A new market study, “Global Digital Payment Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2020 - 2025 has been featured on WiseGuyReports.
Digital Payment Market Research Report - Global Forecast till 2024
Global Digital Payment Market Research Report: by Component (Solution and Services), by Deployment (Cloud and On-Premise), by Organization Size (Large Enterprise and Small & Medium Enterprises (SMEs)), by Vertical (BFSI, Media & Entertainment, IT & Telecommunication, Hospitality, Healthcare, Retail & E-Commerce and others), by Region (North America, Europe, Asia-Pacific, South America and the Middle East & Africa) - Forecast till 2024
Market Snapshot
Digital payment is the process by which a payer and payee use electronic modes to send and receive money. It is cash-free mode of transaction. Payment is taken via digital wallets, digital currencies, net banking, bank cards, and contact and contactless payment in points of sale. Convenience, accessibility, lower risk, saves time, user-friendliness, and the traceability are some of the advantages that digital payment methods. There are some concerns about limitations on payment and the amount limit for each payment, along with the risk of a hacked and constant requirement of active internet access. Digital payment can help increase productivity and economic growth, improve the transparency, increase tax revenues, extend the financial inclusion, and open new economic opportunities for the end users. For the same, governments across the world are implementing ICT technology in order to encourage digital economies. They undertake various initiatives to digitize the payment process. Hence, Digital payment has become one of the primary growth requirements for a country's economy. For example, the Government of India that has initiated various initiatives such as Digital India, the launch of Unified Payments Interface (UPI), and the 14444-helpline number to help stimulate digital payments. However, a lack of standards for cross-border payments is a challenge for the global digital payment market during the forecast period.
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Major Players
The proposed spectators in the global digital payment market are hospitals, medical devices companies, Research and academic institutes, software companies Governments, associations, industrial bodies, etc. The major companies functioning the global digital payment market are concentrating on firming their global ways by entering into untouched markets. There are many key developments of the global digital payment market., Fiserv, Inc. unveiled mobile invoicing, which allows clients to be digitally present a customer’s bill into a mobile wallet, while supporting alerts and notifications that increase payment speed reminded the customer to pay their bills soon or on time. BlueSnap announced the availability of its new product—Integrated Payments for Platforms—in Europe, which provides a built-in payments for software providers and gives European-based ISVs the ability to scale and make money their businesses with a single payment provider in July 2019. PayU acquired iyzico—a digital payment services provider and FinTech start-ups in Turkey. The acquisition will allow the company to consolidate its position as a leader in the payments space and accelerate scale and efficiency in June 2019. Wirecard announced a partnership with YES BANK, which extends the scope of India’s Aadhaar Enabled Payment System, a biometric digital payment system developed by the National Payments Corporation of India, in July 2019. ACI Worldwide, Inc. (US), Stripe (US), Novatti Group Limited (Australia), Adyen NV (Netherland), Wirecard AG (Germany), and YapStone, Inc. (US)., Worldpay, Inc. (US), PayPal Holdings, Inc. (US), Aurus Inc. (US), Fiserv, Inc. (US), BlueSnap Inc. (US), Global Payments Direct, Inc. (US), PayU (Netherland), Aliant Payment Systems Inc. (US) and First Data Corporation (US) are some of the major players in the global digital payment market.
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Market Overview The global digital payment market is expected to exhibit a robust 16.77% CAGR over the forecast period from 2019 to 2025, according to the latest research report from Market Research Future (MRFR).
Based on this information, accurate and reliable projections for the market’s likely growth trajectory over the forecast period till 2023 are presented in the report.
The competitive landscape of the global digital payment market is thus examined in detail in the report.
The report also examines the impact of the COVID-19 pandemic on the global digital payment market.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/7572Digital payment comprises a cashless form of transaction made by digitally transferring the money from the payer’s account to the payee’s account.
Increasing adoption of digital payment platforms by selling enterprises has allowed widespread adoption of digital payment channels all over the world.
This is likely to be a major driver for the global digital payment market over the forecast period.The growing ecommerce and retail sector is likely to remain a major driver for the digital payment market over the forecast period.
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Summary Global Payments is a global merchant acquiring and payment processing company that connects merchants directly to all major and local card schemes and alternative payment methods through its end-to-end solutions.
The company enables merchants to accept payments through both online and offline channels.
Global Payments offers payment services to 3.5 million merchant locations globally, enabling them to accept payments via 140 payment methods (including digital wallets, card payments, and local and alternative payment methods).
In addition to e-commerce payment acceptance for individual merchants, Global Payments offers the likes of one-click checkout and recurring billing services.
The company supports domestic and cross-border transactions, enabling merchants to reach, convert, and retain more customers.
For offline payments, Global Payments offers an array of traditional point-of-sale (POS) and mobile point-of-sale (mPOS) terminals to merchants in collaboration with Verifone and Ingenico.
The current pandemic has disrupted every business sector globally, and the real estate business is no exception to this.
But, thanks to on-demand apps, which comes as a savior in letting businesses finding ways to get back on the tracks.
What Are The Noteworthy Features You Can Consider Having In Your App?Access to highly knowledgeable and certified real estate brokers who have a thorough knowledge of the trends of the industry.
A home loan disbursal facility benefiting those buyers and sellers who face issues in affordability.
An advanced search and filter option for the users to discover a wide variety of commercial and residential properties based on factors like price, location, and amenities.
Easy execution of online payments through debit cards, credit cards, e-wallets, and bank transfers.
NYMBUS®, a provider of the world’s most advanced financial services platform, today announced a new partnership with digital payments company Payrailz® to further enhance NYMBUS’ cloud-based SmartEcosystem™ of digital-first banking products and services.A revolutionary alternative to the legacy business model, NYMBUS has disrupted the market by allowing every size of financial institution to buy back decades of lost time and get to market almost instantly to engage and support the entire digital customer journey.
Similarly, Payrailz was founded to help banks and credit unions succeed by offering a smarter, faster and more engaging payment experience that surpasses the current solutions available in the market.
Working in partnership, NYMBUS will offer Payrailz’ digital billing and payment management solutions as part of its integrated ecosystem of offerings to help more institutions urgently reinvent themselves and proactively support consumers’ evolving digital banking needs.“COVID-19 has accelerated the speed of transformation required for financial institutions to remain relevant,” said Scott Killoh, CEO of NYMBUS.
“Our partnership with Payrailz extends to our bank and credit union customers the smartest payment features this market has seen.
At a time when contactless payments are on the rise and seamless digital services have never been more necessary, our combined efforts help to quickly better connect and enhance their relationships with consumers and members.”The NYMBUS SmartLaunch™ Banking-as-a-Service (BaaS) model is an extension of the SmartEcosystem and has gained tremendous momentum for providing the bundled technology, complete operational support, and full-service digital onboarding, marketing and integrated CRM solutions to quickly stand up a fully-outsourced digital subsidiary bank.
Together with Payrailz, SmartLaunch banks are now empowered to get-to-market even more instantly in as few as 30 days for consumers to more easily pay bills, pay friends and transfer money digitally.Payrailz is a forward-thinking payments organization working to propel financial institutions ahead of their competitors by providing faster, intelligent, data-driven digital payment solutions that proactively meet the changing payments needs of both consumers and businesses.
