Digital Payment Market

Digital Payment Market is estimated to grow at a CAGR of 15.4% by 2028.

FISERV, INC.; GLOBAL PAYMENTS INC.; ACI WORLDWIDE, INC; PAYPAL HOLDINGS, INC.; and PAYSAFE LIMITED are some of the key market players operating in the global digital payment market. The listing of key players is derived by considering multiple factors such as overall revenue, current automotive smart key portfolio, geographical reach, new product launches, market initiatives, and investment in technology up gradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the digital payment market which were analyzed during the course of this market research study, such as, ADYEN, FINANCIAL SOFTWARE & SYSTEMS PVT. LTD., NOVATTI GROUP LTD, BLOCK, INC., PAYU among others.

FISERV, INC.; GLOBAL PAYMENTS INC.; ACI WORLDWIDE, INC; PAYPAL HOLDINGS, INC.; and PAYSAFE LIMITED; – PROMINENT MARKET PARTICIPANTS IN DIGITAL PAYMENT MARKET

The global digital payment market is segmented on the basis of component as solution, and service. The digital payment market is categorized on basis of deployment as on-premise, and cloud-based. The global digital payment market is bifurcated on basis of organization type as small and medium enterprises (SMEs), and large enterprises. The digital payment market is segmented on the basis of industry as BFSI, retail and Ecommerce, healthcare, travel and hospitality, media and entertainment, IT and telecom, and others. In terms of geography, the digital payment market is primarily segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America.

The COVID-19 pandemic has benefited the digital payment solutions industry. Businesses are facing new challenges due to the pandemic and the development of remote work environments. At least 58 governments in developing countries have adopted digital payments to give COVID-19 help, according to a World Bank survey of policy responses to the pandemic. At least 36 countries received the funds in fully functional accounts that may be used for saving or transactions in addition to withdrawing cash. Financial inclusion necessitates such extensive capability. Further, the emergence of the pandemic in 2020 has prompted a slew of challenges for global market operations. Healthcare infrastructures of developed economies have collapsed due to the rising number of COVID-19 cases. As a result, the public healthcare emergency will require the governments and market players to intervene and assist in the revival of market operations and revenue through collaborative efforts of research and development initiatives to recover the losses during the forecast period.

Most of the market initiatives were observed globally, which has a high potential for digital payment providers. Few of the important market initiatives and product developments from the industry are mentioned below:

Year News
2021 The United Arab Emirates (UAE) and its local acquiring services demonstrate its commitment to the Middle East area. With acquiring capabilities in the UAE, Adyen offers a better payment solution to domestic and international firms, allowing for greater authorization rates and smoother shopper flows. Foodics, Fabergé, and HMSHost International are among the first merchants to profit from Adyen’s acquisition service.
2018 ACI announced ACI Case Management Powered by i-Sight. It is used to investigate the rapidly created new cases and workflow. Thus, it permits the quick management of tasks and quickly conducts analysis.

 

 

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