The global digital payments market is anticipated to grow significantly during the forecast period owing to the increasing investments by industry players in the digital payment methods to deliver better customer satisfaction. In addition to this, the stronger IT infrastructure, innovation in payment methods, and favorable policy framework are fuelling the acceptance and adoption of various payment options in the digital payments landscape. Additionally, the increased privacy and security with the use of AI and machine learning in the payment solutions is also driving its adoption and hence, impacting the digital payment market growth.
Additionally, the insights obtained by digital payments aid the companies in framing new growth strategies. These insights are also used by other end-user companies for improving different aspects of the business including better decision making. Hence, a better understanding of consumer behavior will drive the digital payment market significantly.
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Moreover, the recent surge in the use of biometric authentication will aid in dealing with the rising problems of identity theft and fraud. The biometric authentication is turning out to be a reliable and secure option for all the digital payments hence, it will drive the growth of the digital payments market.
In addition to this, the introduction of contactless payments is impacting the growth of the digital payments industry. The use of a contactless payment method enables the customers to wave their smartphones across the reader device. The contactless payment method is anticipated to be faster and more convenient in comparison to inserting a card. Contactless payments are also considered more secure than the earlier PIN technology as it transfers the encrypted data to the point-of-sale device instantaneously. Hence, the adoption of digital payments is raising considerably, which in turn, will impact the growth of the digital payments market.
Besides, the increasing dependence on automated, quicker, and efficient technologies and services of generation Z as well as millennial is anticipated to drive the market size. Additionally, growing e-commerce will also have a significant impact on the digital payments industry growth.
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Digital Payments Market Segmentation
By Methods
- Account-to-Account Real Time Payment (A2A RTP)
- Internet Banking
- Mobile Payments
- Others
By Vertical
- BFSI
- Retail & E-commerce
- IT & Telecommunications
- Others
Regional Analysis
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
