Digital Payment Market Leading Growth Drivers, Emerging Audience, Segments

Posted by Sakshi Mishra on February 18th, 2021

Market Analysis

The digital payment market is predicted to touch USD 120,245.9 million at a whopping 16.77% CAGR between 2018- 2023, states the recent Market Research Future (MRFR) analysis. Digital payment, simply put, is a payment method that is done through a digital mode. Here, both the payee and payer use digital modes for sending and receiving money. Digital payment is also known as electronic payment. This payment does not involve any hard cash. 

Various factors are propelling the global digital payment market share. According to the recent MRFR report, such factors include the increasing awareness about the different perks of digital payment usage, reliable and safer than traditional methods with less scope for robbery and theft, the proliferation of smartphones, government initiatives to promote digital payment, and proliferation of mobile payments. Additional factors adding market growth include digital innovation and the adoption of advanced technologies like AI, machine learning, and blockchain.

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Region Analysis

Based on the region, the global digital payment market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, & the Middle East and Africa (MEA). Of these, North America is predicted to spearhead the market over the forecast period. The existence of leading digital payment solution providers, spreading out of the mobile commerce industry, developed digital economy, customer willingness, reliable network infrastructure and broadband, & inclination of cashless payments & banking economy contributing to the increasing cashless transactions are adding to the global digital payment market growth in the region. 

The global digital payment market in the APAC region is predicted to grow at a fast pace over the forecast period. The proliferation of digitalization, favorable initiatives by the government to use digital payments, especially in developing countries, increase in SMEs, expanding consumer base, and booming e-commerce industry is adding to the global digital payment market growth in the region. 

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About Market Research Future:

Market Research Future (MRFR) has created a niche in the world of market research. It is counted among the top market research companies that offer well-researched and updated market research reports and insights to businesses of all sizes. What sets us apart is our super-responsive team that offers quality work keeping clients abridged of the prospective challenges and opportunities in various markets. Our team is adept in their space as well as patiently listens to every client.

The best part is they know their work inside out and possess the expertise to guide the client in the right direction and achieve results on a tight deadline. We are a one-stop solution for all your data research needs. Our team does not believe in the “one size fits all” approach to creating a report that is detailed and concise. We handle 13 industry verticals including Healthcare, Chemicals and Materials, Information and Communications Technology, Semiconductor and Electronics, Energy and Power, Food, Beverages & Nutrition, Automobile, Consumer and Retail, Aerospace and Defense, Industrial Automation and Equipment, Packaging & Transport, Construction, and Agriculture. With our unique approach for every market report, we aim to reach the zenith in qualitative business intelligence and syndicated market research. 

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Sakshi Mishra

About the Author

Sakshi Mishra
Joined: September 30th, 2020
Articles Posted: 512

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