Major digital payments market participants include PayPal Holdings, Inc., Mastercard Incorporated, Square, Inc., American Express Company, Apple Inc. (Apple Pay), Visa Inc., and Google LLC (Google Pay).
Selbyville, Delaware, Sept. 12, 2023 (GLOBE NEWSWIRE) —
The digital payments market valuation is estimated to be worth USD 37 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The report cites that the industry growth is favored by the relentless pace of technological innovations. The advent of secure, user-friendly mobile payment platforms and the integration of cutting-edge technologies like Near Field Communication (NFC) and biometric authentication have made digital payments more convenient and secure than ever before. This has led to a surge in consumer confidence, driving widespread adoption. Moreover, the consumers are increasingly seeking convenience and flexibility in their payment methods. The shift towards online shopping, contactless payments, and digital wallets reflects the changing preferences of today’s tech-savvy consumers, further shaping the industry outlook.
The digital payments market from mobile point of sale (POS) payments segment is anticipated to showcase impressing growth over the forecast period, due to its ability to streamline payment processes for businesses. Mobile POS solutions enable businesses to accept payments anywhere, anytime, providing a seamless and efficient checkout experience for customers. The integration of mobile POS systems with inventory management and customer relationship management software allows businesses to gain deeper insights into customer behavior and preferences, thereby improving decision-making processes and enhancing overall customer satisfaction. With the increasing adoption of smartphones and tablets, the mobile POS payments segment share will keep growing in the coming years.
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The digital payments market from Banking, Financial Services, and Insurance (BFSI) sector is projected to expand substantially over 2023-2032. The digital payments helps in reducing operational costs, mitigating fraud risks, and enhancing customer engagement in financial institutions. BFSI organizations are actively leveraging digital payment solutions to offer customers a wide range of services, from mobile banking and online lending to insurance premium payments. Furthermore, the adoption of blockchain technology and cryptocurrencies has opened up new avenues for innovation within the BFSI segment, promising increased security and transparency in financial transactions through digital payments.
Europe digital payments market is expected to showcase lucrative growth during 2023 to 2032. The regional growth is driven by factors such as a robust fintech ecosystem, government initiatives promoting cashless economies, and a tech-savvy population. Countries like Sweden and the United Kingdom have made substantial strides in becoming cashless societies, with mobile payments, contactless cards, and digital wallets becoming the norm. The focus on enhancing security measures and expanding the scope of digital payments to include public transportation, government services, and more will create a fertile environment for the growth of market players in Europe.
Major players involved in global digital payments market are PayPal Holdings, Inc., Mastercard Incorporated, Square, Inc., American Express Company, Apple Inc. (Apple Pay), Visa Inc., and Google LLC (Google Pay). These giants are actively looking for partnerships ventures and acquisitions to capture larger market share and amplify their profits.
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For instance, in September 2023, Alipay+, a Chinese online payment platform, joined forces with Ant Group and Payment Networks Malaysia Sdn Bhd, ushering in a new era of cashless convenience for travelers in Malaysia. By the close of 2023, individuals utilizing the e-wallets AlipayHK, Kakao Pay, GCash, and TrueMoney will seamlessly harness the power of Alipay+ for their payment needs while travelling in Malaysia.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Digital Payments market 360º synopsis, 2018 – 2032
2.2 Business trends
2.3 Regional trends
2.4 Type trends
2.5 End-user industry trends
Chapter 3 Digital Payments Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
22.214.171.124 Increasing e-commerce and online transactions
126.96.36.199 Changing consumer behavior across the globe
188.8.131.52 Rising penetration of smartphones
184.108.40.206 Supportive government initiatives and regulatory support
220.127.116.11 Increasing globalization and cross border transactions
3.10.2 Industry pitfalls & challenges
18.104.22.168 Increasing case of data breaches and fraud
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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