Digital payment, also known as electronic or cashless payment, is a form of payment made through digital modes. Increasing penetration of smart phones, tablets, and other internet connected devices, coupled with growing online buying behaviour among individuals, as well as transparency in payments is increasing adoption of digital payment modes globally. Digital payments through debit/ credit cards, e-wallets, and mobile payment apps have gained significant traction in the past few years. In addition, individuals and businesses are substantially profited through faster, secure, and convenient payment options, which is enabled through digital payments.
Driving factors for the global digital payment market are increasing adoption of cashless systems, technological advancements related to systems and software, increasing use of internet, as well as smartphones, growing inclination of consumers towards online shopping, integration of digital payment methods with social media platforms, and flexibility in payments. Security concerns with online payments, threat of cyber-attacks, lack of literacy of digital transactions, lack of guidelines for cross-border payments, and additional charges for making digital payments by vendors and banks can hamper the target market to a certain extent.
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The global digital payment market is segmented on the basis of payment modes, application and region. On the basis of payment modes, the target market is segmented into contact and contact-less. Contact segment is further sub-segmented into PoS (Point of Sale), ATM, and bank cards (credit or debit). Additionally, contact-less segment is sub-segmented into net banking, E-wallets, mobile payment applications, digital currencies (bitcoins), and others. Mobile payment segment is expected to play a crucial role in the growth of global digital payment market.
On the basis of application, the market is segmented into retail, entertainment, media, hospitality, government, banking and financial services, and others (telecom and information technology, transportation). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific region is expected to witness significant growth in the target market, owing to increasing middle class income and increasing penetration of banking cards. Economies such as India and China, have a large consumer base and growing popularity of e-commerce sector in these countries is expected to drive growth of the target market further. In addition, government initiatives in India to transform the country into a cashless economy is expected to be a lucrative opportunity for both new and existing players in the market.
Some of the prominent market players are First Data Corp., PayPal Payments Private Limited, Worldpay, LLC, Wirecard AG, Fiserv, Inc., Chetu, Inc., Total System Services, Inc., Novatti Group Ltd., ACI Worldwide Inc., Global Payments Inc., BlueSnap Inc., Paysafe Holdings UK Ltd., Worldline SA, Wex Inc., SIX Payment Services Ltd., Dwolla, Inc., Stripe, Inc., Adyen N.V., PayU Payments Private Ltd., and YapStone, Inc.
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