The global digital payment market size is anticipated to reach a transaction value of USD 19.89 trillion by 2026, exhibiting a CAGR of 24.4% during the forecast period owing to the increasing usage of smartphones worldwide. Smartphones can be viewed as one of the greatest, if not the greatest, revolutions in the information and telecommunication industry in the last century. Today, any kind of information is available at your fingertips due to the omnipresence of smartphone technology and its usage is only growing. For instance, a study conducted by the Pew Research Center in early 2019 found that close to 5 billion people worldwide use mobile phones, with South Korea accounting for the highest percentage. The proliferation of smartphones has given rise to the concept of digital transactions wherein payments can be made using novel technologies such as Quick Response (QR) codes and m-wallets. The convenience of making transactions using just your phone has disrupted traditional modes of exchange and has spurred companies, banks, and governments to innovate, thereby driving the digital payment market trends.
Fortune Business Insights(TM) illustrates the above information and more in its new report, titled "Digital Payment Market Size, Share & Industry Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026". The report states that the value of this market stood at a transaction value of USD 3.53 trillion in 2018. Apart from this, the report also shares:
-- Exhaustive overview of the industry outlook;
-- Comprehensive evaluation of the drivers and challenges impacting the market;
-- Accurate prediction of the trends and future prospects in the market; and
-- Detailed assessment of the competitive landscape and regional dynamics shaping the development of the market.
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High Vulnerability of Financial Information to Online Miscreants to Hinder Growth
Electronic payments are transactions between buyers and sellers that are facilitated by the internet. These transactions require filling of private financial information such as card details, which makes the user susceptible to cybercrimes. Credit card frauds have become commonplace today as your card details can be easily acquired through phishing and hacking activities. Moreover, protection of financial information requires huge investments in building a robust digital infrastructure, which may not be possible in developing and underdeveloped countries. Lastly, digital payments heavily rely on a stable internet connection, which may not always be available, leading to disruption and confusion in the marketplace. However, the pros of digital transactions far outweigh the cons, auguring well for the digital payment market growth.
Maturing Consumer Behavior to Boost the Market in Asia-Pacific
Asia-Pacific is likely to dominate the digital payment market in the coming decade on account of rapidly rising smartphone adoption in highly populated countries such as India and China. Consumer preferences are maturing and shifting towards digital and electronic means of transacting business, says one of our lead analysts. Furthermore, governments in the region are aggressively promoting digital payment methods, such as the Indian Government's Digital India campaign.
In 2018, the market size of North America was USD 0.96 trillion in terms of transaction value, and the region is expected to grow remarkably owing to the presence of some of the biggest financial institutions and technology pioneers in the world. In Europe, a large chunk of people owns smartphones and the banking sector in EU member states is robust, which bodes well for the market in the region.
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Ensuring Transactional Security to be the Central Focus of Key Players
With rising instances of cybercrimes, competitors are focusing on developing convenient yet secure services to minimize the possibility of fraudulent activities. Many companies are actively collaborating to come up with innovative solutions, some other companies are targeting niche sectors in emerging economies.
-- November 2019: Google Inc. modified its famed Google Pay platform and launched 'Google Pay for Business' app in Chennai, India, which will cater exclusively to the country's fledgling Micro, Small, and Medium Enterprises (MSME) sector. The app would transfer the entire transaction amount to the UPI user's bank account.
-- October 2019: American Express, Visa, Discover, and MasterCard teamed up to develop a secure, simple, and fast checkout solution for online card payments. The service, which will be made available across the US in early 2020, is based on the EMV(R) Secure Remote Commerce standard which will enable customers to easily checkout using a 'click-to-pay' option.
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Key Players Covered in the Digital Payment Market Report:
? Visa Inc.
? Microsoft Corporation
? Google Inc.
? Amazon.com, Inc.
? Samsung Electronics Co. Ltd.
? PayPal Holdings Inc.
? MasterCard International Inc.
? Facebook Inc.
? Alipay.com Co Ltd
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