digital Payments Market At:

https://www.thebusinessresearchcompany.com/report/digital-payments-global-market-report-2020-30-covid-19-implications-and-growth

Digital Payments Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides digital payments market overviews, analyzes and forecasts market size and growth for the global digital payments market, digital payments market share, digital payments market players, digital payments market segments and geographies, digital payments market’s 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.