Digital Payment Solutions Market worth USD 14.1 billion by 2023 – Exclusive Report by Market.us
Top players profiled in the report include First Data, Worldpay, Chetu, Paypal, Wirecard, Fiserv, Total System Services (TSYS), Global Payments, Bluesnap
NEW YORK CITY, NEW YORK, UNITED STATES, January 24, 2023 /EINPresswire.com/ — Introduction: Digital Payment Solutions
Digital payment solutions provide businesses, consumers, and government agencies with the ability to securely transfer payments in real-time. These solutions are transforming the way people pay for goods and services by replacing traditional payment methods such as cash or checks with digital options.
The market is driven by factors such as increased internet penetration, growing smartphone adoption rates, expansion of e-commerce platforms, and advancements in technology. Digital payment services are also making it easier for consumers to access new products and services from around the world. Additionally, governments across various countries are investing heavily in infrastructure projects that enable digital transactions in order to promote economic development.
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Growing Demand for Online Purchases
The growing demand for online purchases has been a major factor driving the digital payment solutions market. Consumers are increasingly looking for convenient and secure methods to pay for goods and services, leading to increased adoption of digital payment solutions. With the rise in e-commerce platforms, retailers have also seen a significant uptick in online sales as they seek faster and more efficient ways to process payments.
Digital payment solutions are able to reduce transaction fees when compared with traditional payment methods such as cash or check payments. This cost savings benefit will help drive further growth in online purchases as many businesses seek to increase their efficiency while lowering their costs at the same time. In addition, digital payment solutions offer enhanced security measures that can help protect consumers’ personal data from theft and misuse.
Market Size and Forecast
The digital payment solutions market size was estimated at USD 14.01 billion in 2023 and is expected to grow significantly at a compound annual growth rate of 11.3% from 2019 to 2025. The increasing penetration of smartphones, rapid adoption of e-commerce, and rising awareness about the convenience offered by digital payment solutions are some of the key factors driving this growth. Furthermore, increasing initiatives by governments and financial institutions to promote cashless transactions are further propelling the demand for digital payment solutions globally.
The growing use of mobile wallets is one of the major drivers in this market and is estimated to account for a significant share during the forecast period due to its increased acceptance among consumers across various countries as they provide a secure platform for making payments through mobile phones or other handheld devices.
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Key Drivers of the Market
Digital payments have emerged as a major player in the global economy. The key drivers of the digital payment solutions market include increased mobile and internet penetration, regulatory support, and improved customer experience.
Mobile and internet penetration has been a major driver of the market’s growth. By 2021, there are expected to be more than 4 billion active smartphone users worldwide – all of whom could potentially be customers for digital payment solutions. Additionally, access to broadband services has also contributed significantly to market growth due to its ability to facilitate faster transactions.
The second key driver for the digital payment solutions market is government or regulatory support that encourages adoption of these services across different countries or regions. Government initiatives such as cashless societies can act as powerful stimulants for businesses looking to adopt digital payments into their operations and attract new customers from around the world.
Challenges Faced by the Market
The digital payments solutions market is not without its challenges. The most prominent obstacle faced by the industry is the lack of a unified payment infrastructure. Payment systems are often disparate and regional, making it difficult for consumers to make payments across countries or even within the same country. Furthermore, digital payment services are highly regulated and require strict compliance with government regulations, which can create an additional layer of complexity that companies may not have anticipated when launching their products and services.
Another issue in this market is consumer confidence in online transactions. Many people still find it intimidating to enter credit card information or other financial data into a website or mobile application, especially when they’re unfamiliar with the company behind it. To ensure success and adoption of digital payment solutions, companies must focus on building trust with their customers by providing secure and reliable platforms on which to make payments.
Key Market Segments
Type
Payment Gateway Solutions
Payment Wallet Solutions
Payment Processing Solutions
Payment Security and Fraud Management Solutions
POS Solutions
Other
Application
MNOs
Financial Institutions (Banks)
Payment Network
Intermediaries
Merchants
Customers
Key Market Players included in the report:
First Data
Worldpay
Chetu
Paypal
Wirecard
Fiserv
Total System Services (TSYS)
Novatti
Global Payments
Bluesnap
ACI Worldwide
Paysafe
Six Payment Services
Worldline
Wex
Dwolla
Payu
Yapstone
Stripe
Adyen
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Conclusion: Future Outlook
The digital payments solutions market is currently experiencing rapid growth and the trend is expected to continue over the forecast period. With advancements in technology, increasing smartphone penetration, and continuous innovation from payment providers, this market is likely to reach new heights in the coming years.
In conclusion, it can be said that digital payment solutions have emerged as a viable alternative to traditional payment methods. The current market size of $2 billion is likely to increase significantly with more people opting for cashless modes of payments due to convenience and affordability. Governments across the world are investing heavily in developing infrastructure for digital payments which will further drive growth in this sector. Going forward, companies offering these services need to focus on improving customer loyalty by providing enhanced security features as well as better user experience. Additionally, expanding their presence into new markets could help them tap into untapped potential and expand their revenue base.
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