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Digital Payment Market to Hit Opportunities worth $361.30 Billion by 2030: Grand View Research, Inc.SAN FRANCISCO, Sept. 19, 2022 /PRNewswire/ -- The global digital payment market is estimated to reach USD 361.30 billion by 2030 and the expected expansion is at a CAGR of 20.5% in the forecast period, according to a new report by Grand View Research, Inc. In 2021, the digital payment market was valued at USD 88.1 billion. The worldwide cashless transactions that are witnessing a hike over the years, look promising for the overall market growth. The global cashless transactions are likely to foresee significant growth amid the usage and preference for cashless transactions and by 2025, a growth of 1.9 trillion transactions is estimated. Key Industry Insights & Findings from the report:
Read full 150-page market research report for more Insights, "Digital Payment Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-premise), By Solution (Payment Gateway, Payment Processing), By Mode of Payment, By Enterprise Size, By End Use, And Segment Forecasts, 2022 - 2030", published by Grand View Research. Digital Payment Market Growth & Trends Customer preference for real-time payments have increased worldwide in the recent times. The Indian economy registered real-time transactions of 25.6 billion in 2020, which marks a 70% growth. The COVID-19 pandemic has also brought a positive impact to the digital payment market with an increase in online shopping and the fear of virus transmission through physical monetary transactions. The increasing preference for online shopping is a driving factor for the market. It offers the users a number of benefits such as fast checkout options, customized customer experience, and multiple payment options. In addition, companies are also designing enhanced smartwatches that are capable of making contactless payments, similar to the process used in smartphones. For instance, Xiaomi launched the brand new Mi Smart Band 6 in collaboration with Master Card in December 2021, which is capable of conduting contactless payments at Master Card terminals. The smart city initiative adopted by the government is a significant component in the digital payment market growth, as digital payments are used throughout the various departments to cover multiple Citizen-to-Government (C2G), and Government-to-Citizen (G2C) payments. Accenture conducted a research study that shows transactions worth USD 7 trillion is expected to shift from cash to card and other digital payments by 2023, and grow to USD 48 trillion by 2030. The introduction of digital wallets, and the decreasing number of worldwide unbanked population, seem favorable for the digital payment vendors to expand their customer base. Overall, the digital payment market is expected to witness a much higher rate of growth, owing to the driving factors like the promotion of digital payments, rise in internet penetration, high proliferation of smartphones that enables m-Commerce growth, and a hike in e-Commerce sales. Digital Payment Market Segmentation Grand View Research has segmented the global digital payment market on the basis of solution, mode of payment, deployment, enterprise size, end use, and region: Digital Payment Market - Solution Outlook (Revenue, USD Billion, 2017 - 2030)
Digital Payment Market - Mode of Payment Outlook (Revenue, USD Billion, 2017 - 2030)
Digital Payment Market - Deployment Outlook (Revenue, USD Billion, 2017 - 2030)
Digital Payment Market - Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)
Digital Payment Market - End-use Outlook (Revenue, USD Billion, 2017 - 2030)
Digital Payment Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
List of Key Players of Digital Payment Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Next Generation Technologies Industry Research Reports. About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/digital-payment-market-to-hit-opportunities-worth-361-30-billion-by-2030-grand-view-research-inc-301627021.html |