MarketersMEDIA / Newsroom / Digital Payments Market is Expected to Reach USD 7,640 Billion, at a CAGR of 13.7%, During the Forecast Period of 2019-2024

Digital Payments Market is Expected to Reach USD 7,640 Billion, at a CAGR of 13.7%, During the Forecast Period of 2019-2024

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This report helps to analyze competitive developments such as Joint Ventures, Strategic Alliances, Mergers and Acquisitions, New Product Developments, And Research And Developments in the “Global Digital Payments Market”.

— What does this Digital Payments Market Report offers:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support

Market Overview
The Global Digital Payments Market was valued at USD 3,417.39 billion in 2018, and is expected to reach USD 7,640 billion by 2024, recording a CAGR of 13.7%, during the forecast period of 2019-2024. Money and the idea of its exchange through payments have evolved drastically after their inception. From metal coins to paper, from bank accounts to e-wallets, money has taken various shapes, sizes, and forms. Over the last decade, the payment industry has recorded a robust growth, with new providers, new platforms, and new payment tools being launched almost every year.

The market studied is expected to flourish, owing to the robust proliferation of the internet. The internet penetration rate has been recording a healthy growth over the past few years, and is expected to continue traversing the same trajectory, owing to increasing investments by internet service providers.

Security is of paramount importance in digital payments. With a multitude of digital transactions taking place via smartphones, the chances of a security breach exist, especially when most of the mobile wallets and banking applications do not deploy hardware-level security, to make online transactions more secure.

The global economy is moving toward digitalization to leverage the speed and convenience offered. However, it is prone to cyber-attacks. Recent attacks, such as WannaCry and Wquifax breach, have exploited the vulnerabilities of the system. Thus, governments of various countries are enforcing stringent regulations to deal with such attacks. For instance, two new regulations related to cybersecurity, the European Union's General Data Protection and New York Department of Financial Services, are already in place. In the future, the number of such regulations from various central authorities is expected to increase, in order to curb cyber-attacks.

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Scope of the Report
Digital payment is a way of payment, which is made through digital modes. In digital payments, the payer and payee both use digital modes to send and receive money. It is also called electronic payment. No hard cash is involved in digital payments.

Key Market Trends
Contact Less Payment Method to Emerge As One of the Preferred Option

Contactless payment is an alternative payment channel. It uses short-range wireless technologies, such as radio frequency identification (RFID) or near field communication (NFC), to securely complete payments between a contactless card and contactless-enabled PoS terminal.

The factors that drives the use of contactless payment include, but are not limited to, ease of use, speed, and integrated and seamless experience. For instance, contactless transactions take close to 1/10th of the time taken by traditional electronic transactions.

Driven by hassle-free and convenient experiences, contactless payments are witnessing robust adoption in countries, such as the United Kingdom, Australia, Canada, and Singapore. For instance, in the United Kingdom, the number of contactless transactions reached 2.86 billion in 2016, thereby, indicating a growth rate of about 174%.

The mobile contactless user base increased from about 20 million in 2015 to 144 million in 2017. Thus, with the increasing acceptance of mobile and digital payments, contactless payments are anticipated to record growth. Moreover, the adoption of contactless cards is projected to transform the landscape of traditional payments, as these cards act as significant threats to EMV cards and the magnetic stripe technology.

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United States to Account for the Most Significant Share in North America

Digital payment is all set to be the preferred mode of payment for US citizens. For instance, 41% of all shoppers said that their smartphone or tablet is becoming their most important shopping tool. Moreover, mobile payment is the preferred mode of payment among millennials.

E-commerce sales in the region are also increasing, with the improvement of digital payment experience. This increase also reflects consumers' increasing comfort with online shopping, coupled with their increasing use of mobile and hand-held devices.

When comparing online/e-commerce (no card present) payments with card-in-hand payments, digital proved to be the higher growth category, accounting for growth up to 23%, over the last year.

Competitive Landscape
The market is moderately concentrated. The competitive rivalry in the market studied is moderate, as a good number of players prevail. Despite the existence of several companies in the market studied, firms are required to keep innovating their products, in order to gain a sustainable competitive edge over their rivals and provide product differentiation.

Some key players include PayPal, Amazon, and Google. Some of the recent developments in the area are as follows:

PayPal partnered with Synchrony to significantly expand its strategic consumer credit relationship, in May 2018. Visa unveiled the world's first wallet card. Features of the wallet card range from the capacity to access multiple cards, whether EMV-, contactless-, or magnetic stripe-based, to a programmable on-card display that enables account information, such as alerts or coupons, to be sent to the cardholder via an embedded antenna, in January 2018.

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Major Point of TOC:
Chapter One: INTRODUCTION
Chapter Two: RESEARCH METHODOLOGY
Chapter Three: EXECUTIVE SUMMARY
Chapter Four: MARKET DYNAMICS
Chapter Five: MARKET SEGMENTATION
Chapter Six: COMPETITIVE LANDSCAPE
Chapter Seven: INVESTMENT ANALYSIS
Chapter Eight: MARKET OPPORTUNITIES AND FUTURE TRENDS

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Website: http://www.arcognizance.com/report/digital-payments-market-growth-trends-and-forecast-2019-2024

Source URL: https://marketersmedia.com/digital-payments-market-is-expected-to-reach-usd-7640-billion-at-a-cagr-of-137-during-the-forecast-period-of-2019-2024/514786

Source: MarketersMedia

Release ID: 514786

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