Global Digital Payment Market : Current Analysis and Forecast (2020-2026)
- UNI4109890
- 189 Pages
- November 2020
- ICT & Media
Digital payment is a revolution in the payments industry. With digitization and continued technological development, they can increasingly offer consumers and businesses ways of paying that are tailored, convenient and flexible. Digital payments can also aid facilitate budgeting, financial inclusion, and enable action to prevent and stop economic crime. Developed countries have already adopted digital payment solutions. Developed economies have implemented a cashless payment infrastructure centered primarily on credit cards several decades ago, but in recent years, the legacy structures have suddenly become a burden. The "Western" markets are now much slower to adopt new payment solutions than growing economies like China, India, or Eastern Europe.
Since January 2018, 1 million people a day have started using the internet. This accounts for 4.39 billion internet users worldwide in 2019, an increase of 366 million since 2018. The proliferation of smartphones and digital initiatives is driving the adoption of digital payment infrastructure. Initiatives are been taken by the government, for instance, The Digital India program is a flagship program of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy.
The COVID-19 pandemic is impacting the global population in drastic ways. Two in every five-card transactions in the United Kingdom are now made with contactless technology. Figures reveal that 20 million contactless transactions take place every day, equating to more than 235 per second. Online shopping has proliferated on retail websites such as Amazon, mobile payment apps. Cashback schemes are gaining momentum across the world. In the UK, the industry is experiencing exponential growth. This further acts as an added advantage of digital payment. However, operational challenges involving cross-border payments and card data security are acting as challenges in the adoption of digital payment.
ACI Worldwide, WEX, Adyen, Global Payments, Fiserv, Novatti, PayPal, Paysafe, Worldpay and Wirecard are some of the prominent players operating in the global digital payment market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Type, Solution segment holds the major share”
Based on type, the market is fragmented into solutions and services. Several digital payment solutions are available in the market. With more than 75 billion transactions processed annually. An increase in the adoption of the solution has led to an increase in the adoption of services.
“Amongst Deployment, On-premise is expected to dominate the market during the analyzed period”
Based on the market segment by deployment, the market is segmented into cloud and On-premise. On-premise attained a maximum share of 68% in 2019. However, cloud-based solutions are more secure and advanced. As per a survey, 54% of organizations said that they plan to move more of their payment infrastructure to the cloud soon, owing to the more secure payment that could be carried out using this infrastructure.
“Amongst Payment Mode, Digital Commerce is expected to dominate the market during the analyzed period”
Based on the market segment by payment mode, the market is segmented into POS Payments and Digital Commerce. Point of Sale or POS refers to the place where a transaction takes place. The POS transaction involves a customer and a merchant along with a product or service that is being purchased through the POS system. Digital commerce dominated the market in 2019 with a market share of 60%.
“Amongst Enterprise size, Large Enterprises is expected to dominate the market during the analyzed period”
Based on the market segment by payment enterprises, the market is segmented into large and small enterprises. Large enterprises have adopted the digital payment infrastructure to make the transaction easier for customers. However, the rising popularity of digital payments is encouraging SMEs to accept payment digitally. Moreover, the COVID-19 pandemic has further driven the growth.
“Amongst End-user, BFSI is expected to dominate the market during the analyzed period”
Based on the market segment by end-user, the market is fragmented into BSFI, healthcare, IT & telecom, media and entertainment, retail and e-commerce and others. BFSI has dominated the market with a market share of 22% in 2019. Several initiatives are taken by the government to escalate the adoption of digital payment solutions. The use of FASTag has enabled electronic toll collection mechanism for vehicles. This leads to the rapid commute and ease of collection without any longer queue.
“North America represents one of the largest markets of Digital payment market”
For a better understanding of the market dynamics of the Digital payment market, a detailed analysis was conducted for different regions in the country including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC) and rest of the world has been conducted. United States generated revenue of US$ 21.1 million in 2020. The United States has the largest market for Digital payment due to high awareness.
Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry
Customization Options:
Digital Payment Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
1.1 Market Definition 14
1.2 Objective of the Study 14
1.3 Limitation 14
1.4 Stakeholders 15
1.5 Currency used in the Report 15
1.6 Scope of the Global Digital Payment Market Study 15
2. RESEARCH METHODOLOGY OR ASSUMPTION 16
2.1 Research Methodology for the Global Digital Payment Market Study 16
2.1.1 Main objective of the Global Digital Payment Market Study 17
3. INDUSTRY PERFORMANCE 18
4. EXECUTIVE SUMMARY 20
5. REGULATORY FRAMEWORK OF DIGITAL PAYMENT 22
5.1 The Rules and Regulations of Online Payments 22
5.1.1 NACHA Operating Rules 22
5.1.2 Card Networks 22
5.1.3 The Payment Card Industry Data Security Standard (PCI DSS) Compliance 23
5.1.4 Know Your Customer (KYC) 23
5.2 United States 24
5.2.1 The Financial Services Modernization Act 24
5.2.2 Federal Rules Regulating Electronic Financial Transactions 25
5.2.3 Self-Regulation and Industry Best Practices 26
5.2.4 Internet Gambling 27
5.2.5 Cryptocurrency Regulation 27
5.3 Canada 28
5.3.1 Interpretation 28
5.3.2 Application 29
5.3.3 Issuing Electronic Instructions for Payment 29
5.3.4 Authentication 30
5.3.5 Acceptance 30
5.3.6 Replacement Payments 30
5.4 Europe 31
5.4.1 Introduction 31
5.4.2 PSD2 directive 32
5.4.3 PSD2 compliance 32
5.4.4 PSD2 regulation: Impacts on banks and TPPs 33
5.5 India 34
6. MARKET OVERVIEW 36
6.1 Introduction 36
6.2 Market Dynamics 36
6.2.1 Market Trend & Drivers 36
6.2.1.1 Proliferation of Smartphones and Digital Initiatives 36
6.2.1.2 Government Support and Initiatives 37
6.2.1.3 Rising Popularity of Contactless Payments 39
6.2.1.4 Cash back and Rewards 40
6.2.2 Market Restraints 41
6.2.2.1 Operational Challenges Involving Cross-border Payments 41
6.2.2.2 Card Data Security 42
6.2.3 Market Trend 43
6.2.3.1 Indian Banking to Experience Significant Disruption with Consolidations 43
6.2.3.2 Regulators to Turn Digital 44
6.2.3.3 Hyper-Connectivity of the World 44
7. IMPACT OF PANDEMIC ON DIGITAL PAYMENTS MARKET 46
7.1 Introduction 46
7.2 Barriers to Adopting Digital Payments 46
7.3 COVID-19 Pandemic May Help Break Barriers to Digital Payments Adoption 48
7.3.1 The digital shift in preferences and behaviours of consumers and businesses 48
7.3.2 Payments industry initiatives 50
7.3.3 Telecommunications industry initiatives 50
7.3.4 New and proposed legislation 51
7.3.5 Further Steps to Promote Digital Payment Adoption 52
8. DEMAND AND SUPPLY SIDE ANALYSIS 54
8.1 Demand Side Analysis 54
8.2 Supply Side Analysis 55
8.2.1 Top Product Launches 56
8.2.2 Top Partnerships 59
8.2.3 Top Mergers & Acquisitions 66
8.2.4 Top Business Expansions, Investment and Divestitures 68
9. DIGITAL PAYMENT MARKET VALUE CHAIN 72
9.1 Key Value Chain Analysis 72
10. MARKET INSIGHTS BY TYPE 74
10.1 General Overview 74
10.1.1 Solutions 75
10.1.2 Services 76
11. MARKET INSIGHTS BY DEPLOYMENT 77
11.1 General Overview 77
11.1.1 On-premises 79
11.1.2 Cloud 79
12. MARKET INSIGHTS BY PAYMENT MODE 81
12.1 General Overview 81
12.1.1 POS Payments 82
12.1.2 Digital Commerce 83
13. MARKET INSIGHTS BY PAYMENT ENTERPRISES 84
13.1 General Overview 84
13.1.1 Large Enterprises 86
13.1.2 SMEs 86
14. MARKET INSIGHTS BY END-USER 88
14.1 General Overview 88
14.1.1 BFSI 89
14.1.2 Healthcare 90
14.1.3 IT & Telecom 91
14.1.4 Media and Entertainment 92
14.1.5 Retail and E-commerce 94
14.1.6 Transportation 95
14.1.7 Others 96
15. MARKET INSIGHTS BY REGION 98
15.1 General Overview 98
15.1.1 North America Digital Payment Market 100
15.1.1.1 United States Digital Payment Market 103
15.1.1.2 Canada Digital Payment Market 107
15.1.1.3 Rest of North America Digital Payment Market 111
15.1.2 Europe Digital Payment Market 115
15.1.2.1 Germany Digital Payment Market 119
15.1.2.2 Italy Digital Payment Market 122
15.1.2.3 Spain Digital Payment Market 126
15.1.2.4 France Digital Payment Market 130
15.1.2.5 United Kingdom Digital Payment Market 134
15.1.2.6 Rest of Europe Digital Payment Market 137
15.1.3 Asia-Pacific Digital Payment Market 141
15.1.3.1 India Digital Payment Market 144
15.1.3.2 China Digital Payment Market 148
15.1.3.3 Japan Digital Payment Market 151
15.1.3.4 Australia Digital Payment Market 154
15.1.3.5 Rest of APAC Digital Payments Market 158
15.1.4 Rest of World Digital Payment Market 162
16. COMPETITIVE SCENARIO 166
16.1 Competitive Landscape 166
16.1.1 Market Share of Key Players in Digital Payment Market, 2019 166
17. TOP COMPANY PROFILES 167
17.1 ACI Worldwide 167
17.1.1 Key Facts 167
17.1.2 Business Description 168
17.1.3 ACI Worldwide, Timeline 168
17.1.4 Key Product/Services Offerings 169
17.1.5 Growth Strategy 169
17.1.6 SWOT Analysis 170
17.1.7 Key Financials 171
17.1.7.1 Revenue Split 172
17.1.8 Recent Developments 172
17.1.8.1 Product Launch 172
17.1.8.2 Partnerships 174
17.1.8.3 Business Expansion and Investments 175
17.1.8.4 Mergers and Acquisitions 176
17.2 WEX 177
17.3 Novatti 187
17.4 Global Payments 193
17.5 Adyen 199
17.6 Fiserv 206
17.7 PayPal 214
17.8 Paysafe 222
17.9 Worldpay 229
17.10 Wirecard 237
TABLE 2 Top Partnerships 62
TABLE 3 Top Mergers& Acquisitions 69
TABLE 4 Top Business Expansions, Investment and Divestitures 71
TABLE 5 Global Digital Payments Market, By End-User 2019-2026 (US$ Billion) 92
TABLE 6 North America Digital Payments Market, By End-User 2019-2026 (US$ Billion) 105
TABLE 7 United States Digital Payments Market, By End-User 2019-2026 (US$ Billion) 110
TABLE 8 Canada Digital Payments Market, By End-User 2019-2026 (US$ Billion) 113
TABLE 9 Rest of North America Digital Payments Market, By End-User 2019-2026 (US$ Billion) 117
TABLE 10 Europe Digital Payments Market, By End-User 2019-2026 (US$ Billion) 121
TABLE 11 Germany Digital Payments Market, By End-User 2019-2026 (US$ Billion) 125
TABLE 12 Italy Digital Payments Market, By End-User 2019-2026 (US$ Billion) 129
TABLE 13 Spain Digital Payments Market, By End-User 2019-2026 (US$ Billion) 133
TABLE 14 France Digital Payments Market, By End-User 2019-2026 (US$ Billion) 136
TABLE 15 United Kingdom Digital Payments Market, By End-User 2019-2026 (US$ Billion) 140
TABLE 16 Rest of Europe Digital Payments Market, By End-User 2019-2026 (US$ Billion) 143
TABLE 17 Asia-Pacific Digital Payments Market, By End-User 2019-2026 (US$ Billion) 146
TABLE 18 Asia-Pacific Digital Payment Market, by Country, 2019-26 (US$ Billion) 147
TABLE 19 India Digital Payments Market, By End-User 2019-2026 (US$ Billion) 150
TABLE 20 China Digital Payments Market, By End-User 2019-2026 (US$ Billion) 154
TABLE 21 Japan Digital Payments Market, By End-User 2019-2026 (US$ Billion) 157
TABLE 22 Australia Digital Payments Market, By End-User 2019-2026 (US$ Billion) 160
TABLE 23 Rest of APAC Digital Payments Market, By End-User 2019-2026 (US$ Billion) 164
TABLE 24 Rest of APAC Digital Payments Market, By End-User 2019-2026 (US$ Billion) 168
TABLE 25 ACI Worldwide Key Facts 170
TABLE 26 ACI Worldwide, Ownership Structure 170
TABLE 27 Products segmentation of ACI Worldwide 172
TABLE 28 ACI Worldwide Growth Strategy 172
TABLE 29 ACI Worldwide, Product Launches 175
TABLE 30 ACI Worldwide, Partnerships 177
TABLE 31 ACI Worldwide, Business Expansion and Investments 178
TABLE 32 ACI Worldwide, Mergers and Acquisitions 179
TABLE 33 WEX Key Facts 180
TABLE 34 WEX, Ownership Structure 180
TABLE 35 Products segmentation of WEX 181
TABLE 36 WEX Growth Strategy 182
TABLE 37 WEX, Product Launches 185
TABLE 38 WEX, Partnerships 186
TABLE 39 WEX, Business Expansion and Investments 187
TABLE 40 WEX, Mergers & Acquisitions 188
TABLE 41 Novatti Key Facts 190
TABLE 42 Products segmentation of Novatti 190
TABLE 43 Novatti Growth Strategy 191
TABLE 44 Novatti, Partnerships 194
TABLE 45 Novatti, Merger and Acquisitions 195
TABLE 46 Global Payments Key Facts 196
TABLE 47 Global Payments, Ownership Structure 196
TABLE 48 Products segmentation of Global Payments 197
TABLE 49 Global Payments Growth Strategy 198
TABLE 50 Global Payments, Partnerships 200
TABLE 51 Global Payments, Business Expansion and Investments 201
TABLE 52 Global Payments, Mergers and Acquisitions 201
TABLE 53 Adyen Key Facts 202
TABLE 54 Adyen, Ownership Structure 202
TABLE 55 Product segmentation of Adyen 203
TABLE 56 Adyen Growth Strategy 203
TABLE 57 Adyen Product Launches 206
TABLE 58 Adyen Partnerships 206
TABLE 59 Adyen Business Expansions, Investment and Divestitures 208
TABLE 60 Fiserv Key Facts 209
TABLE 61 Fiserv Ownership Structure 209
TABLE 62 Product segmentation of Fiserv 210
TABLE 63 Fiserv Growth Strategy 211
TABLE 64 Fiserv Product Launch 216
TABLE 65 Fiserv Partnerships 218
TABLE 66 Fiserv Business Expansions, Investment and Divestitures 219
TABLE 67 Fiserv Mergers and Acquisitions 219
TABLE 68 PayPal, Key Facts 220
TABLE 69 PayPal, Ownership Structure 220
TABLE 70 Product segmentation of PayPal 221
TABLE 71 PayPal, Growth Strategy 222
TABLE 72 PayPal Product Launch 225
TABLE 73 PayPal Partnerships 226
TABLE 74 PayPal Business Expansions, Investment and Divestitures 227
TABLE 75 PayPal Mergers and Acquisitions 227
TABLE 76 Paysafe, Key Facts 228
TABLE 77 Product segmentation of Paysafe 228
TABLE 78 Paysafe, Growth Strategy 230
TABLE 79 Paysafe Product Launch 232
TABLE 80 Paysafe Partnerships 232
TABLE 81 Paysafe Business Expansions, Investment and Divestitures 233
TABLE 82 Paysafe Mergers and Acquisitions 234
TABLE 83 Worldpay, Key Facts 235
TABLE 84 Worldpay, Ownership Structure 235
TABLE 85 Product segmentation of Worldpay 236
TABLE 86 Worldpay Growth Strategy 237
TABLE 87 Worldpay Product Launch 240
TABLE 88 Worldpay Partnerships 241
TABLE 89 Worldpay Business Expansions, Investment and Divestitures 242
TABLE 90 Worldpay Mergers and Acquisitions 242
TABLE 91 Wirecard, Key Facts 243
TABLE 92 Wirecard, Ownership Structure 243
TABLE 93 Product segmentation of Wirecard 244
TABLE 94 Wirecard, Growth Strategy 245
TABLE 95 Wirecard Product Launch 248
TABLE 96 Wirecard Partnerships 249
TABLE 97 Wirecard Business Expansions, Investment and Divestitures 250
TABLE 98 Wirecard Mergers and Acquisitions 250
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