Pune, India., June 27, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Digital Payment Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Organization Size, Industry, and Geography,” the digital payment market is expected to grow from $89,045.67 million in 2021 to $243,426.71 million by 2028; it is estimated to grow at a CAGR of 15.4% from 2021 to 2028. The increasing smartphone penetration and increasing movement away from cash. However, the lack of global standards for cross border payments is expected hinder the growth of the market.
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The market for digital payments in the US is one of the largest and fastest-growing in the world, with an expansive range of payment options available to consumers and businesses. The development of the market can be attributed to numerous factors, including the increasing adoption of smartphones and the Internet, the rise of e-commerce, and the growing demand for faster and more convenient payment methods. In addition, the US government has been actively promoting the adoption of digital payments, which has helped to create a favorable market growth environment. One of the key drivers of the growth of the US digital payment market is the increasing adoption of smartphones and the Internet. With the widespread availability of smartphones and high-speed internet connections, consumers are increasingly turning to digital payment methods to make purchases and pay bills. This trend has been further revved by the COVID-19 pandemic, which has ushered in a surge in online shopping and contactless payments. Another factor driving the growth of the US digital payment market is the rise of e-commerce. With the increasing popularity of online shopping, consumers are looking for fast, secure, and convenient payment methods that can be used to make purchases from anywhere in the world. Digital payment modes such as PayPal, Apple Pay, and Google Wallet have become increasingly popular among consumers as they offer a fast and secure way to make online payments. The US government has also been actively promoting the adoption of digital payments, which has helped to create a favorable market growth environment. For example, the government has introduced several initiatives to increase the adoption of digital payments, such as the Federal Reserve's Faster Payments Task Force, which is focused on developing faster and more secure payment systems. The government has also been working to create a regulatory environment conducive to the growth of digital payments, including developing guidelines for mobile payments and introducing new regulations to protect consumers from fraud and other risks associated with digital payments. Overall, the US digital payment market is expected to continue its strong growth trajectory in the forthcoming years, driven by the increasing adoption of digital technology and the growing demand for faster, more convenient, and more secure payment methods. With the continued development of new payment technologies and the increasing popularity of e-commerce, the US digital payment market is poised to become one of the largest and most dynamic in the world.
Advancement of Biometric Authentication Technologies Provides Lucrative Opportunities for Digital Payment Market:
The advancement of biometric authentication technologies presents significant opportunities in the digital payment market, revolutionizing security measures and enhancing the user experience. Biometric authentication refers to using unique physical or behavioral characteristics, such as fingerprints, facial recognition, or iris scans, to verify an individual's identity. Biometrics offers a higher level of security than traditional authentication methods like passwords or PINs, which can be easily compromised or forgotten. By integrating biometric authentication into digital payment processes, providers can offer users a more secure and convenient method of verifying their identity. One opportunity that arises from biometric authentication is reducing fraud and identity theft. Biometric identifiers are unique to each individual, making it extremely difficult for fraudsters to replicate or imitate them. This enhances the overall security of digital payment transactions, protecting users' financial information and reducing the risk of unauthorized access. Biometrics also offers a seamless and frictionless user experience. With biometric authentication, users can quickly and effortlessly authenticate their identity, eliminating the need to remember and enter passwords or PINs. This streamlined process enhances convenience, making digital payments more user-friendly and accessible to a broader range of individuals. Furthermore, biometric authentication can drive customer trust and confidence in digital payment platforms. By incorporating advanced security measures, providers can instill a sense of security and reliability among users, encouraging wider adoption of digital payment methods. This increased trust can also attract new customers who may have hesitated to embrace digital payments due to security concerns. The opportunities presented by biometric authentication extend beyond traditional devices. As the Internet of Things (IoT) ecosystem expands, integrating biometrics with connected devices opens up new possibilities for secure and seamless payment experiences. For example, wearable devices equipped with biometric sensors can enable users to make payments with a simple gesture or touch, eliminating the need for additional devices or cards.
Global Digital Payment Market: Segmental Overview
Based on component, the market is bifurcated into solution and services. The solution segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on deployment, the digital payment market is bifurcated into on-premise and cloud-based. The cloud-based segment held the largest share of the digital payment market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on organization size, the market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held the largest share of the market in 2020, whereas small and medium enterprises segment is estimated to register the highest CAGR in the market during the forecast period. Based on industry, the digital payment market is segmented into BFSI, retail and ecommerce, healthcare, travel and hospitality, media and entertainment, IT and telecom, and others. The BFSI segment held the largest share of the market in 2020, whereas the retail and ecommerce segment and is estimated to register the highest CAGR in the market during the forecast period.
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Global Digital Payment Market Analysis: Competitive Landscape and Key Developments
ACI Worldwide, Inc.; Adyen; Financial Software & Systems Pvt. Ltd.; Fiserv, Inc.; Global Payments Inc.; Novatti Group Ltd.; PayPal Holdings, Inc.; Paysafe Limited; Block, Inc.; and PayU are a few of the key companies operating in the digital payment market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In June 2022, Verizon Business could partner with First National Bank of Omaha (FNBO) and Mastercard to introduce a credit card targeted to bring value to small business owners. The Verizon Business Mastercard is available to companies with an online account and fewer than 100 lines. It will involve reward points on every single purchase from the credit card.
In March 2022, Visa accomplished its acquisition process of Tink – an open banking platform that allows fintech, merchants, and financial institutions, to create financial products and services and helps with monetary transactions. Tink collaborated with over 3,400 banks, financial institutions, and millions of bank customers across Europe.
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