Digital Payments Market:
Executive Summary
The global digital payments market is expected to grow from $3,885.6 billion in 2019 to about $5,439.8 billion in 2020. People are using digital payment options to avoid contact and spread of infection through direct cash handling, and also to adhere to social distancing to curb the spread of Covid-19. Due to closure of local market places and to avoid public gathering, people are preferring online purchase of essential supplies, which in turn is increasing the demand for the digital payments market. The market is expected to stabilize and reach $8,059.3 billion at a CAGR of 20% through 2023.
The digital payments market consists of all the transactions that take place across the digital media along with the product and services associated. Digital payments is a payment mode that uses digital medium such as the internet, cell phones and automated devices to send and receive money. It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money.
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The global digital payments market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the digital payments market in 2019.
In July 2019 Fidelity National Information Services, Inc an American based international company that provides financial services technology and outsourcing services have acquired world pay for an amount $43 Billon. This acqusiation enchaces the global technology postion of FIS and also increase the company growth opprounties. It helps the FIS to serve its customers with new technology. World pay is a UK based technology provider and payment processing company.
The digital payments market covered in this report is segmetned by mode of payment into point of sale; online sale. It is also segmented by end-user industry into retail; banking and financial service; telecommunication; government; transportation; others.
Breach in security is expected to hinder the digital payments market globally. The increase in digitalization of payments has led to security breaches incurring loss to the merchants and customers as well. According to American Express digital payments survey in 2019, 8 of 10 respondents have said they experienced some type of fraud in their business. In 2018, a top airline carrier has experienced a security breach where the hackers have collected 244,000 credit card details. They have charged between $9 and $59 for each credit card details in dark web, generating an amount of $12.2 million. The threat of security thereby hinders the digital payments market.
Contactless payments technology is soaring up in the digital payments market. Many users are increasingly opting contactless payments technology such as mobile wallets, contactless cards and others as there more secure and convenient to use. Contactless payment technology uses Radio frequency identification (RFID) or Near Field communication (NFC) for transmission of amount among users. Black Friday sales of 2019 had an 82% rise in purchase made with mobile wallets compared to year 2018.
Quick on boarding and ease of use is expected to drive the digital payments market. Individuals require flexible, transparent and friction free on boarding. They are more attracted towards such methods which are friction less in nature and as a result software innovators such as square and PayPal are using automation for decreasing the on boarding time to a few minutes. Digital payments are very easy to use compared to the conventional methods as they only require bank account or phone number and a smart phone with internet facility. According to world pay 2018 report, usage of mobile payment accounted for 15%, credit and debit card accounted for 20 and 29% respectively, cash payments have accounted to 36 % which shows an increased usage of digital payments when compared to cash. The ease of adoption increases the number of users, thereby contributing to the growth of the market.
Major players in the digital payments market are Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc., and MasterCard.
Continuous…
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