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Digital Payment Market worth $193.7 billion by 2028 – Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 4, 2023 /PRNewswire/ — Innovation, greater security, increased accessibility, and a shift towards decentralised and digital-first financial systems characterise the future of the Digital Payment Market. These advancements will have an impact on how individuals and corporations handle and transact their finances in the next years.
The Digital Payment Market size is projected to grow from USD 111.2 billion in 2023 to USD 193.7 billion by 2028, at a CAGR of 11.8% during the forecast period, according to MarketsandMarkets. Rise of eCommerce and adoption of embedded payment system. Internet access has gained more ground, boosting the online shopping industry. Smartphones have also become an essential part of several urban sectors. The growth of eCommerce is driven by rapid technology adoption, which is led by the rising use of devices such as smartphones and tablets and increasing access to the internet through 4G and 5G.
Browse in-depth TOC on “Digital Payment Market“
300 – Tables
70 – Figures
250 – Pages
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Scope of the Report
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Report Metrics |
Details |
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Market size available for years |
2018–2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast units |
Value (USD) Million/Billion |
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Segments Covered |
By Offering (Solutions (Payment Gateway, Payment Processors, Payment Wallet, Point of Sale, and Other Solutions), Services (professional services (Consulting, Implementation, Support & Maintenance), Managed Services), By Transaction Type (Domestic and Cross Border), Payment Mode (Cards, Digital Wallet, ACH Transfer), By Vertical (BFSI, Retail & E-commerce, Healthcare, Travel & Hospitality, IT & ITeS, Telecom, Transportation & Logistics, Media & Entertainment, Other Verticals) |
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Geographies covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Companies covered |
PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil) |
By Solution, the payment processors segment holds the largest market size during the forecast period.
The payment processor provides a connection between the issuer bank and the merchant bank, as well as enables merchants to receive payments. Payment processing solutions offer a secure and scalable processing platform that processes domestic, inter-regional, and international credit card transactions. The payment processor sector within the financial industry pertains to firms or entities that facilitate electronic payment transactions between merchants and consumers. These payment processors have a crucial function in guaranteeing the secure and effective movement of funds across a spectrum of transactions, encompassing online purchases, in-person transactions, mobile payments, and other forms of financial interactions.
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By offering, the service segment is expected to grow with the highest CAGR during the forecast period.
The services segment has been broadly classified into professional services and managed services. The professional services segment includes consulting, implementation, and support and maintenance. Digital payment vendors offer professional and managed services to plan, design, implement, and deploy digital payment solutions. Support and maintenance services help ensure the overall development of digital payment solutions, which is expected to drive the growth of the services segment.
Asia Pacific is expected to hold the largest market size during the forecast period.
The APAC region is experiencing rapid adoption of digital payments due to favorable regulatory conditions, infrastructure enhancements, widespread smartphone use, and affordable data rates. This growth trajectory is particularly robust as governments in the region actively promote digital transformation, resulting in significant industry-wide changes. Regulatory and market shifts are replacing the marketplace. With the emergence of the new challenger bank and fintech offerings, digital payment services have led to increased customer experience and collaboration between banks and fintech institutions in the region. The rapid eCommerce adoption also contributes to the increased use of digital payment solutions.
Top Key Companies in Digital Payment Market:
The Digital Payment Market comprises major providers, such as PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil). To increase their market share in the Digital payment industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
Recent Developments
- In April 2023, the new version of PayPal Payment Solution provided acceptance of PayPal payments with Apple Pay, save payment methods with PayPal Vault, and real-time account updater.
- In April 2023, Square launched Tap to Pay on Android for sellers in the UK. The new technology empowers sellers to securely accept contactless payments with a compatible Android device at no additional cost and without any need for additional hardware.
- In September 2022, the introduction of Worldpay for Platforms merged FIS’ extensive merchant and banking solutions into a single platform, incorporating embedded payments technology.
- In February 2022, FIS acquired Payrix. The acquisition positioned FIS to strengthen embedded payments and finance experiences specifically tailored for small- and medium-sized businesses across diverse industries.
- In January 2022, PayPal and Salesforce extended their partnership, offering accelerated access to PayPal’s checkout solutions via the PayPal Commerce Platform to global enterprise merchants who integrate through Salesforce Payments.
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Digital Payment Market Advantages:
- Digital payments are speedy and practical because they enable users to conduct transactions from any location with an internet connection, doing away with the necessity for actual cash.
- Financial inclusion is promoted through the accessibility of digital payments to a wide spectrum of people, including those without conventional bank accounts.
- Encryption and authentication techniques are frequently used in digital payment methods, increasing the security of financial transactions and lowering the danger of fraud or theft.
- Digital payments have the potential to be more economical since they do away with the necessity for handling actual cash, which lowers the cost of printing, shipping, and storage.
- Fast and effective transactions are made possible by the almost instantaneous processing of digital payments, particularly in e-commerce and online purchasing.
- Users may more easily keep track of their spending, stick to a budget, and access transaction history for record-keeping needs because to the digital trails left by transactions.
- Cross-border transactions are made possible by digital payments, which streamlines international trade and money transfers.
- Paper checks and receipts are no longer necessary with digital payments, which reduces paperwork and has a positive influence on the environment.
- Digital payment systems streamline invoicing and payment processing, allowing businesses to manage cash flow more efficiently.
Report Objectives
- To determine and forecast the global Digital Payment Market by offering, transaction type, vertical, and region from 2023 to 2028 and analyze various macroeconomic and microeconomic factors that affect the market growth
- To forecast the size of the market’s segments with respect to five main regions: North America, Europe, Latin America, Asia Pacific (APAC), and Middle East and Africa (MEA)
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Digital Payment Market
- To provide detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Digital Payment Market
- To profile key market players and provide a comparative analysis based on their business overviews, service offerings, regional presence, business strategies, and key financials.
- To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
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https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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