Google Continues To Advance In The Digital Payments Market, With Japan’s Pring Set To Be Its Latest Catch
The Business Research Company’s Digital Payments Global Market Report 2021: COVID-19 Growth And Change To 2030
LONDON, GREATER LONDON, UK, July 14, 2021 /EINPresswire.com/ — Google continues its foray into the digital payments market. According to Nikkei, the Japanese stock market index, Google is set to buy Pring, a digital payment start-up in Japan. This will boost the company’s fintech services in Japan. Google Pay has been operating in Japan since 2015, but in partnership with credit and prepaid card brands. With this deal, it will be able to provide financial services on its own. Pring is currently owned by Mizuho Bank along with several other investors. Google is expected to pay between $180 and $270 million for this deal. Google has already been making efforts in the digital payments market. Two months ago, it partnered with Western Union and Wise to enter the international remittances segment of the digital payments market. The interest in this area by big tech giants like Google is obvious given the significant growth forecasts for the digital payments market in its latest report by The Business Research Company.
As per data on the Global Market Model, the digital payments market size is expected to grow from around $29 billion in 2020 to over $32 billion in 2021 at a compound annual growth rate (CAGR) of 9%. The market is expected to reach $47 billion in 2025 at a CAGR of 10%. North America is the largest region in the global digital payments market, accounting for around 40% of the market in 2020. Asia Pacific is the second largest region accounting for 33% of the global market.
In 2020, Japan’s cashless payment share in retail purchases was less than 30%, while it was between 70% and 90% in South Korea and China. Pring’s portfolio of services to its clients includes payments, cash transfers, and withdrawals through smartphones and computers. The company also has around 400 corporate clients that use the service for small business payments as well as for offering reimbursements to their customers.
Quick onboarding and ease of use are expected to drive the global digital payments market. Individuals require flexible, transparent, and friction-free onboarding. They are more attracted to such methods that are frictionless in nature and as a result software innovator such as square and PayPal are using automation for decreasing the onboarding time to a few minutes. Digital payments are very easy to use compared to the conventional methods as they only require a bank account or a phone number and a smart phone with an internet facility.
Contactless payments technology is also soaring up in the digital payments industry. Many users are increasingly opting for contactless payments technology such as mobile wallets and contactless cards as these are more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near field communication (NFC) for the transmission of amounts among users.
The Digital Payments Global Market Report is one of a series of new reports from The Business Research Company that provides digital payments market overviews, analyzes and forecasts digital payments market size, share, digital payments market players, digital payments market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
About The Global Market Model
The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.
Here Is A List Of Related Reports From The Business Research Company
Payments Global Market Report 2021: COVID-19 Impact And Recovery To 2030
https://www.thebusinessresearchcompany.com/report/payments-global-market-report-2018
Cards & Payments Global Market Report 2021: COVID-19 Impact And Recovery To 2030
https://www.thebusinessresearchcompany.com/report/cards-and-payments-global-market-report
Financial Services Global Market Report 2021: COVID-19 Impact And Recovery To 2030
https://www.thebusinessresearchcompany.com/report/financial-services-global-market-report-2020-30-covid-19-impact-and-recovery
Lending And Payments Global Market Report 2021: COVID-19 Impact And Recovery To 2030
https://www.thebusinessresearchcompany.com/report/lending-and-payments-global-market-report-2020-30-covid-19-impact-and-recovery
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