Digital payment market to reach $132.5 Billion by 2025
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:
1) Increasing customer demand for the immediacy of monetary transactions is expected to fuel the monetary transactions processing segment over the forecast period.
2) 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.
3) 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.
4) 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.
5) 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.
6) 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.
7) 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.
Various countries across the globe are making regressive changes in their regulatory framework favoring the 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 the expansion of the mobile commerce industry. The proliferation of digitalization, coupled with supportive government initiatives in developing countries, is propelling the Asia Pacific market.
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