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Digital Payment Market size worth $1332.02 Billion, Globally, by 2027 at 10.89% CAGR: Verified Market Research®
The “Global Digital Payment Market Size By Payment Scheme, By Payment Channel, By Geographic Scope And Forecast” report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Digital Payment Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J, Oct. 25, 2023 /PRNewswire/ — The Global Digital Payment Market is projected to grow at a CAGR of 10.89% from 2020 to 2027, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 653.8 Billion in 2019 and is expected to reach USD 1332.02 Billion by the end of the forecast period.
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Browse in-depth TOC on “Digital Payment Market“
202 – Pages
126 – Tables
37 – Figures
Digital Payment Revolutionizes Global Transactions: A Game-Changer for Businesses
In an era dominated by technological advancements, the global landscape of monetary exchanges is undergoing a transformative shift, heralding a new era of financial efficiency. Digital Payment, the cutting-edge concept epitomizing cashless electronic transactions, has emerged as the keystone of this revolution. Facilitated through the Internet, mobile applications, and point-of-sale (PoS) systems, Digital Payment has gained substantial traction, reshaping economies and paving the way for a seamless global financial ecosystem.
The widespread adoption of smartphones and ubiquitous internet access has propelled the Digital Payment market into an unprecedented phase of growth. Easy-to-use mobile applications are catalyzing this surge, enhancing accessibility and convenience for businesses and consumers alike. Governments worldwide, recognizing the potential of Digital Payment, are proactively digitizing their economies through groundbreaking initiatives such as Digital India and Unified Payments Interface (UPI). Countries like India, Singapore, and Australia are at the forefront of this digital revolution, emphasizing the importance of online transactions for health, safety, and economic prosperity.
Digital Payment Market Key Drivers and Impact
Digital Payment adoption represents more than just a technological shift; it is a catalyst for economic productivity, transparency, increased tax revenue, financial inclusion, and diverse opportunities for users. The COVID-19 pandemic accelerated the usage of digital payments due to its contactless nature, a trend further amplified by government initiatives worldwide. One of its key advantages lies in its global accessibility, empowering users to conduct transactions from any part of the world. This ease of use is driving widespread adoption and reshaping the way businesses operate on a global scale.
Challenges and Future Prospects
However, amidst its promising trajectory, the Digital Payment market is not without challenges. The absence of global standards for cross-border payments poses a hurdle, along with diverse regulations and compliance requirements in different countries, making cross-border payments inefficient. Current domestic payment infrastructures are not optimized for seamless global trade facilitation, creating a need for collaborative solutions in this dynamic market.
Regional Growth and Market Leaders
Europe, with its vibrant venture capital ecosystem and robust research and development centers, is experiencing a remarkable growth rate of approximately 24%. In the Asia Pacific region, particularly in countries like Japan and Singapore, Digital Payment Market is set to dominate. The demand for increased crop yield and urbanization is driving this growth, with future prospects indicating further expansion despite challenges posed by rising land scarcity.
Key Players Shaping the Industry
Prominent players shaping the global Digital Payment landscape include industry leaders such as GoCardless, Transferwise, Stripe, Venmo, Adyen, Tipalti, PayPal, Razorpay, Square, and Paytm. A comprehensive analysis of these key players provides insights into their financial statements, product benchmarks, and SWOT analyses, offering a detailed perspective on their market positioning.
The Digital Payment market’s trajectory is dynamic, propelled by technological advancements, government initiatives, and evolving consumer behaviors. As the world continues to embrace digital transactions, stakeholders in the business-to-business (B2B) category and similar sectors must navigate challenges to unlock the market’s full potential.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Digital Payment Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Digital Payment Market into Payment Scheme, Payment Channel, And Geography.
Digital Payment Market, by Payment Scheme
- Online Banking ePayment Scheme
- Third-party Model
Digital Payment Market, by Payment Channel
- Paper Based
- Real Time Gross Settlement
- Real-Time Net Settlement
Card
Mobile Payment
Real-Time
Digital Payment Market, by Geography
North America
- U.S
- Canada
- Mexico
Europe
- Germany
- France
- U.K
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
ROW
- Middle East & Africa
- Latin America
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