Digital Payment Market to Soar at 24.4% CAGR till 2026;Availability of High-speed Internet to Boost the Popularity of Online Transactions

The global digital payment market size is set to touch a transaction value of USD 19.89 trillion by 2026 owing to transforming information and communication infrastructure in major economies of the world. This information is shared by Fortune Business Insights™ in its new report, titled “Digital Payment Market Size, Share & Industry Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026”. The report further states that the market value stood at a transaction value of USD 3.53 trillion in 2018 and is expected to register a staggering CAGR of 24.4% from 2019 to 2026.

Increasing Consumption of Digital Services by Millennials to Propel the Market

One of the leading digital payment market trend is the high demand and consumption of digital services, including electronic transactions, among the world’s youth. Being more technology-savvy, smartphone usage among people below the age of 35 is naturally high. According to the digital payment market report, the most fervently used digital service by millennials is that of online banking. Moreover, this demographic is increasingly demanding better, faster, and safer electronic payment options, which is forcing companies to innovate and come out with novel offerings. Many companies are also promoting their digital payment platforms by offering alluring incentives such as discounts if a customer checks out using their services. These factors are having a positive impact on the growth trajectory of this market.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/digital-payment-market-101972

Market Segmentation:

• By Payment Type: Based on payment type, the market is divided into mobile payment, online banking, point of sale (POS), and digital wallet. Among these, mobile payment is expected to emerge as a prominent segment on account of increasing smartphone penetration around the world, especially in developing countries. The growth of this segment is further bolstered by advancements in mobile internet services, such as 5G, which are ensuring smooth digital transactions through smartphones. As a result, the mobile payment segment will have a share of 26.2%, second-largest in this market. The other segments will also grow at a decent pace during the forecast period.


• By Industry: In terms of industry, this market is classified into media & entertainment, retail, BFSI, automotive, medical & healthcare, transportation, consumer electronics, and others (education, IT & telecom, etc.). Here, the retail segment is poised to lead as retail was one of the first industries to actively adopt digital payment technologies. Retailers are also readily installing advanced digital payment tools such as point-of-sale terminals and Quick Response (QR) code-enabled payment options. The other remaining segments are also expected to showcase healthy growth in the forthcoming years, according to the digital payment market forecast.


• By Region: On the basis of geography, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Here, Asia-Pacific is foreseen to dictate the digital payment market share owing to rising smartphone sales and expansion of e-commerce activities in China, India, and Japan. The market size in North America was at USD 0.96 trillion and the region is anticipated to be the second-biggest market for digital payment technologies. The rest of the regions will also grow considerably in the coming decade.

Launch of Novel Mobile Apps to Fire up Market Competition

The digital payment market analysis shows that competition in this market will be characterized by the rising trend of developing mobile apps for electronic transactions by players. These companies are aiming to entrench their position in this market by diversifying their product offerings.

Some of the major players profiled in this report include:

• Samsung Electronics Co. Ltd.


• PayPal Holdings Inc.


• MasterCard International Inc.


• Facebook Inc.


• Amazon.com Inc.


• Visa Inc.


• Paytm


• Microsoft Corporation


• Google Inc.


• American Express Co.


• Alipay.com Co. Ltd.

Industry Developments:

• December 2019: Swiss Bankers introduced “Send”, its self-developed money transfer service using the MasterCard Send platform. The service will be one of the few solutions that will facilitate peer-to-peer money transfers at the international level.


• April 2019: Amazon Pay launched an instant person-to-person payment service via UPI for Android users in India. The UPI platform can also be used by consumers to transfer money to their bank account.

The Global Digital Payment Market is Segmented as Follows: