Digital Payments Market Worth $132.5 Billion by 2025 | CAGR: 17.6%: Grand View Research, Inc.
Tuesday, November 19, 2019
SAN FRANCISCO, Nov. 11, 2019 /PRNewswire/ -- The global digital payments market size is expected to reach USD 132.5 billion by 2025, registering a CAGR of 17.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. The ongoing technology and digital revolution led by the growing penetration of smartphones is driving the market. Furthermore, the entry of numerous non-banking institutions such as Amazon.com, Inc. and Alibaba, which are into offering payment solutions and services, is further expected to propel digital payment services market growth over the forecast period.
Key suggestions from the report:
-- Increasing customer demand for immediacy of monetary transactions is
expected to fuel the monetary transactions processing segment over the
-- Point of sales terminals are widely used by various end-use industries
to process card payments. It offers customers an easy and convenient way
to pay their bills
-- Processing electronic monetary transactions in the cloud are more secure
than on-premise methods. Also, cloud processing quickly identifies
fraudulent transactions and avoids data theft
-- Electronic payments can deliver a substantial uplift to an SME's growth
and profitability by delivering better customer experience, transaction
cost reduction, record retention, and competitive advantage by enabling
access to the overseas digital payment solutions market
-- Various banks and financial consulting firms are focusing on
transforming the existing operations of their banking clients to the
digital ecosystem, thereby driving the adoption of digital monetary
transaction solutions in the BFSI industry vertical
-- Asia Pacific is anticipated to register the highest growth rate owing to
increasing demand for electronic monetary transaction solutions in
emerging countries such as China and India
-- Key market players include Adyen N.V.; ACI Worldwide Inc.; PayPal
Holdings Inc.; Novetti Group Limited; Global Payments Inc.; Wirecard AG;
and Total System Services, Inc.
Read 150 page research report with ToC on "Digital Payment Market Size, Share & Trends Analysis Report By Solution, By Mode of Payment, By Deployment, By Enterprise Size, By End Use, By Region, And Segment Forecasts, 2019 - 2025" at: https://www.grandviewresearch.com/industry-analysis/digital-payment-solutions-market
Various countries across the globe are making regressive changes in their regulatory framework favoring digital economy. This has led to an exponential growth of electronic monetary transactions. Various trends, such as the Internet of Things (IoT), cloud computing, tokenization, biometrics, and ubiquitous connectivity, are expected to shape the way consumers transact in future.
The advent of next-generation systems such as e-wallets and payment banks is expected to fuel digital payment systems market growth. In addition, various non-banking institutions are focusing on leveraging and innovating technology to simplify user experience and provide them with better financial and banking services. Technological advancements are allowing monetary transaction solution providers to offer personalized experiences that are more customer-centric.
The market is expected to witness significant growth owing to the growth of the e-commerce companies across the globe. Instead of selecting conventional offline retail, customers nowadays are more inclined towards online shopping. This, in turn, is expected to propel the market over the forecast period.
The growth of the North American regional market can be attributed to the existence of a large number of solution providers in the region as well as expansion of the mobile commerce industry. Proliferation of digitalization, coupled with supportive government initiatives in developing countries, is propelling the Asia Pacific market.
Grand View Research has segmented the global digital payments market on the basis of solution, mode of payment, deployment, enterprise size, end use, and region:
-- Digital Payment Solution Outlook (Revenue, USD Billion, 2014 - 2025)
-- Application Program Interface
-- Payment Gateway
-- Payment Processing
-- Payment Security & Fraud Management
-- Transaction Risk Management
-- Digital Payment Mode of Payment Outlook (Revenue, USD Billion, 2014 -
-- Bank Cards
-- Digital Currencies
-- Digital Wallets
-- Net Banking
-- Point of Sales
-- Digital Payment Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
-- Digital Payment Enterprise Size Outlook (Revenue, USD Billion, 2014 -
-- Large Enterprises
-- Small & Medium Enterprises
-- Digital Payment End-use Outlook (Revenue, USD Billion, 2014 - 2025)
-- IT & Telecom
-- Media & Entertainment
-- Retail & E-commerce
-- Digital Payment Regional Outlook (Revenue, USD Billion; Number of
Transactions, Billion; Valuation, USD Trillion, 2014 - 2025)
-- North America
-- Asia Pacific
-- South Korea
-- Central & South America
-- Middle East & Africa
-- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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