Digital Payments Market 2023-2032; Growth Forecast & Industry Share Report

 

As per a recent research report, Digital Payments Market surpass USD 37.1 Trillion by 2032.

The report cites that the industry growth is favored by the relentless pace of technological innovations. The advent of secure, user-friendly mobile payment platforms and the integration of cutting-edge technologies like Near Field Communication (NFC) and biometric authentication have made digital payments more convenient and secure than ever before. This has led to a surge in consumer confidence, driving widespread adoption. Moreover, the consumers are increasingly seeking convenience and flexibility in their payment methods. The shift towards online shopping, contactless payments, and digital wallets reflects the changing preferences of today's tech-savvy consumers, further shaping the industry outlook.

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The digital payments industry size from Banking, Financial Services, and Insurance (BFSI) sector is touted to expand substantially over 2023-2032. The digital payments helps in reducing operational costs, mitigating fraud risks, and enhancing customer engagement in financial institutions. BFSI organizations are actively leveraging digital payment solutions to offer customers a wide range of services, from mobile banking and online lending to insurance premium payments. Furthermore, the adoption of blockchain technology and cryptocurrencies has opened up new avenues for innovation within the BFSI segment, promising increased security and transparency in financial transactions through digital payments.

The Mobile Point of Sale (POS) payments segment is anticipated to showcase impressing growth over the forecast period, due to its ability to streamline payment processes for businesses. Mobile POS solutions enable businesses to accept payments anywhere, anytime, providing a seamless and efficient checkout experience for customers. The integration of mobile POS systems with inventory management and customer relationship management software allows businesses to gain deeper insights into customer behavior and preferences, thereby improving decision-making processes and enhancing overall customer satisfaction. With the increasing adoption of smartphones and tablets, the mobile POS payments segment share will keep growing in the coming years.

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Europe digital payments market is expected to showcase lucrative growth during 2023 and 2032. The regional growth is driven by factors such as a robust fintech ecosystem, government initiatives promoting cashless economies, and a tech-savvy population. Countries like Sweden and the United Kingdom have made substantial strides in becoming cashless societies, with mobile payments, contactless cards, and digital wallets becoming the norm. The focus on enhancing security measures and expanding the scope of digital payments to include public transportation, government services, and more will create a fertile environment for the growth of market players in Europe.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Digital Payments market 360º synopsis, 2018 - 2032

2.2    Business trends

2.3    Regional trends

2.4    Type trends

2.5    End-user industry trends

Chapter 3   Digital Payments Market Industry Insights

3.1    Impact on COVID-19

3.2    Russia- Ukraine war impact

3.3    Industry ecosystem analysis

3.4    Vendor matrix

3.5    Profit margin analysis

3.6    Technology & innovation landscape

3.7    Patent analysis

3.8    Key news and initiatives

3.9    Regulatory landscape

3.10    Impact forces

3.10.1    Growth drivers

3.10.1.1    Increasing e-commerce and online transactions

3.10.1.2    Changing consumer behavior across the globe

3.10.1.3    Rising penetration of smartphones

3.10.1.4    Supportive government initiatives and regulatory support

3.10.1.5    Increasing globalization and cross border transactions

3.10.2    Industry pitfalls & challenges

3.10.2.1    Increasing case of data breaches and fraud

3.11    Growth potential analysis

3.12    Porter’s analysis

3.13    PESTEL analysis

 

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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