Digital Payment Market Analytical Overview, Statistics, Opportunities & Forecast
The term "digital
payment market " describes the transfer of money using electronic
devices like laptops, tablets, and smartphones. The last few years have seen
constant advancements in this technology. The digital payment system now offers
a wide range of additional payment methods, including online purchases, card
exchanging, tapping NFC cards, and code scanning. The adoption of digital
payments is being accelerated by these ongoing improvements and a wide range of
payment methods. Additionally, the need for digital payments is increasing as
internet connectivity spreads to every location imaginable. Users are being
encouraged to embrace digital marketing as a result of the widespread use of
smartphones.
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Digital wallets and point of sale will likely have the
fastest market growth after mobile payment adoption. Market trends include Near
Field Communication (NFC) and Quick Response (QR) code technologies. Direct
transfers between accounts, either prepaid or bank-based, are possible with a
digital wallet. Payment at the point of sale is made at the checkout counter.
Many businesses have recently made investments in offering NFC through cards,
which allow for the immediate transfer of funds from prepaid accounts. The rise
of the digital payment market is being fueled by these diverse payment choices.
List Of Key Companies
Profiled:
·
Alipay.com Co Ltd
·
Amazon.com Inc.
·
American Express Co.
·
Facebook Inc.
·
Google Inc.
·
MasterCard International Inc.
·
Microsoft Corporation
·
PayPal Holdings Inc.
·
Paytm
·
Samsung Electronics Co. Ltd.
·
Visa Inc.
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Regional Analysis:
India and Japan are expected to acquire more traction
throughout the projection period, and Asia-Pacific is expected to dominate the
digital payment industry. In comparison to other regions, the adoption of
mobile payments and digital wallets is probably higher in APAC. Due to the
increasing smartphone penetration in China and India, both of which have large
populations, the market for digital payments has abundant prospects.
After demonetization in 2016, India has turned to mobile
payments and digital wallets. The revenue generated by the digital payment
market is anticipated to increase in the upcoming years thanks to Indian
government initiatives like Digital India. More than 50% of Chinese internet
transactions are anticipated to be funded by the e-commerce behemoth Alibaba
Ltd.
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