A digital payment/electronic payment is a method of payment made from one bank to another using electronic methods and forgoing the direct intervention of bank employees. It is a payment method through which buying and selling of goods is done through the internet or any type of electronic funds transfer. Digital payment method is used at a higher rate due to safer and reliable mode of transactions, eliminates theft, mitigate losses, accessibility and convenience to the people. Various areas where digital payment modes are used: mobile wallets (gpay, paytm etc), application program interface technologies, blockchain (where online wallets are used) and various non-banking companies (amazon.com, alibaba etc).
Digital payment Market: Key Players
The research study includes profiles of leading companies operating in the global digital payment market. Key players profiled in the report include: PayPal Holdings Inc., Visa Inc., MasterCard Incorporated (MasterCard), Amazon.com Inc., Alphabet Inc., Apple Inc., CCAvenue (Avenues India Pvt. Ltd), Paytm Mobile Solutions Private Limited, Stripe Inc. and Alipay.com Co. Ltd
Drivers for the Global Digital payment Market:
Rising digital platforms globally due to increasing online stores, improvement in the banking online payments mode, increasing interface between digital modes of payment at ever outlet, expansion of the smart phone industry as every smart phone has its own wallet available. Hence the smartphones industry is one of the major drivers of the market and all the factors mentioned are owing to increase the disposable income for the digital payment market.
Opportunities for the Global Digital payment Market:
Moreover, expansion in the blockchain industry & crypto currency, increasing online platforms for banks, a few governments have launched the Digital payment initiative, which is focusing on endorsing digital payment devices and cashless transactions, google pay & phone pay are the major online modes of payment directly from one’s bank. Hence these factors are going to provide opportunities for the future growth of the market.
Restrains for the Global Digital payment Market:
However, due to fraud and thefts large amounts of money can be lost through online payment modes and cybercrimes. Hence these factors can majorly hamper the growth of the digital payment market.
Region Wise, Global Digital payment Market Analysis:
North America held major share in the market due general economic conditions, investment in new technology, increase in the number of smartphone industries and increased number of banks and digital platforms. Besides China and Europe held a large share in the market.
Global Digital payment Market: Product analysis
- Bank Cards
- Digital Currencies
- Digital Wallets
- Net Banking
- Point of Sales
- Others
Global Digital payment Market: Application analysis
- BFSI
- Healthcare
- IT & Telecom
- Media & Entertainment
- Retail & E-commerce
- Transportation
- Others
Global Digital payment Market: Region analysis
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- ASEAN
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Colombia
- Rest of L.A.
- Middle East and Africa
- Turkey
- GCC
- UAE
- South Africa
- Rest of Middle East
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