Digital Payment Market Size to Reach USD 215.88 Billion in 2028 | Growing Smartphone Penetration and Rising Preference for M-Commerce are Key Factors Driving Industry Growth, says Emergen Research
Vancouver, British Columbia, April 05, 2021 (GLOBE NEWSWIRE) — The global digital payment market size is expected to reach USD 215.88 Billion at a steady CAGR of 13.3% in 2028, according to latest analysis by Emergen Research. Steady revenue growth of the digital payment market can be attributed to growing smartphone penetration and rising preference for m-commerce. Global smartphone penetration is predominantly surging every year, owing to its reduced pricing and increased trendy specifications that keep changing every year with better set of offerings for consumers each time. Easy access to Internet connectivity via smartphones has resulted in increased demand for m-commerce and digital payment by online customers.
Also, the significance of m-commerce is strengthened by the fact that over 35% of the online customers visiting to popular e-commerce websites tend to use an app for their purchases instead of the web version. An increasing number of individuals have shown increased inclination to adopt digital payment options through smart devices, including smartphones and wearables. Digital payment options, such as Google Pay and Samsung Pay, deliver convenient and faster payments as compared to cash payments.
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Some Key Highlights in the Report
- In January 2021, Mogo Inc., which is a company providing digital payments and fintech solutions and services to consumers, made an announcement about the purchase of Carta Solutions Holding Corporation, which is a digital payment solution provider. The deal is intended to reinforce Mogo Inc.’s digital wallet capabilities.
- The swift and seamless checkout experience is a must from a customer’s point of view. Digital payment gateway solutions provide seamless and fast checkout benefits to customers, thereby improving online shopping experience. According to a survey, about 40% of e-commerce customers do not make a purchase if they find a complex checkout option. Also, it has been found that impulse shoppers contribute to significant share of e-commerce sales, and thus offering an easy payment option will go a long way in boost e-commerce sales growth.
- The growing adoption of enterprise digital wallets is closely related with increased focus on customer loyalty. Increased integration between loyalty programs and enterprise digital wallet allow large enterprises to analyze consumer spending behavior and buying preferences to market personalized offerings to customers. Also, better customer insights gathered from loyalty programs linked with digital wallets are beneficial in offsetting relative expenses associated with acquisition of new customers.
- The growth of the digital payment market in North America can be attributed to high proliferation of the Internet, growing inclination towards contactless payment methods, and presence of leading digital payment solutions and service providers.
- Key players in the market include Mastercard Inc., Fiserv Inc., Visa Inc., JPMorgan Chase & Co., PayPal Holdings Inc., Intuit Inc., Global Payments Inc., Stripe, PayU, and ACI Worldwide Inc.
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Emergen Research has segmented the global digital payment market on the basis of offering, organization size, mode of deployment, industry vertical, and region:
- Offering Outlook (Revenue, USD Billion; 2018–2028)
- Payment Gateway Solutions
- Payment Wallet Solutions
- Payment Processing Solutions
- Payment Security & Fraud Management Solutions
- Point of Sale Solutions
- Professional Services
- Managed Services
- Organization Size Outlook (Revenue, USD Billion; 2018–2028)
- Large Enterprise
- Small & Medium-sized Enterprises
- Mode of Deployment Outlook (Revenue, USD Billion; 2018–2028)
- Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
- Transportation & Logistics
- Travel & Hospitality
- Media & Entertainment
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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