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.

Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample?rid=2424

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 SchemeThird-party Model

Digital Payment Market, by Payment Channel

Paper BasedReal Time Gross SettlementReal-Time Net Settlement

Card
Mobile Payment
Real-Time

Digital Payment Market, by Geography

North America

U.SCanadaMexico

Europe

GermanyFranceU.KRest of Europe

Asia Pacific

ChinaJapanIndiaRest of Asia Pacific

ROW

Middle East & AfricaLatin America

Browse Related Reports:

Payment Processing Solutions Market By Payment Method (Credit Cards, Debit Cards, EWallet), By Vertical (Retail, Hospitality, Utilities And Telecommunication), By Geography, And Forecast

Real-Time Payments Market By Payment (Person-to-Person, Business-to-Person), By Component (Solutions, Services), By Deployment (Cloud, On-premises), By Enterprise Size (Small and Medium-sized Enterprises, Large Enterprises), By Vertical (BFSI, IT and Telecommunications, Retail and e-commerce), By Geography, And Forecast

Smart Payment Systems Market By Type (Internet Payment, Smartphone Payment), By End-User (Retail, Transportation, Hospital,  Media and Entertainment), By Geography, And Forecast

Unified Payments Interface Market By Product (Cloud Based, Web Based), By Application (Large Enterprises, SME’s), By Geography, And Forecast

Top 5 Digital Payment Companies blurring lines between unbanked and banked population

Visualize Digital Payment Market using Verified Market Intelligence -:

Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.

VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.

About Us

Verified Market Research® is a leading Global Research and Consulting firm servicing over 5000+ customers. Verified Market Research® provides advanced analytical research solutions while offering information-enriched research studies. We offer insight into strategic and growth analyses, Data necessary to achieve corporate goals and critical revenue decisions.

Our 250 Analysts and SMEs offer a high level of expertise in data collection and governance use industrial techniques to collect and analyze data on more than 15,000 high impact and niche markets. Our analysts are trained to combine modern data collection techniques, superior research methodology, expertise and years of collective experience to produce informative and accurate research.

We study 14+ categories from Semiconductors & Electronics, Chemicals, Advanced Materials, Aerospace & Defense, Energy & Power, Healthcare, Pharmaceuticals, Automotive & Transportation, Information & Communication Technology, Software & Services, Information Security, Mining, Minerals & Metals, Building & Construction, Agriculture industry and Medical Devices from over 100 countries.

Contact Us

Mr. Edwyne Fernandes
Verified Market Research®
US: +1 (650)-781-4080
US Toll Free: +1 (800)-782-1768
Email: [email protected]
Web: https://www.verifiedmarketresearch.com/
Follow Us: LinkedIn | Twitter

Logo – https://mma.prnewswire.com/media/2015407/VMR_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/digital-payment-market-size-worth-1332-02-billion-globally-by-2027-at-10-89-cagr-verified-market-research-301967478.html