The COVID-19 pandemic has accelerated the global digital payment market, with a surge in contactless payment solutions and significant growth expected in APAC.
Digital payment is referred to as those payments that take place using the various types of electronic medium. These methods do not require payment to be made in the form of cash or providing cheque. At present, there are multiple modes and types of digital payments that are prevalent across the globe such as Banking Cards, USSD (Unstructured Supplementary Service Data), UPI (United Payment Interface), Mobile wallets, Point of Sale Machines (PoS), Mobile Banking, Internet Banking, and many more.
According to the report analysis, ‘Global Digital Payment Market: Current Analysis and Forecast (2020-2026)’ states that ACI Worldwide, WEX, Adyen, Dwolla, Fiserv, Novatti, PayPal, Paysafe, Worldpay and Wirecard are some of the prominent players operating in the Global Digital Payment market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with more efficient and innovative payment solution.
Payment services are a foundation of every economy. With digitization and continued technological development, they can increasingly offer consumers and businesses ways of paying that are tailored, convenient and flexible. Digital payments can also aid financial inclusion, facilitate budgeting, and enable action to prevent and tackle economic crime. Therefore, global digital payment market was valued to be in USD billion in the year 2019, owing to the sudden COVID-19 outbreak demand for the contactless payment. The government recognises that the growth in the use of digital payments has been swift, and it wants to ensure that everyone has the option to be able to pay for goods and services digitally. That is why the government has undertaken a significant program of work that, by supporting innovation and competition, has already helped make digital payments simpler, quicker, and cheaper.
Request for Sample Report @
https://www.kenresearch.com/sample-report.php?Frmdetails=NDMzODQ4
Moreover, the report covers a deep-dive analysis of the Digital Payment, detailed regional-level analysis of North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Singapore and Rest of Asia-Pacific) and Rest of the World has been conducted. United States generated significant revenue in 2019. However, APAC is expected to witness the highest CAGR growth during the forecast period 2021-2026.
The demand for digital payment has increased globally as developed economies have implemented a cashless payment infrastructure based primarily on credit cards several decades ago, but in recent years, the legacy structures have suddenly become a burden. The “Western” markets are now much slower to adopt new payment solutions than growing economies such as China, India, or Eastern Europe. A large share of the population in the developing economies of Asia, Africa, and Latin America has also been under banked until the rise of mobile payment and wallet innovations that completely rely on accessible mobile technology.
For More Information on the Research Report, refer to below links: –
The report covers various qualitative sections namely market overview and genesis, trends and developments, issues and challenges, SWOT Analysis, Value chain analysis, company profiles, analyst recommendation along with the market segmentations at both global and regional level. Therefore, the Global digital payments market has been further segmented by Type (Solution and Services), by Deployment (On-Premises, and Cloud), by Payment Mode (POS Payments, and Digital Commerce), by Payment Enterprises (Large Enterprises, SMEs), and by End Users (BSFI, healthcare, IT & Telecom, Media and Entertainment, Retail and E-commerce and others). All the sectors are deploying these solution and services as they make payment more convenient and safer. Nowadays, people prefer online shopping as it is quick and easy. Moreover, the lockdown in the COVID-19 times have encouraged contactless shopping and payment to avoid the contact with infected people. In 2019, BSFI dominated the global digital payment market.
In the near future, it is further forecasted that the Global Digital Payment market will increase at a double digit CAGR during the period 2021 – 2026. Moreover, it is also expected that the market will witness high growth Post 2020 as the shift in trends from making cash payment towards online payment have been observed during covid-19 period.
Related Report: –
Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
The article discusses the impact of COVID-19 on the global digital payment market, focusing on the rise of contactless payment solutions.
COVID-19 has increased the demand for contactless payments, boosting the global digital payment market.
The Asia-Pacific region is expected to witness the highest growth in the digital payment market during 2021-2026.
Explore more articles in the Research Reports category
