The report discusses many vital industry facets that influence Global Digital Payments industry acutely which includes extensive study of competitive edge, latest technological advancements, region-wise industry environment, contemporary market and manufacturing trends, leading market contenders, and current consumption tendency of the end user. The report also oversees market size, market share, growth rate, revenue, and CAGR reported previously along with its forecast estimation.
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
The global digital payments market was valued at USD 3885.57 billion in 2019,and is expected to reach USD 8686.68 billion by 2024, recording a CAGR of 13.7%, during the forecast period of (2020 – 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.
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The Global Digital Payments market report chiefly includes following manufacturers-
PayPal Holdings Inc., Visa Inc., MasterCard Incorporated (MasterCard), Amazon.com Inc., Alphabet Inc., Apple Inc., CCAvenue (Avenues India Pvt. Ltd), Paytm Mobile Solutions Private Limited, Stripe Inc., Alipay.com Co. Ltd.
Major Highlights of Digital Payments Market report:
-Digital Payments Market Overview
-Market Competition by Manufacturers
-Industrial Chain, Sourcing Strategy and Downstream Buyers
-Marketing Strategy Analysis, Distributors/Traders
-Market Effect Factors Analysis
-Global Digital Payments Market Forecast (2020-2024)
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Global Digital Payments Market Scenario-
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.
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 worlds 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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