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A comprehensive overview of the digital payments market is recently added by UnivDatos Market Insights to its humongous database. The digital payments market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the digital payments market. The digital payments market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the digital payments market at the global and regional levels. The Global Digital Payments Market is expected to grow at a CAGR of 18.5% from 2021-2026 to reach US 167.6 billion by 2026.
Market Overview
The global digital payments landscape is evolving at rapid pace. Over the last couple of years, the digital payments have witnessed heightened activity with four major shifts being observed in the global landscape. These four major shifts include:
(1) Digital and information technology revolution, which has led to the increased penetration of smartphones and internet - Mobile Internet use is rising sharply. By 2020, the number of people using mobile Internet services is projected to hit 3 billion, representing 65% of the world's adult population, compared to around 1.9 billion in 2015.
(2) Entry of several payment service providers including non-banking institutions, who now is offering payment services and solutions with lucrative offers – GooglePay, ApplePay, SamsungPay, PhonePay, PayTM, AmazonPay, Whatsapp Pay and Airtel among others are the non-banking institutions who are now providing digital payment services to consumers with several attractive offers. For instance: Apple Pay, with 227 million users worldwide is estimated to be the leading digital wallet, up from 140 million users in 2018. In 2020, Samsung Pay and Google Pay are projected to both cross 100 million users globally.
(3) Convenience at fingertip, consumers today are becoming more demanding and digital payment features one-touch payment solutions, which again attracts consumer and finally (4) digital payments offers instantaneous solutions with completely secured and regulated framework.
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Covid-19 Impact
COVID-19 has been a mixed bag for the payments industry; however, digital payments has witnessed a massive surge during this period as people avoid venturing out and touching cash to stop the spread of coronavirus. Further, more people remained at home due to imposed lockdown also boosts digital payments, as they need to pay for their goods & services digitally only. For instance: As per Paytm spokesperson, the company has witnessed 20% growth in the digital payments as compared to the regular days. Also, since February, the company also witnessed an increase in the number of users visiting the Paytm app and the number of sessions per user.
Global Digital Payments Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into
Solutions segment dominated the by type of the global digital payment market and will row at 18.3% CAGR to reach US$ 151.2 billion by the year 2026.
By Deployment, the market is primarily segmented into
Amongst deployment type, on-premises accounted for the largest share and is expected to grow at 16.7% CAGR during the forecast period 2021-2026. In 2019, the on-premises segment accounted for a revenue share of almost 68.5% in 2019.
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By Payment Mode, the market is primarily studied into
In 2019, the digital commerce segment dominated the global digital payments market with nearly 59.8% of the market share and it is anticipated by 2026, the segment will garner US$ 94.1 billion of the market.
By Payment Enterprizes, the market is primarily studied into
In 2019, the large enterprizes segment dominated the global digital payments market with nearly 81.8% of the market share and it is anticipated by 2026, the segment will garner US$ 122.1 billion of the market.
By End-users, the market is primarily segmented into
Amongst end-users, BFSI accounted for the largest share and is expected to grow at 17.2% CAGR during the forecast period 2021-2026. In 2019, the BFSI segment accounted for a revenue share of 22.4% in 2019.
Digital Payments Market Geographical Segmentation Includes:
Based on the estimation, the North America region dominated the digital payments market with almost US$ 18.5 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 21% over the forecast period on account of the internet penetration & growing awareness about its benefits.
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The major players targeting the market includes
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the digital payments market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
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