As per Maximize Market research, a global business research and consultancy firm, the total global market for Digital Payment Market dynamics, structure by analyzing the market segments and projects the Market size.
The 34 countries that are supposed to be desirable travel destinations for industry stakeholders are covered by the report. The important players chosen for benchmarking and profiling are chosen based on their probable investment criteria, regional dominance, and global reach. The supply-side contribution of each local, regional, and international actor to the overall market has been taken into account.
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Online Payment Market was valued at USD 69.55 Billion in 2021, and it is expected to reach USD 285.38 Billion by 2029, exhibiting a CAGR of 19.3 % during the forecast period (2022-2029)
Digital Payment Market Overview:
In order to determine the total size of Digital Payment market by countries and segments, the report conducted a micro level analysis of each nation. The size of the regional and global markets is assessed using a bottom-up methodology. By doing a micro-level analysis of each country, it is possible to determine the contribution of the unorganized market to the overall market size. The Digital Payment market determine the extensive research for the business firm, and provide the latest drivers, restraints, and opportunities for Digital Payment market. The results are then verified through interviews with local business leaders. The secondary research and analysis of the same are done using both paid and unpaid data bases. Consumption in each country by kind and supply by each player are sourced from legitimate government databases, paid databases, and, in the case of listed firms, company annual reports. If a company's annual reports are not made public, they might be obtained from the tax department of the local government.
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Digital Payment Market Dynamics:
MMR Research is a targeted and practical research approach that makes it possible to examine the key market dynamics by both established and developing regions of the globe. Additionally, our experts undertake in-depth analyses of geographical areas to give clients and organisations the chance to excel in specialised industries and grow in developing global markets. This market research study also highlights the dynamically shifting Player landscape that affects the market's growth.
Initiatives for the Promotion of Digital Payments: Countries all across the world use ICT technology to boost Mobile payment market. Various attempts are being undertaken by governments to automate the payment process. One of the key growth imperatives for a country's economy is digital payment. It has the potential to raise productivity and economic growth, improve transparency, increase tax revenue, extend financial inclusion, and provide end users with new economic options. The Indian government has initiated a number of measures to encourage digital payments. Digital India, the debut of the Unified Payments Interface (UPI), and the 14444-helpline number all work as accelerators in the migration to digital payments.
These activities serve to promote digitalization and raise awareness about the benefits of utilising new technology. Other nations, like Singapore and Australia, have started a variety of digital payment projects. The Monetary Authority of Singapore (MAS) has recommended consumers and companies to adopt digital financial services and ePayments, and to limit visits to Financial Institutions' premises, in response to the COVID-19 epidemic and to attain heightened safe distance measures (FIs).
Digital Payment Market Segment:
Based on solution, in 2021, the payment processing segment dominated the digital payment market, accounting for about 25.0 % of global revenue. Retailers are adopting payment processing solutions to provide customers with flawless checkout experiences as their preference for online shopping grows around the world. Fortifying their market presence, players providing payment processing solutions are working on mergers and acquisitions as well as collaborations. PayU, for example, purchased Red Dot Payment, a payment solution provider, in July 2019 to extend its position in Singapore.
Based on mode of payment, in 2021, the point-of-sale segment dominated the digital payment market, accounting for more than 52.0 % of global revenue. The systems used by retail businesses to conduct transactions are known as point of sales. Fast checkout choices, a tailored customer experience, and different payment options are all advantages of using a point of sale. Several merchants and restaurants use the point-of-sale payment method to improve their customers' payment experiences. For example, Grubhub, an online food ordering service, announced a partnership with ParTech Inc., a developer of point-of-sale systems, in January 2020, to integrate point-of-sale technologies into its food ordering process.
On the basis of geography, the Digital Payment market is segmented into 5 main regions and they are- North America, Europe, Asia Pacific, the Middle East, Africa, and South America respectively.
The size of the global Digital Payment market is estimated and validated using the top-down and bottom-up methodologies.
Different industry classification standards are strictly adhered to by players in order to reach an exhaustive list of functional and relevant players. A thorough validation test is also carried out in order to locate the most pertinent players for the survey in the Digital Payment market.
With the aid of paid databases like Factiva, Bloomberg, etc., priority lists are sorted depending on revenue generated based on most recent reporting.
Finally, the questionnaire was defined and specifically designed to meet all the needs of collecting primary data by prior appointment, targeting the main target groups, incl. This helps us collect data on player revenue, operating cycle and expenses, profit and product or service growth, among other things. Almost 70-80% of the data is collected through primary media and further validated through various secondary sources including regulators, World Bank, associations, company websites, SEC filings, OTC BB, USPTO, EPO, annual reports, press releases etc.
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Digital Payment Market Key players:
• Wirecard AG
• Novetti Group Limited
• PayPal Holdings Inc.
• ACI Worldwide Inc.
• Adyen N.V.
• Aliant Payments
• Apple Pay
• Global Payments
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