Global Digital Payment Market to Grow at a CAGR of 15.3% During 2024-2032, Aided by the Rapid Growth of the E-Commerce Sector

The Asia Pacific represents a significant portion of the digital payment market share due to the rapid expansion of the e-commerce sector in countries such as China, India, and South Korea. By the end of 2021, there were over 1.2 billion mobile internet users in the Asia Pacific, which translates to a penetration rate of slightly less than 45% of the total population. By 2030, 70% of Asia Pacific's population will be using mobile devices.

The presence of smartphone manufacturers such as Xiaomi and Samsung Electronics Co. Ltd., among others, in this region further pushes the smartphone market growth and contributes to the market expansion of digital payments. For instance, the introduction of the Bharat Interface for Money (BHIM) app, which streamlines digital transaction processing, and the Unified Payments Interface (UPI), which enables real-time interbank transactions, accelerated the growth of the market for digital payment in India.

Growing partnerships among leading companies support the market growth. In July 2023, Microsoft Corp. (NASDAQ: MSFT) partnered with PayPal Holdings, Inc. (NASDAQ: PYPL) to integrate PayPal's Pay Later service with Microsoft in selected countries such as the United States, the United Kingdom, Australia, Germany, France, Spain, and Italy.

Through the partnership, American consumers can pay for purchases at the Microsoft Store using Venmo. Currently, Xbox users in the United States can access Venmo through the Microsoft Store. The linkages provide clients with enhanced payment options and foster customer retention.

Venmo and PayPal Pay Later are expected to offer Microsoft's clients and company a number of further advantages, such as flexibility in payment and an improved customer experience, by enabling a quick and simple checkout process in the Microsoft Store.

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Market Analysis by Solution, Deployment, Mode of Payment, End Use, and Region:

• The market, on the basis of solution, can be divided into payment gateway, payment security and fraud management, payment processing, and transaction risk management, among others.

• Based on deployment, the market can be divided into cloud and on-premises.

• On the basis of mode of payment, the market can be divided into digital wallets, bank cards, net banking, and digital currencies, among others.

• The various end uses of digital payment include BFSI, healthcare, retail and e-commerce, IT and telecommunication, media and entertainment, transportation and logistics, travel and hospitality, and education, among others.

• The major regional markets for digital payment include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rapid growth of the e-commerce sector, aided by changing consumer preferences and increasing internet access, is propelling the digital payment market growth.

• The number of internet users worldwide is increasing at a rate of 3.7 per cent every year, and the growth rate is even higher in developing countries. With the growing internet penetration and technological advancements, the market for digital payment is booming.

The rise in adoption of contactless digital payment methods such as Near-Field Communication (NFC), Radio Frequency Identification (RFID), and Host Card Emulation (HCE) drives the market by offering convenience to consumers.

Government initiatives such as Digital India, Make in India, and Startup India ventures in India and the launch of UPI strengthen the market. Furthermore, countries like China, Singapore, and Australia, have also launched digital payment initiatives to boost the online payment market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global digital payment market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the solutions, deployments, modes of payment, end uses, and major regions of digital payment.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global digital payment market are Square, Inc., Fiserv, Inc., PayPal Holdings, Inc., Visa Inc., MasterCard Incorporated, Apple Inc., One97 Communications Limited, Fidelity National Information Services, Inc. (FIS), Global Payments Direct, Inc., Google LLC, Worldline S.A., and Adyen N.V., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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