Digital Payments Market Worth $180.2 Billion by 2026 – Report by MarketsandMarkets™

/EIN News/ — Chicago, July 18, 2022 (GLOBE NEWSWIRE) — According to a new market research report “Digital Payment Market by component (solutions (payment processing, payment gateway, payment wallet, point-of-sale solution, payment security and fraud management) and services), mode of deployment, organization size, vertical and region – global forecast until 2026″, published by MarketsandMarkets™, the digital payments market size is expected to grow from USD 88.1 billion in 2021 to USD 180.2 billion by 2026, at a CAGR of 15.4% during the forecast period. The global digital payments market is gaining momentum, owing to factors such as global initiatives for the promotion of digital payments, the high proliferation of smartphones enabling the growth of mobile commerce, the increase in e-commerce sales and the growth of internet penetration. These factors are expected to drive the global digital payments market.

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Report Scope:

Report Metrics Details
Market size available for years 2016-2026
Base year considered 2020
Forecast period 2021–2026
Market value in 2021 $88.1 billion
Digital payments market size in 2026 $180.2 billion
CAGR 15.4% From 2021 to 2026
Segments Covered By component, mode of deployment, size of organization by vertical
Geographies covered North America, Europe, APAC, Latin America and MEA
Companies covered PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (USA), Worldline (France), Adyen (Netherlands), ACI Worldwide (USA), Temenos (Switzerland), PayU (Netherlands), Apple (USA), JPMorgan Chase (States US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), 2Checkout now Verifone (US), Spreedly (US), Dwolla (US), Braintree (US), Clover (US), OpenWay Group (Belgium) and EBANX (Brazil).

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The use of mobile devices is likely to increase the number of interactions customers have with their respective banks, allowing banks and financial institutions to understand their needs efficiently. By offering a range of payment services, such as mobile wallets, P2P transfers, POS mobile card readers and international money transfers, banks and financial institutions are poised to discover new opportunities for strong growth. To combat the threat of non-bank providers, banks and financial institutions must redesign and personalize the payment experience, collaborate strategically to keep pace with digital giants, such as Apple and Google, and reach the unbanked. and underbanked. Singapore’s PayNow, a joint effort of the country’s major banks, attracted more than 500,000 users in its first month, a tenth of the adult population.

The Cloud segment is expected to register the highest growth during the forecast period. Several vendors in the digital payment market offer public and private cloud payment solutions. Cloud-based payment solutions are available in various subscription and pay-as-you-go models. These solutions allow companies to invest in payment technologies according to their specific needs. Cloud-based deployment of digital payment software is gaining traction among SMBs as cloud-based deployment helps SMBs avoid upfront costs associated with hardware, software, storage, and technical staff.

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In terms of geographical coverage, the global digital payments market has been segmented into five major regions, namely North America, Asia Pacific (APAC), Europe, Middle East & Africa ( MEA) and Latin America. APAC is expected to register the highest growth rate over the forecast period, as the region includes both developed and emerging economies, such as Australia, China, and India. APAC is at the forefront of adopting online payment methods for various transactions. Asian consumers prefer equal measures of transparency and security in all aspects of their digital payment transactions. Payment methods vary widely across region, between and within countries, and across development spectrums, from urban to rural.

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Related reports:

Payment Processing Solutions Market by Payment Method (Debit Card, Credit Card, e-Wallets, ACH), Deployment Type (On-Premise, Cloud-Based), Vertical (BFSI, Government & Utilities, Telecom & IT, healthcare) and region – Global forecast to 2027

Contactless Payment Market by Component (Hardware (PoS & Cards), Solutions & Services (Consulting, Integration & Deployment, and Support & Maintenance)), Vertical (Retail & Hospitality) & Region – Global Forecast to 2025

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