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Digital Payments Market 2019 Significant Growth Rate by Industry Size, Share, Market Dynamics, Development Status of Key Players Forecast to 2024

Digital

The “Digital Payments Market” 2019 report provides market size (value and volume), market share, growth rate by types, applications, and combines both qualitative and quantitative methods to make micro and macro forecasts in different regions or countries. Digital Payments Market report also aims to provide useful and comprehensive insights into current market trends and future growth scenarios. Digital Payments market report contains information like SWOT analysis, business highlights, strength, weakness, threats and opportunities of industry.

Top Manufacturers of Digital Payments Market Are:

  • PayPal Holdings Inc.
  • Visa Inc.
  • MasterCard Incorporated (MasterCard)
  • Amazon.com Inc.
  • Alphabet Inc.
  • Apple Inc.
  • CCAvenue (Avenues India Pvt. Ltd)
  • Paytm Mobile Solutions Private Limited
  • Stripe Inc.
  • Alipay.com Co. Ltd

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    Market Overview:

  • The global digital payments market was valued at USD 3,417.39 billion in 2018, and is expected to reach USD 7,640 billion by 2024, recording a CAGR of 13.7%, during the forecast period of 2019-2024. Money and the idea of its exchange through payments have evolved drastically after their inception. From metal coins to paper, from bank accounts to e-wallets, money has taken various shapes, sizes, and forms. Over the last decade, the payment industry has recorded a robust growth, with new providers, new platforms, and new payment tools being launched almost every year.
  • The market studied is expected to flourish, owing to the robust proliferation of the internet. The internet penetration rate has been recording a healthy growth over the past few years, and is expected to continue traversing the same trajectory, owing to increasing investments by internet service providers.
  • Security is of paramount importance in digital payments. With a multitude of digital transactions taking place via smartphones, the chances of a security breach exist, especially when most of the mobile wallets and banking applications do not deploy hardware-level security, to make online transactions more secure.
  • The global economy is moving toward digitalization to leverage the speed and convenience offered. However, it is prone to cyber-attacks. Recent attacks, such as WannaCry and Wquifax breach, have exploited the vulnerabilities of the system. Thus, governments of various countries are enforcing stringent regulations to deal with such attacks. For instance, two new regulations related to cybersecurity, the European Union’s General Data Protection and New York Department of Financial Services, are already in place. In the future, the number of such regulations from various central authorities is expected to increase, in order to curb cyber-attacks.

    Scope of the Report:

  • Digital payment is a way of payment, which is made through digital modes. In digital payments, the payer and payee both use digital modes to send and receive money. It is also called electronic payment. No hard cash is involved in digital payments.

    Digital Payments Market Report Answers the Following Questions:

    • What will the market size and the growth rate be in 2024?
    • What are the key factors driving the global Digital Payments market?
    • What are the key market trends impacting the growth of the global Digital Payments market?
    • What are the challenges to market growth?
    • Who are the key vendors in the global Digital Payments market?
    • What are the market opportunities and threats faced by the vendors in the global Digital Payments market?
    • Trending factors influencing the market shares of the relevant regions.
    • What are the key outcomes of the five forces analysis of the global Digital Payments market?

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    Key Market Trends:

    Contact Less Payment Method to Emerge As One of the Preferred Option

    Contactless payment is an alternative payment channel. It uses short-range wireless technologies, such as radio frequency identification (RFID) or near field communication (NFC), to securely complete payments between a contactless card and contactless-enabled PoS terminal.
    The factors that drives the use of contactless payment include, but are not limited to, ease of use, speed, and integrated and seamless experience. For instance, contactless transactions take close to 1/10th of the time taken by traditional electronic transactions.
    Driven by hassle-free and convenient experiences, contactless payments are witnessing robust adoption in countries, such as the United Kingdom, Australia, Canada, and Singapore. For instance, in the United Kingdom, the number of contactless transactions reached 2.86 billion in 2016, thereby, indicating a growth rate of about 174%.
    The mobile contactless user base increased from about 20 million in 2015 to 144 million in 2017. Thus, with the increasing acceptance of mobile and digital payments, contactless payments are anticipated to record growth. Moreover, the adoption of contactless cards is projected to transform the landscape of traditional payments, as these cards act as significant threats to EMV cards and the magnetic stripe technology.

    United States to Account for the Most Significant Share in North America

    Digital payment is all set to be the preferred mode of payment for US citizens. For instance, 41% of all shoppers said that their smartphone or tablet is becoming their most important shopping tool. Moreover, mobile payment is the preferred mode of payment among millennials.
    E-commerce sales in the region are also increasing, with the improvement of digital payment experience. This increase also reflects consumers’ increasing comfort with online shopping, coupled with their increasing use of mobile and hand-held devices.
    When comparing online/e-commerce (no card present) payments with card-in-hand payments, digital proved to be the higher growth category, accounting for growth up to 23%, over the last year.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

    The report provides key statistics on the market status of the Digital Payments Market manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the Digital Payments.

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    Report Objectives:

    • Analyzing the size of the Digital Payments market on the basis of value and volume.
    • Accurately calculating the market segments, consumption, and other dynamic factors of different sections of the global Digital Payments market.
    • Determining the key dynamics of the Digital Payments market.
    • Highlighting significant trends of the Digital Payments market in terms of manufacture, revenue, and sales.
    • Deeply summarizing top players of the Digital Payments market and showing how they compete in the industry.
    • Studying industry processes and costs, product pricing, and various trends related to them.
    • Displaying the performance of different regions and countries in the global Digital Payments market.

    Detailed TOC of Digital Payments Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Increasing Internet Penetration
    4.3.2 Growing E-commerce Market
    4.4 Market Restraints
    4.4.1 Security and Privacy Concerns
    4.4.2 Additional Charges for Making Payments
    4.4.3 Instability of Mobile Networks
    4.5 Value Chain Analysis
    4.6 Industry Attractiveness- Porters Five Forces Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Mode of Payment
    5.1.1 Point of Sale
    5.1.1.1 Contact Payment
    5.1.1.2 Contactless Payment
    5.1.1.3 Bank Cards
    5.1.2 Online Sale
    5.1.2.1 Digital Wallets
    5.1.2.2 Digital Currencies
    5.1.2.3 Net Banking
    5.1.2.4 Other Online Sales Channels
    5.2 By End-user Industry
    5.2.1 Retail
    5.2.2 Banking and Financial Service
    5.2.3 Telecommunication
    5.2.4 Government
    5.2.5 Transportation
    5.2.6 Other End-user Industries (Media and Entertainment)
    5.3 Geography
    5.3.1 North America
    5.3.1.1 United States
    5.3.1.2 Canada
    5.3.2 Europe
    5.3.2.1 Germany
    5.3.2.2 United Kingdom
    5.3.2.3 France
    5.3.2.4 Rest of Europe
    5.3.3 Asia-Pacific
    5.3.3.1 China
    5.3.3.2 Japan
    5.3.3.3 India
    5.3.3.4 Rest of Asia-Pacific
    5.3.4 Latin America
    5.3.4.1 Brazil
    5.3.4.2 Mexico
    5.3.4.3 Rest of Latin America
    5.3.5 Middle East & Africa
    5.3.5.1 United Arab Emirates
    5.3.5.2 Saudi Arabia
    5.3.5.3 South Africa
    5.3.5.4 Rest of Middle East & Africa

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 PayPal Holdings Inc.
    6.1.2 Visa Inc.
    6.1.3 MasterCard Incorporated (MasterCard)
    6.1.4 Amazon.com Inc.
    6.1.5 Alphabet Inc.
    6.1.6 Apple Inc.
    6.1.7 CCAvenue (Avenues India Pvt. Ltd)
    6.1.8 Paytm Mobile Solutions Private Limited
    6.1.9 Stripe Inc.
    6.1.10 Alipay.com Co. Ltd

    7 MARKET INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

     

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