Digital payment is the process by which a payer and payee use electronic modes to send and receive money. It is a cash-free mode of transaction. Payment is taken via digital wallets, digital currencies, net banking, bank cards, and contact and contactless payment in points of sale. Convenience, accessibility, lower risk, saves time, user-friendliness, and the traceability are some of the advantages that digital payment methods offer. However, there are concerns about limitations on payment and the amount limit for each payment, along with the risk of hacking and the constant requirement of active internet access. Digital payment can help increase productivity and economic growth, improve transparency, increase tax revenues, extend financial inclusion, and open new economic opportunities for end users.
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Government Initiatives
Governments across the world are implementing ICT technology to encourage digital economies. They undertake various initiatives to digitize the payment process. For example, the Government of India has initiated various initiatives such as Digital India, the launch of Unified Payments Interface (UPI), and the 14444-helpline number to stimulate digital payments. However, a lack of standards for cross-border payments is a challenge for the global digital payment market during the forecast period.
Deployment Options
Based on the type, the market has been classified as cloud and on-premise. In a cloud-based digital payment, there are limited chances of a single point of failure (SPOF) as all devices, components, and network paths are duplicated and reserved. Enterprises prefer the on-premise deployment of digital payment solutions to gain complete control over their infrastructure and assets as well as enhance their internet safety measures. These solutions help merchants in managing every payment device across every application from a centralized, secure under management platform.
Market Growth
The Global Digital Payment Market is expected to register a 16.77% CAGR, exhibiting significant growth during the forecast period. The market was valued at USD 40,633.3 million in the year 2018; it is expected to reach USD 120,245.9 million by 2025. North America accounted for the largest market value of USD 13,864.1 million in 2018; the market is expected to register a CAGR of 17.50% during the forecast period.
Market Segmentation
The global digital payment market has been segmented into various categories:
Component
- Solution
- Services
Deployment
- Cloud
- On-Premise
Organization Size
- Large Enterprise
- Small & Medium Enterprises (SMEs)
Vertical
- BFSI
- Media & Entertainment
- IT & Telecommunication
- Hospitality
- Healthcare
- Retail & E-Commerce
- Others
Region
- North America
- Asia-Pacific
- Europe
- South America
- Middle East & Africa
Regional Analysis
Geographically, the global digital payment market has been segmented into Asia-Pacific, North America, Europe, South America, and the Middle East & Africa. North America is expected to dominate the global digital market for payments during the forecast period due to the presence of a large number of solutions providers in the region.
Major Players
The major companies functioning in the global digital payment market include:
- ACI Worldwide, Inc. (US)
- Stripe (US)
- Novatti Group Limited (Australia)
- Adyen NV (Netherlands)
- Wirecard AG (Germany)
- YapStone, Inc. (US)
- Worldpay, Inc. (US)
- PayPal Holdings, Inc. (US)
- Aurus Inc. (US)
- Fiserv, Inc. (US)
- BlueSnap Inc. (US)
- Global Payments Direct, Inc. (US)
- PayU (Netherlands)
- Aliant Payment Systems Inc. (US)
- First Data Corporation (US)
Market Dynamics
Drivers
- Increasing emphasis on self-care and wellness, particularly among women.
- Growing awareness of the health and beauty benefits offered by dietary supplements.
- Rising disposable incomes and willingness to invest in premium health and beauty products.
- Influence of social media and beauty influencers shaping consumer preferences.
- Changing lifestyles and health concerns driving the demand for supplementary nutrition.
Restraints
- Lack of regulatory oversight and quality control in the supplements industry.
- Consumer skepticism and confusion regarding product claims and effectiveness.
- Potential risks and interactions with other medications or health conditions.
- Limited accessibility and affordability of supplements in certain regions.
Opportunities
- Increasing demand for natural and organic supplements.
- Untapped market potential in the Asia-Pacific region.
- Development of innovative formulations and delivery methods.
- Collaborations with beauty brands or influencers for product endorsements.
- Integration of technology to personalize nutrition and enhance consumer experience.
Challenges
- Intense competition among market players.
- Navigating regulatory complexities and meeting regional standards.
- Building trust and credibility with consumers.
- Educating consumers about the benefits and proper usage of supplements.
- Addressing concerns and skepticism regarding the safety and efficacy of supplements.
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