Digital payments are made electronically between parties, digital platforms, technologies, doing away with the need for cash or conventional banking procedures. WILMINGTON, DE, UNITED STATES, December 15, 2023 /EINPresswire.com/ — The global ePayment market experiences growth propelled by increased access to high-speed internet and a surge in the adoption of digital payments by retailers. Key trends shaping this market include the widespread use of smartphones globally and the evolving payment landscape in emerging economies. According to a new report published by Allied Market Research, titled, “Digital Payment Market,” The digital payment market was valued at $95.5 trillion in 2022, and is estimated to reach $457753.5 billion by 2032, growing at a CAGR of 17.2% from 2023 to 2032. ☛ Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/6013 Mobile wallets are gaining popularity, providing users with a seamless and convenient means of financial management. Notably, the incorporation of Artificial Intelligence and machine learning into payment systems enhances security and delivers personalized user experiences. Cryptocurrencies are gradually gaining acceptance as a digital payment method, with businesses and consumers exploring decentralized and blockchain-based transactions. Additionally, the rise of embedded finance is transforming traditional boundaries between financial services and other industries, offering integrated payment options within diverse platforms. Open banking initiatives and the development of Central Bank Digital Currencies (CBDCs) contribute to innovation and collaboration in the financial ecosystem, fostering the growth of the ePayment market. These trends signify a shift toward a more connected, efficient, and inclusive financial future. However, challenges such as the increasing occurrence of data breaches and security issues in mobile payments hinder market growth. Among the end user segments, restaurants, retailers, and merchants show the highest adoption of mobile payment methods in their operations. ☛ For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/6013 Furthermore, the global digital payment market is currently in its developmental phase and shows significant growth potential. This is attributed to the increasing demand for operational efficiency and transparency in transactions, as well as a surge in the global appetite for personalized digital payment options. For instance, a Mastercard study conducted in 2020 revealed that 95% of South African consumers are contemplating the use of emerging payment methods like contactless, mobile payments, cryptocurrency, or QR codes within the next year. Additionally, with the closure of numerous physical stores to adhere to social distancing measures, retailers worldwide transitioned their operations online and embraced mobile payment transactions and other contactless modes. Furthermore, there has been a notable upswing in mobile commerce in recent years, driven by the widespread adoption of smartphones and high-speed connectivity. Consumers are increasingly inclined to make mobile purchases across various categories such as apparel, groceries, health and beauty products, electronics, and books due to the convenience of ordering and having items delivered to their doorstep. ☛ Buy Now & Get Exclusive Discount on this Report: https://www.alliedmarketresearch.com/digital-payment-market/purchase-options In 2022, the BFSI sector dominated the digital payment market share within specific industry verticals. This dominance can be linked to the growing trend among financial institutions to adopt open APIs. This facilitates smooth integration with third-party fintech providers, thereby enhancing digital payment experiences and expanding the scope of available financial services. In terms of geographical regions, the Asia-Pacific region is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) in the digital payment market forecast for 2022. Furthermore, this region is expected to continue this upward trend throughout the forecast period. The driving factors behind this projection include a significant increase in the adoption of online payments by various private entities, government initiatives supporting digital transactions, and a rise in the use of contactless payment methods. The COVID-19 pandemic has significantly heightened the demand for the digital payment industry. This surge can be attributed to the growing acceptance of mobile payments among consumers and the global initiatives undertaken by governing bodies to control the virus spread, which involve implementing various payment-related policies. Furthermore, the digital payment method is anticipated to withstand economic downturns and is expected to sustain its high usage throughout the forecast period. Consequently, these factors have propelled the expansion of the digital payment industry amid the pandemic. Leading Market Players The key players operating in the digital payment market analysis include Paypal holdings Inc., Adeyn N.V., Fiserv, Inc., ACI Worldwide, Stripe, Inc., Mastercard Incorporated, Temenos AG, FIS Global, Visa, Inc., and PayU. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry. Current and future digital payment market trends are outlined to determine the overall attractiveness of the market. ☛ Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/6013 Similar Reports: 1.Payment Analytics Software Market2. Payment as a Service Market Key Questions Answered in the Intelligent Study What is the market size and growth rate of the global and regional market by various segments? What is the market size and growth rate of the market for selective countries? Which region or sub-segment is expected to drive the market in the forecast period? What Factors are estimated to drive and restrain the market growth? Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia If you have any special requirements, please let us know and we will offer you the report as per your requirements. Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains. AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests. 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$457.8 trillion Digital Payment Market to reach by 2032 at a CAGR of 17.2%
