The global Digital Payment Market market size is expected to grow from USD 79.3 billion in 2020 to USD 154.1 billion by 2025, at a CAGR of 14.2% during the forecast period. Major driving factors for the digital payment market industry are worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales, and growth in internet penetration. These factors are expected to drive the global digital payment market market.
By component, solutions segment to account for the highest market share during the forecast period
The solutions segment of the digital payment market has been classified into payment gateway solutions, payment processing solutions, payment wallet solutions, payment security and fraud management solutions, and POS solutions. Major digital payment solution vendors are gradually adopting smart technologies, such as cloud computing, analytics, and big data, to offer comprehensive solutions to potential customers. Payment gateway and payment processing are the most widely demanded solutions among merchants.
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By vertical, retail & eCommerce captured the highest market share in 2020
The retail and eCommerce industry is undergoing a major transformation. Retailers are modernizing their brick-and-mortar stores to provide improved services to their customers and establishing online stores to increase revenue. They are also adopting innovative technologies, such as cloud computing, big data analytics, digital stores, and social networks, to increase their visibility and presence in the market. They are realizing the benefits of digital payments, which include reduced transaction time, increased revenue, improved operational efficiency, and minimized operating costs. Mobile payments at retail stores have helped accelerate the transaction process and reduce counter queues. Mobile contactless payments are also assisting retailers in establishing strong customer relationships and enhancing customer loyalty. Similar to financial institutions, retailers can also offer effective purchase-related services as well as loyalty services, such as paperless receipts.
The major digital payment market market vendors include ACI Worldwide (US), Adyen (Netherlands), Aurus (US), Aliant Payments (US), Alipay (China), Apple Pay (US), Due (US), Dwolla (US), FattMerchant (US), FIS (US), Fiserv (US), Global Payments (US), Intuit (US), JPMorgan Chase (US), Mastercard (US), PayPal (US), Paysafe (UK), PayTrace (US), PayU (Netherlands), Spreedly (US), Square (US), Stripe (US), Visa (US), WEX (US), Worldline (France), and 2Checkout (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global digital payment market market. New product launches and acquisitions have been the most adopted strategies by the major players from 2018 to 2020, which helped them innovate their offerings and broaden their customer base.
FIS is one of the leading players in the global digital payment market market. FIS is a leading player in the digital payment market. It has been gradually increasing its focus on strengthening its payment product portfolio. The company caters to more than 20,000 clients across 130 countries. It focuses on strengthening its position in the global market. In July 2019, FIS acquired Worldpay, a global leader in eCommerce and payments, to offer best-in-class enterprise banking, payments, capital markets, and global eCommerce capabilities to financial institutions and businesses worldwide. The company adopts organic growth strategies to gain a competitive edge in the digital payment market. The company continues to invest in modernization, innovation, and integrated solutions and services to meet market demands. It competes with global banks, financial and technology providers, and emerging technology innovators. It invests in both organic and inorganic growth strategies. For instance, it invests in companies building complementary technologies in the financial services space.
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Fiserv is one of the major players in the digital payment market market Fiserv has adopted a mix of organic and inorganic growth strategies. For instance, in April 2020, Fiserv launched Merchant Services in collaboration with Deluxe. In May 2020, Fiserv announced Authorization Lift to enhance the debit card transaction authorization process. The company has collaborated with many other organizations and acquired one of the prominent FinTech solution providers, First Data Corporation. These developments have significantly strengthened its financial solution and services portfolio. The company’s future strategies are based on the pillars of portfolio management, client relationship value, operational effectiveness, capital discipline, and innovation.
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