The forecasted period predicts that the global digital payments market will reach a size of USD 221.93 billion by 2028, with a revenue compound annual growth rate (CAGR) of 13.6%. This growth is attributed to several factors, including the worldwide promotion of digital payments by governments, lower rates of mobile Internet data plans, increasing acceptance of real-time and contactless payments, and the rising production and sales of smartphones. The adoption of advanced technologies, such as facial recognition technology, is also gaining popularity globally.
Numerous companies are striving to offer facial recognition-based payment methods to retail stores. The demand for cashless payments is driven by the convenience it offers, favorable government policies, and the evolving behavior of consumers. The introduction of user-friendly mobile wallets around the world is rapidly accelerating the adoption of digital payment services.
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Top 10 Companies Operating in the Global Digital Payments Market:
Paypal Holdings Inc., Visa Inc., Mastercard Incorporated, Stripe Inc., Paytm Mobile Solutions Private Limited, ACI Worldwide Inc., Aurus Inc., WEX, JP Morgan Chase, Global Payments Inc., FIS, Intuit Inc.
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The global market is further segmented into type and application:
Component Type Outlook (Revenue, USD Million; 2018-2028)
Mode of payment Outlook (Revenue, USD Million; 2018–2028)
Deployment Outlook (Revenue, USD Million; 2018–2028)
Enterprise Outlook (Revenue, USD Million; 2018–2028)
Application Outlook (Revenue, USD Million; 2018–2028)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
Key Takeaways of the Competitive Overview Section:
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