Digital Payment Market, Size, Global Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis
The Global Digital Payment Market is expected to reach US$ 12.55 Trillion by 2027. For years, the market has been haunting for a payment solution that delivers a better customer experience. Henceforth, in recent years’ Digital payments have been derived as a solution to the concern. Digital payment is an electronic trade of currency for purchased goods or services. In addition, online payments are facilitated by a solution like application program interface, payment gateway, payment processing, payment security & fraud management and transaction risk management. Further, Digital payments are made over the secure encrypted connection to decrease the chances of having personal and billing information stolen.
Global Digital Payment Industry will grow with a CAGR of 10.9% during 2021-2027
Recently, Digital payment has made its application in various industries like banking & financial sectors, hotels & restaurants, ecommerce, retail, corporate sectors, public sectors, healthcare, and transportation & telecommunication, hence making the services procured in the industries faster, easier, and more secure for parties involved in the transaction. Remarkably, the millennial population across the world is more inclined towards a redefined online payment solution.
COVID-19 Impact boosted the Global Digital Payment Market:
Globally, COVID-19 has imposed significant limitations on people’s lives. There has been a restriction-based movement worldwide for the last two years. This has also altered payments made, driven by lifestyle changes. Digital payment soared as word spread through family, friends, and campaigns worldwide. Therefore, across the spectrum, people found ways to live, work, transact and discover the uses of online transactions. Remarkably, online payment has been providing the backbone for people to access their funds as they need it amidst the pandemic.
The Emerging Methods of Payment Systems:
Globally, consumers are more inclined towards checkout processes working as fast as possible and helping to avoid long lines. Further, allowing businesses to adopt online payment systems to increase sales, reduce costs and boost profits in the long run. As per our analysis, some of the most significant emerging payment methods include credit cards, e-wallet, debit cards, charge and deferred debit cards and bank transfers. According to Renub Research, The Global Online Payments Market was US$ 6.75 Trillion in 2021.
Regional Outlook of Digital Payment Market:
As per our analysis, Asia Pacific is currently the global leader in the digital payments industry. The Asia-Pacific (APAC) region is projected to generate high revenues and remain a strong contender in the race to a truly cashless society. Contrarily on the other side of the globe, North America has a sophisticated and mature digital payments market, and the traditional cash infrastructure is now witnessing a decline in bank branches and ATMs, further demonstrating North America’s move away from cash.
In addition, Europe, the Middle East, Africa, and Latin America are also predicted to be within the top regions in the global digital payment industry, with most of the infrastructure being developed. Besides, Europe, Finland, Sweden, and the UK are likely to be some of the country’s leading the way to a cashless society widely adopting online payments.
Key Market Players in the Digital Payment Industry:
Globally, different vital companies are offering digital presentment and payment solutions. The key companies are working relentlessly to provide solutions that are beneficial for parties involved in the industry. Remarkably, the key companies are also exploring the scope of digital payment to identify the trends that can change the future of electronic payments. In our report, we have covered Paypal Holdings Inc., Visa Inc., Mastercard Incorporated, Amazon.Com Inc. and Alphabet Inc. as some prominent players that have developed a payment solution for the future and are running the market with its solution.
The Future of Digital Payment Is Frictionless:
Digital payments have evolved tremendously over the past few years. As per our analysis, global digital payment are expected to have a very bright future. In the coming future, industries using online payment will have the ability to stay ahead of the latest trends in the dynamic landscape of payment systems. Besides, industrial applications failing to use innovative digital payment technology that keeps up with consumer demand is expected to hurt sales and leave their business falling behind.
Renub Research latest report “Digital Payment Market, Global Forecast by Segments Value & Volume (Digital Commerce, Digital Remittance and Mobile POS Systems), Methods (Credit Card, eWallet, Debit Card, Charge and Deferred Debit Card and Bank Transfer), Application (Banking & Financial Sectors, Hotels & Restaurants, e-commerce, Retail, Corporate Sectors, Public Sectors, Healthcare, Transportation & Telecommunication and Others), Platform (Proprietary Platform and Marketplace Platform), Solution (Application Program Interface, Payment Gateway, Payment Processing, Payment Security & Fraud Management, Transaction Risk Management and Others), Regions (Asia Pacific, North America, Europe, Middle East and Africa and Latin America), Company (Paypal Holdings Inc., Visa Inc., Mastercard Incorporated, Amazon.Com Inc. and Alphabet Inc.)“ provides a detailed analysis of Online Payments Industry.
Segments – Global Digital Payment Market has been covered from 3 viewpoints:
1. Digital Commerce
a) Value
b) Volume
2. Digital Remittance
a) Value
b) Volume
3. Mobile POS Systems
a) Value
b) Volume
Methods – Global Digital Payment Volume has been covered from 5 viewpoints:
1. Credit Card
2. eWallet
3. Debit Card
4. Charge and Deferred Debit Card
5. Bank Transfer
Application – Global Digital Payment Market has been covered from 9 viewpoints:
1. Banking & Financial Sectors
2. Hotels & Restaurants
3. e-commerce
4. Retail
5. Corporate Sectors
6. Public Sectors
7. Healthcare
8. Transportation & Telecommunication
9. Others
Platform – Global Digital Payment Market has been covered from 2 viewpoints:
1. Proprietary Platform
2. Marketplace Platform
Solution – Global Digital Payment Market has been covered from 6 viewpoints:
1. Application Program Interface
2. Payment Gateway
3. Payment Processing
4. Payment Security & Fraud Management
5. Transaction Risk Management
6. Others
Regions – Global Digital Payment Market has been covered from 4 viewpoints:
1. Asia Pacific
2. North America
3. Europe, Middle East and Africa
4. Latin America
Company Insights:
• Overview
• Recent Development & Strategies
• Revenue Analysis
Companies Covered:
1. Paypal Holdings Inc.
2. Visa Inc.
3. Mastercard Incorporated
4. Amazon.Com Inc.
5. Alphabet Inc.
- 1. Introduction
- 2. Research Methodology
- 3. Executive Summary
- 4. Market Dynamics
- 4.1 Growth Drivers
- 4.2 Challenges
- 5. Global Digital Payment Market
- 6. Market Share – Global Digital Payment Market
- 6.1 Market by Segments
- 6.2 Volume by Segments
- 6.3 By Methods
- 6.4 By Application
- 6.5 By Platform
- 6.6 By Solution
- 6.7 By Regions
- 7. Segments – Global Digital Payment Market
- 7.1 Digital Commerce
- 7.1.1 Value
- 7.1.2 Volume
- 7.2 Digital Remittance
- 7.2.1 Value
- 7.2.2 Volume
- 7.3 Mobile POS Systems
- 7.3.1 Value
- 7.3.2 Volume
- 8. Methods – Global Digital Payment Volume
- 8.1 Credit Card
- 8.2 eWallet
- 8.3 Debit Card
- 8.4 Charge and Deferred Debit Card
- 8.5 Bank Transfer
- 9. Application – Global Digital Payment Market
- 9.1 Banking & Financial Sectors
- 9.2 Hotels & Restaurants
- 9.3 eCommerce
- 9.4 Retail
- 9.5 Corporate Sectors
- 9.6 Public Sectors
- 9.7 Healthcare
- 9.8 Transportation & Telecommunication
- 9.9 Others
- 10. Platform – Global Digital Payment Market
- 10.1 Proprietary Platform
- 10.2 Marketplace Platform
- 11. Solution – Global Digital Payment Market
- 11.1 Application Program Interface
- 11.2 Payment Gateway
- 11.3 Payment Processing
- 11.4 Payment Security & Fraud Management
- 11.5 Transaction Risk Management
- 11.6 Others
- 12. Regions – Global Digital Payment Market
- 12.1 Asia Pacific
- 12.2 North America
- 12.3 Europe, Middle East and Africa
- 12.4 Latin America
- 13. Porters Five Forces
- 13.1 Overview
- 13.2 Bargaining Power of Buyers
- 13.3 Bargaining Power of Suppliers
- 13.4 Degree of Competition
- 13.5 Threat of New Entrants
- 13.6 Threat of Substitutes
- 14. Company Analysis
- 14.1 Paypal Holdings Inc.
- 14.1.1 Overview
- 14.1.2 Recent Development
- 14.1.3 Revenue Analysis
- 14.2 Visa Inc.
- 14.2.1 Overview
- 14.2.2 Recent Development
- 14.2.3 Revenue Analysis
- 14.3 Mastercard Incorporated
- 14.3.1 Overview
- 14.3.2 Recent Development
- 14.3.3 Revenue Analysis
- 14.4 Amazon.Com Inc.
- 14.4.1 Overview
- 14.4.2 Recent Development
- 14.4.3 Revenue Analysis
- 14.5 Alphabet Inc.
- 14.5.1 Overview
- 14.5.2 Recent Development
- 14.5.3 Revenue Analysis
- List Of Tables:
- Figure-01: Global Online Payment Market (Million US$), 2018 – 2021
- Figure-02: Global – Forecast for Online Payment Market (Million US$), 2022 – 2027
- Figure-03: Segment – Digital Commerce Market (Trillion US$), 2018 – 2021
- Figure-04: Segment – Forecast for Digital Commerce Market (Trillion US$), 2022 – 2027
- Figure-05: Segment – Digital Commerce Volume (Billion Users), 2018 – 2021
- Figure-06: Segment – Forecast for Digital Commerce Volume (Billion Users), 2022 – 2027
- Figure-07: Segment – Digital Remittance Market (Billion US$), 2018 – 2021
- Figure-08: Segment – Forecast for Digital Remittance Market (Billion US$), 2022 – 2027
- Figure-09: Segment – Digital Remittance Volume (Million Users), 2018 – 2021
- Figure-10: Segment – Forecast for Digital Remittance Volume (Million Users), 2022 – 2027
- Figure-11: Segment – Mobile POS Systems Market (Billion US$), 2018 – 2021
- Figure-12: Segment – Forecast for Mobile POS Systems Market (Billion US$), 2022 – 2027
- Figure-13: Segment – Mobile POS Systems Volume (Million Users), 2018 – 2021
- Figure-14: Segment – Forecast for Mobile POS Systems Volume (Million Users), 2022 – 2027
- Figure-15: Methods – Credit Card Market (Billion US$), 2018 – 2021
- Figure-16: Methods – Forecast for Credit Card Market (Billion US$), 2022 – 2027
- Figure-17: Methods – eWallet Market (Trillion US$), 2018 – 2021
- Figure-18: Methods – Forecast for eWallet Market (Trillion US$), 2022 – 2027
- Figure-19: Methods – Debit Card Market (Billion US$), 2018 – 2021
- Figure-20: Methods – Forecast for Debit Card Market (Billion US$), 2022 – 2027
- Figure-21: Methods – Charge and Deferred Debit Card Market (Billion US$), 2018 – 2021
- Figure-22: Methods – Forecast for Charge and Deferred Debit Card Market (Billion US$), 2022 – 2027
- Figure-23: Methods – Bank Transfer Market (Billion US$), 2018 – 2021
- Figure-24: Methods – Forecast for Bank Transfer Market (Billion US$), 2022 – 2027
- Figure-25: Application – Banking & Financial Sectors Market (Billion US$), 2018 – 2021
- Figure-26: Application – Forecast for Banking & Financial Sectors Market (Billion US$), 2022 – 2027
- Figure-27: Application – Hotels & Restaurants Market (Billion US$), 2018 – 2021
- Figure-28: Application – Forecast for Hotels & Restaurants Market (Billion US$), 2022 – 2027
- Figure-29: Application – eCommerce Market (Billion US$), 2018 – 2021
- Figure-30: Application – Forecast for eCommerce Market (Billion US$), 2022 – 2027
- Figure-31: Application – Retail Market (Billion US$), 2018 – 2021
- Figure-32: Application – Forecast for Retail Market (Billion US$), 2022 – 2027
- Figure-33: Application – Corporate Sectors Market (Billion US$), 2018 – 2021
- Figure-34: Application – Forecast for Corporate Sectors Market (Billion US$), 2022 – 2027
- Figure-35: Application – Public Sectors Market (Billion US$), 2018 – 2021
- Figure-36: Application – Forecast for Public Sectors Market (Billion US$), 2022 – 2027
- Figure-37: Application – Healthcare Market (Billion US$), 2018 – 2021
- Figure-38: Application – Forecast for Healthcare Market (Billion US$), 2022 – 2027
- Figure-39: Application – Transportation & Telecommunication Market (Billion US$), 2018 – 2021
- Figure-40: Application – Forecast for Transportation & Telecommunication Market (Billion US$), 2022 – 2027
- Figure-41: Application – Others Market (Billion US$), 2018 – 2021
- Figure-42: Application – Forecast for Others Market (Billion US$), 2022 – 2027
- Figure-43: Platform – Proprietary Platform Market (Trillion US$), 2018 – 2021
- Figure-44: Platform – Forecast for Proprietary Platform Market (Trillion US$), 2022 – 2027
- Figure-45: Platform – Marketplace Platform Market (Trillion US$), 2018 – 2021
- Figure-46: Platform – Forecast for Marketplace Platform Market (Trillion US$), 2022 – 2027
- Figure-47: Solution – Application Program Interface Market (Billion US$), 2018 – 2021
- Figure-48: Solution – Forecast for Application Program Interface Market (Billion US$), 2022 – 2027
- Figure-49: Solution – Payment Gateway Market (Billion US$), 2018 – 2021
- Figure-50: Solution – Forecast for Payment Gateway Market (Billion US$), 2022 – 2027
- Figure-51: Solution – Payment Processing Market (Billion US$), 2018 – 2021
- Figure-52: Solution – Forecast for Payment Processing Market (Billion US$), 2022 – 2027
- Figure-53: Solution – Payment Security & Fraud Management Market (Billion US$), 2018 – 2021
- Figure-54: Solution – Forecast for Payment Security & Fraud Management Market (Billion US$), 2022 – 2027
- Figure-55: Solution – Transaction Risk Management Market (Billion US$), 2018 – 2021
- Figure-56: Solution – Forecast for Transaction Risk Management Market (Billion US$), 2022 – 2027
- Figure-57: Solution – Others Market (Billion US$), 2018 – 2021
- Figure-58: Solution – Forecast for Others Market (Billion US$), 2022 – 2027
- Figure-59: Asia Pacific – Online Payment Market (Trillion US$), 2018 – 2021
- Figure-60: Asia Pacific – Forecast for Online Payment Market (Trillion US$), 2022 – 2027
- Figure-61: North America – Online Payment Market (Billion US$), 2018 – 2021
- Figure-62: North America – Forecast for Online Payment Market (Billion US$), 2022 – 2027
- Figure-63: Europe, Middle East and Africa – Online Payment Market (Billion US$), 2018 – 2021
- Figure-64: Europe, Middle East and Africa – Forecast for Online Payment Market (Billion US$), 2022 – 2027
- Figure-65: Latin America – Online Payment Market (Billion US$), 2018 – 2021
- Figure-66: Latin America – Forecast for Online Payment Market (Billion US$), 2022 – 2027
- Figure-67: Paypal Holdings Inc. – Global Revenue Market (Billion US$), 2018 – 2021
- Figure-68: Paypal Holdings Inc. – Forecast for Global Revenue Market (Billion US$), 2022 – 2027
- Figure-69: Visa Inc. – Global Revenue Market (Billion US$), 2018 – 2021
- Figure-70: Visa Inc. – Forecast for Global Revenue Market (Billion US$), 2022 – 2027
- Figure-71: Mastercard Incorporated – Global Revenue Market (Billion US$), 2018 – 2021
- Figure-72: Mastercard Incorporated – Forecast for Global Revenue Market (Billion US$), 2022 – 2027
- Figure-73: Amazon.Com Inc. – Global Revenue Market (Billion US$), 2018 – 2021
- Figure-74: Amazon.Com Inc. – Forecast for Global Revenue Market (Billion US$), 2022 – 2027
- Figure-75: Alphabet Inc. – Global Revenue Market (Billion US$), 2018 – 2021
- Figure-76: Alphabet Inc. – Forecast for Global Revenue Market (Billion US$), 2022 – 2027
- List Of Tables:
- Table-01: Global – Online Payment Market Share by Segments (Percent), 2018 – 2021
- Table-02: Global – Forecast for Online Payment Market Share by Segments (Percent), 2022 – 2027
- Table-03: Global – Online Payment Volume Share by Segments (Percent), 2018 – 2021
- Table-04: Global – Forecast for Online Payment Volume Share by Segments (Percent), 2022 – 2027
- Table-05: Global – Online Payment Market Share by Methods (Percent), 2018 – 2021
- Table-06: Global – Forecast for Online Payment Market Share by Methods (Percent), 2022 – 2027
- Table-07: Global – Online Payment Market Share by Application (Percent), 2018 – 2021
- Table-08: Global – Forecast for Online Payment Market Share by Application (Percent), 2022 – 2027
- Table-09: Global – Online Payment Market Share by Platform (Percent), 2018 – 2021
- Table-10: Global – Forecast for Online Payment Market Share by Platform (Percent), 2022 – 2027
- Table-11: Global – Online Payment Market Share by Solution (Percent), 2018 – 2021
- Table-12: Global – Forecast for Online Payment Market Share by Solution (Percent), 2022 – 2027
- Table-13: Global – Online Payment Market Share by Region (Percent), 2018 – 2021
- Table-14: Global – Forecast for Online Payment Market Share by Region (Percent), 2022 – 2027
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