Digital Payment Solution Market is valued at USD 90.24 Billion in 2022 and expected to reach USD 261.25 Billion By 2029 with the CAGR of 16.40% over the forecast period. Increase in E-commerce and internet penetration on a large scale is likely to grow the automated test equipment market.
In Earlier days payments are done in cash mode which requires paper work everywhere and all the transaction are done through the bank branch. Over the period of time there has been change in the technology and even with the working process which has increased the use of digital payment solution. Digital Payment solution include the variety of software which helps in the money transfer and makes the process faster and quick and also it does not require any paper work. These transaction can be done from anywhere to anyone it just require internet connection and login credentials.
Digital Payment Solution Market report is segmented on mode of payment, deployment, end user and by regional & country level. Based upon mode of payment, digital payment solution market is segmented into industrial point of sale and online sale. On the basis of deployment, the market is segmented into on premise and cloud based. Based upon end user, digital payment solution market is classified into Retail, Banking and Financial Service, Telecommunication, Government, Transportation, and Others.
The regions covered in this Digital Payment Solution market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Digital Payment Solution market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Increase in E-commerce and internet penetration on a large scale is the key factor which helps Digital Payment Solution Market to grow.
There has been tremendous growth in the e-commerce due to the increase in awareness and ease of getting at doorstep has also promoted the e-commerce on a large scale. This rapid increase in e-commerce has also increased the demand for digital payment solution market. There has also been observed the tremendous growth in the internet usage worldwide which has also expected to promote the growth of e-commerce which in turn supports the growth of digital payment services market. Furthermore, there has been increased in the Smartphone usage which has also increased the use of various wallet launched by the various major players in the market. There has been rapid technological development in the payment gateways and existing software and wallets to ease payment process and create opportunities in the digital payment solution market. However, increase in cyber attacks and online frauds and others are expected to hamper the growth of digital payment solutions market.
North America is expected to dominate the Digital Payment Solution Market.
North America is expected to account for largest market share over the forecast period due to the presence of developed economies such as U.S., Canada and others. U.S. is expected to contribute the major market share in North America due to the presence of major market players coupled with advanced technology and infrastructure coupled with increased public awareness about digital payments. Europe is expected to account for the second largest market share due the presence of various service provides coupled with technological advancement. Asia Pacific is expected to develop significantly over the forecast period due to the presence of developing economies such as India, China and others. The government has taken various initiatives to promote the digital payment. In 2016, the Indian government has taken drastic step of demonetization to curb black money which has also increased the digital payment solution market. Latin America, Middle East and Africa is expected to develop at a considerable rate over the forecast period.
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