Digital Payment Market Worth $274.61 Billion by 2029

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2. Digital Payment Market – 2022-2029 According to a new market research report titled, ‘Digital Payment Marketby Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography-GlobalForecasts to 2029,’the digital payment market is projected to reach $274.61 billion by 2029, at a CAGR of 16.6% from 2022 to 2029. Digital payments are transactions that take place via digital or online modes, with no physical exchange of money involved. This means that both parties, the payer and the payee, use electronic mediums to exchange money. Digital payment transactions have grown rapidly in emerging markets during the past two years as the pandemic accelerated shifts to contactless payments and e- commerce. DownloadFree Report Sample Now @https://www.meticulousresearch.com/download-sample- report/cp_id=5410 The growth of this market is attributed to the increased adoption of digital payment modes, rising government initiatives for the adoption of digital payment and growing partnerships between banks and fintech to leverage customer experience. In addition, the increasing use of payment applications across different industry verticals and the rising adoption of contactless payment are expected to offer significant opportunities for the growth of this market. However, a low level of awareness of online payments in rural areas can restrain the growth of this market to some extent. Digital payment firms such as PhonePe, Paytm, and Amazon Pay witnessed a nearly 50% spike in transactions through their digital wallets since the COVID-19 pandemic. The sudden increase in digital adoption dramatically advanced the digital transformation agendas for numerous banks, with banking leaders recognizing online banking services as a critical means for increasing customer retention and growing revenue streams through personalized services. The impact of the COVID-19 pandemic accelerated the adoption of a broad range of digital banking offerings and shifted consumers of all ages away from traditional banking branches and ATMs at an unprecedented pace. The digital payment market is segmented based on offering (solutions and services), payment mode (digital wallets, banking cards, pos, and internet banking), end user (BFSI, retail, travel & hospitality, healthcare, and others), organization size, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels. Based on offering, the digital payment market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global digital payment market. The growth of the segment is attributed to the declining cash usage, the growing e-commerce industry, development in mobile payment technology, and increased use of mobile wallets. Speak to our Analysts:https://www.meticulousresearch.com/speak-to-analyst/cp_id=5410 Based on payment mode, the digital payment market is segmented into digital wallets, banking cards, point of sales, internet banking, and other payment modes. In 2022, the digital wallets segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is expected to grow at the highest CAGR during the forecast period. Factors such as increasing population, rising adoption of smartphones, rising number of internet subscribers, and rapid growth in the retail and e-commerce sector across the countries such as India and China are driving the market. Based on end user, the digital payment market is segmented into BFSI, retail, travel and hospitality, healthcare, IT and telecom, media and entertainment, and others. In 2022, the BFSI segment is Page 1 of 3 © Meticulous Research| sales@meticulousresearch.com

3. Digital Payment Market – 2022-2029 expected to account for the largest share of the global digital payment market. The rising demand for digital remittances for cross-border and domestic transactions is encouraging banks to adopt digital payment solutions. Moreover, banks are also enhancing their offerings to compete with digital payment solutions providers, such as Google, Amazon, and Facebook. However, the retail segment is expected to grow with the highest CAGR during the forecasted period. Retail e-commerce sales are rapidly increasing due to government support, increased smartphone penetration, and application usage, and the promise of a better shopping experience is likely to boost. The increasing usage of mobile payments in the retail industry, primarily in the e-commerce sector, boosts the digital payment market in the retail sector. Based on organization size, the digital payment market is segmented into large enterprises, small and medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global digital payment market. Additionally, this segment is also expected to grow at the highest CAGR during the forecast period. The increasing number of high valuations transactions in large enterprises is compelling these enterprises to opt for premium digital payment solutions. The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the digital payment market are PayPal Holdings, Inc.(U.S.), Fiserve, Inc. (U.S.), FIS (U.S.), Block, Inc., formerly Square, Inc. (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.), Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc. (U.S.), JPMorgan Chase & Co. (U.S.), WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies, Inc. (U.S.). To gain more insights into the market with a detailed table of content and figures, click here:https://www.meticulousresearch.com/product/digital-payment-market-5410 Scope of the report: Digital Payment Market,by Offering • Solution • Services Digital Payment Market, by Payment Mode • Digital Wallets • Banking Cards • Point of Sales • Internet Banking • Others Payment Modes Digital Payment Market, by End User • BFSI • Retail • Travel and Hospitality Page 2 of 3 © Meticulous Research| sales@meticulousresearch.com

4. Digital Payment Market – 2022-2029 • Healthcare • IT and Telecom • Media and Entertainment • Other End Users Digital Payment Market, by Organization Size • Large Enterprises • Small and Medium-sized Enterprises Digital payment Market, byGeography • North America • Europe • Asia-Pacific • Latin America • Middle East & Africa Quick Buy- https://www.meticulousresearch.com/Checkout/30539504 Contact Us: Meticulous Research® Email-sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn-https://www.linkedin.com/company/meticulous-research Page 3 of 3 © Meticulous Research| sales@meticulousresearch.com