Digital Payment Market

Digital Payment Market by Offering (Solutions (Payment Processor, Payment Gateway, Payment Wallet, POS Solution), Services (Professional and Managed), Transaction Type (Domestic and Cross Border), Payment Mode, Vertical & Region - Global Forecast to 2028

Report Code: TC 6655 Oct, 2023, by marketsandmarkets.com

Digital Payments Market Size & Growth Forecast - 2028

[357 Pages Report] The global Digital Payment Market size was estimated at $111.2 billion in 2023 and is poised to hit a revenue around $193.7 billion via the cease of 2028, projecting a CAGR of 11.8% during the period 2023-2028. The base year for estimation is 2022 and the market size available for the years 2018 to 2028.

The rise in the adoption of contactless payments will drive the digital payment market. Contactless payment technologies such as Near-Field Communication (NFC), Host Card Emulation (HCE), and Radio Frequency Identification (RFID) ensure faster transactions with the touch-and-go process. Consumers across the globe can now enjoy the ease, speed, and convenience of contactless payments for small, frequent transactions using mobiles, cards, rings, and wristbands. Contactless payments also help reduce customer queues and hassles and provide better results through higher revenue for retailers.

Digital Payment Market

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Digital Payment Market

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Digital Payments Market Growth Dynamics

Driver: Rise of e-commerce and adoption of embedded payments platform

Online retail and e-commerce growth is driving increased demand for digital payment solutions. These digital payment methods offer convenience, security, and efficiency, making them essential for facilitating online shopping. They streamline checkout processes, support global transactions, enhance security, and play a vital role in mobile commerce (M-commerce). Additionally, digital payments provide valuable transaction data for businesses to personalize marketing and improve customer experiences. Overall, online retail and e-commerce are closely linked to the growing adoption of digital payment methods in the digital age.

Restraint: Lack of global standards for cross-border payments

Cross-border trade has seen consistent year-on-year growth, with organizations increasingly sourcing goods and services from around the world. Despite this opportunity, digital payment providers face challenges in capitalizing on this trend. The hurdles include the absence of global payment systems that offer user-friendly experiences, the absence of universal standards, and varying government regulations in different countries. Each country has its own unique payment regulations and data storage requirements, resulting in inefficiencies for cross-border payments. Furthermore, domestic payment infrastructures are often tailored for purposes other than facilitating cross-border transactions. The lack of a globally standardized framework for cross-border payments creates numerous challenges in international finance. It results in complex and inefficient processes, high transaction costs, inconsistent user experiences, compliance difficulties, limited financial inclusion, slow transaction processing, security risks, trade barriers, limited innovation, and a lack of transparency. Various initiatives are working toward establishing global standards to address these issues, but achieving consensus and widespread adoption remains a complex and ongoing process with the ultimate aim of making cross-border transactions more accessible, cost-effective, and secure worldwide.

Opportunity: Rapid decline in unbanked population across the globe

A large population across the globe lives in rural and remote regions. This population needs connectivity and digital literacy. Today, governments, development organizations, and private sector players recognize the importance of financial services for a large population living in rural and remote regions. The rapid decrease in unbanked individuals presents a significant opportunity for digital payment providers. With a larger customer base, increased adoption of digital payments, reduced reliance on cash, and support from financial inclusion initiatives, digital payment vendors can expand their market, foster innovation, and benefit from economic growth. This trend also enables them to gather valuable data, cross-sell additional services, and enhance security while contributing to financial inclusion efforts.

Challenges: Evolving cyber-attacks on digital payments

Digital payment solutions encompass many technology-driven tools and platforms that facilitate electronic transactions. These solutions enable individuals and businesses to transfer funds and conduct value exchanges without needing physical currency. Examples of digital payment solutions include mobile wallets, online banking, credit and debit card payments, peer-to-peer (P2P) transfers, and cryptocurrency transactions. They have gained popularity due to their convenience, speed, and accessibility and are employed for various purposes, including online shopping, bill settlement, fund transfers, and in-person purchases. In the digital era, these solutions have fundamentally transformed financial transactions, enhancing efficiency and security.

Digital Payment Market Ecosystem

Prominent companies in this market include a well-established, financially stable provider of the Digital Payment market. These companies have innovated their offerings and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), and ACI Worldwide (US).

Digital Payment Market

By Transaction Type, the domestic segment is expected to hold the largest market size during the forecast period.

A domestic digital payment solution is a specialized financial technology service designed for use within a specific country or region. These solutions are tailored to local needs, supporting the local currency and complying with regional financial regulations. They often integrate with local banks, aim for widespread adoption among consumers and businesses, and prioritize security and customer support. Transactions within a single country typically use the national currency, simplifying the process and eliminating the need for currency conversion. Moreover, domestic digital payments are generally faster and more efficient than cross-border transactions. Transaction fees are often lower for domestic payments as they do not involve international intermediaries or currency exchange costs.

By Vertical, the media & entertainment segment is expected to grow with the highest CAGR during the forecast period.

Media and entertainment are among the fastest-growing verticals worldwide, as several users access media portals and entertainment content over mobile devices. The growth of this vertical is fueled by the expansion of the smartphone market and the availability of high-speed and affordable data services. This vertical is undergoing a major transformation in the way in which media content is made accessible to customers. While print media and electronic media continue to be the prevailing traditional methods in the media and entertainment vertical, the availability of digital media content over mobile devices enabled by the internet is increasing rapidly.

By solution, the payment wallet segment is expected to grow with the highest CAGR during the forecast period.

The payment wallet segment is a vital and rapidly expanding component of the digital payment market. Payment wallets, typically accessed via mobile apps, allow users to store, manage, and conduct various financial transactions digitally. They support diverse transactions, offer security features, and can link to multiple payment methods. Payment wallets are often used for in-store and online purchases, bill payments, and peer-to-peer transfers. They contribute to financial inclusion, foster competition, and comply with financial regulations. While global players like Apple Pay and Google Pay dominate, regional providers also cater to specific markets. Payment wallets play a crucial role in modern digital finance.

Based on region, Asia Pacific is expected to have the highest growth rate during the forecast period.

Asia Pacific exhibits a notable propensity for technology adoption and is poised to achieve the highest growth rate in the Digital Payment market in the coming years. The Digital Payment market within the Asia Pacific region encompasses China, Japan, India, and other countries in the region. The Asia-Pacific (APAC) region is experiencing a surging demand for digital payment solutions due to several factors. Rapid economic growth, widespread smartphone adoption, a tech-savvy population, the e-commerce boom, government initiatives, international trade, urbanization, fintech innovation, and a focus on financial inclusion are all contributing to this demand. APAC's dynamic economies and the growing need for convenient and secure financial transactions are driving the adoption of digital payment methods, making the region a hotspot for digital payment innovation and expansion.

Digital Payment Market Size, and Share

Digital Payment Market Players:

The major Digital Payments companies in this market are PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase  (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, product enhancements, and acquisitions to expand their footprint in the Digital Payment market.

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Scope of the Report

Report Metrics

Details

Market size available for years

2018–2028

Base year considered

2022

Forecast period

2023–2028

Forecast units

Value (USD) Million/Billion

Segments Covered

By Offering (Solutions (Payment Gateway, Payment Processors, Payment Wallet, Point of Sale, and Other Solutions), Services (professional services (Consulting, Implementation, Support & Maintenance), Managed Services), By Transaction Type (Domestic and Cross Border), Payment Mode (Cards, Digital Wallet, ACH Transfer), By Vertical (BFSI, Retail & E-commerce, Healthcare, Travel & Hospitality, IT & ITeS, Telecom, Transportation & Logistics, Media & Entertainment, Other Verticals)

Geographies covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Companies covered

PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase  (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil)

The study categorizes the Digital Payments Market based on offering, transaction type, and vertical at the regional and global levels.

Digital Payments Market by Offering
  • Solutions
    • Payment Gateway Solutions
    • Payment Processor Solutions
    • Payment Wallet Solutions
    • Point of Sale (POS) Solutions
    • Other Solutions
  • Services
    • Professional Services
      • Consulting          
      • Implementation              
      • Support and Maintenance
    • Managed Services
Digital Payment Industry By Transaction Type
  • Domestic
  • Cross Border
Digital Payment Industry By Payment Mode
  • Cards
  • ACH Transfer
  • Digital Wallet
  • Other Payment Modes
Digital Payments Market By Vertical
  • BFSI
  • Retail & E-commerce
  • IT & ITeS
  • Telecom              
  • Healthcare         
  • Travel & Hospitality
  • Transportation & Logistics
  • Media & Entertainment
  • Other Verticals
Digital Payments Market By Region
  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • Italy
    • Spain
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • UAE
    • South Africa
    • KSA
    • Rest of MEA

Recent Developments in Digital Payments Market

  • In April 2023, the new version of PayPal Payment Solution provided acceptance of PayPal payments with Apple Pay, save payment methods with PayPal Vault, and real-time account updater.
  • In April 2023, Square launched Tap to Pay on Android for sellers in the UK. The new technology empowers sellers to securely accept contactless payments with a compatible Android device at no additional cost and without any need for additional hardware.
  • In September 2022, the introduction of Worldpay for Platforms merged FIS' extensive merchant and banking solutions into a single platform, incorporating embedded payments technology.
  • In February 2022, FIS acquired Payrix. The acquisition positioned FIS to strengthen embedded payments and finance experiences specifically tailored for small- and medium-sized businesses across diverse industries.
  • In January 2022, PayPal and Salesforce extended their partnership, offering accelerated access to PayPal’s checkout solutions via the PayPal Commerce Platform to global enterprise merchants who integrate through Salesforce Payments.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 32)
    1.1 STUDY OBJECTIVES 
    1.2 DIGITAL PAYMENTS MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 STUDY SCOPE 
           1.3.1 MARKET SEGMENTATION
           1.3.2 REGIONS COVERED
    1.4 YEARS CONSIDERED 
    1.5 CURRENCY CONSIDERED 
           TABLE 1 USD EXCHANGE RATES, 2020–2022
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES 
    1.8 RECESSION IMPACT 
 
2 RESEARCH METHODOLOGY (Page No. - 37)
    2.1 RESEARCH DATA 
           FIGURE 1 DIGITAL PAYMENT MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
           2.1.2 PRIMARY DATA
                    2.1.2.1 Breakdown of primary interviews
                               TABLE 2 PRIMARY INTERVIEWS
                    2.1.2.2 Key industry insights
    2.2 DATA TRIANGULATION 
           FIGURE 2 DATA TRIANGULATION
    2.3 MARKET SIZE ESTIMATION 
           FIGURE 3 APPROACH 1 (SUPPLY-SIDE): REVENUE OF OFFERINGS IN MARKET
           FIGURE 4 APPROACH 2 (DEMAND-SIDE): DIGITAL PAYMENT MARKET
           2.3.1 BOTTOM-UP APPROACH
                    FIGURE 5 BOTTOM-UP APPROACH
                    FIGURE 6 DIGITAL PAYMENTS MARKET SIZE ESTIMATION USING BOTTOM-UP APPROACH
           2.3.2 TOP-DOWN APPROACH
                    FIGURE 7 TOP-DOWN APPROACH
    2.4 MARKET FORECAST 
           TABLE 3 FACTOR ANALYSIS
    2.5 STUDY ASSUMPTIONS 
    2.6 LIMITATIONS AND RISK ASSESSMENT 
    2.7 RECESSION IMPACT ON MARKET 
 
3 EXECUTIVE SUMMARY (Page No. - 47)
    FIGURE 8 DIGITAL PAYMENT MARKET, 2023–2028 (USD MILLION) 
    FIGURE 9 MARKET, BY OFFERING, 2023 VS. 2028 (USD MILLION) 
    FIGURE 10 DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023 VS. 2028 (USD MILLION) 
    FIGURE 11 MARKET, BY TRANSACTION TYPE, 2023 VS. 2028 (USD MILLION) 
    FIGURE 12 MARKET, BY PAYMENT MODE, 2023 VS. 2028 (USD MILLION) 
    FIGURE 13 MARKET, BY VERTICAL, 2023 VS. 2028 (USD MILLION) 
    FIGURE 14 DIGITAL PAYMENTS MARKET, BY REGION, 2023 
 
4 PREMIUM INSIGHTS (Page No. - 52)
    4.1 DIGITAL PAYMENT MARKET OVERVIEW 
           FIGURE 15 INCREASING USE OF ONLINE PLATFORM TO DRIVE MARKET GROWTH
    4.2 NORTH AMERICA: MARKET, BY OFFERING AND VERTICAL (2023) 
           FIGURE 16 OFFERING SEGMENT EXPECTED TO ACCOUNT FOR LARGER MARKET SIZE IN 2023
    4.3 ASIA PACIFIC: DIGITAL PAYMENTS MARKET, BY OFFERING AND VERTICAL (2023) 
           FIGURE 17 APAC: SOLUTIONS SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE IN 2023
    4.4 EUROPE: MARKET, BY OFFERING AND VERTICAL (2023) 
           FIGURE 18 EUROPE: SOLUTIONS SEGMENT TO ACCOUNT FOR LARGER MARKET SHARE IN 2023
    4.5 GEOGRAPHICAL SNAPSHOT 
           FIGURE 19 ASIA PACIFIC TO ACHIEVE HIGHEST GROWTH DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 55)
    5.1 DIGITAL PAYMENTS MARKET OVERVIEW 
    5.2 DIGITAL PAYMENT MARKET GROWTH DYNAMICS 
           FIGURE 20 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
           5.2.1 DRIVERS
                    5.2.1.1 Rising initiatives for promotion of digitized payments
                               TABLE 4 GLOBAL INITIATIVES TO PROMOTE DIGITAL PAYMENTS
                    5.2.1.2 High proliferation of smartphones enabling mCommerce growth
                    5.2.1.3 Rise of eCommerce and adoption of embedded payment system
                    5.2.1.4 High adoption of contactless payments
                    5.2.1.5 Increasing adoption of real-time payments and ACH transactions
                    5.2.1.6 Rise in changing consumer payment modes
           5.2.2 RESTRAINTS
                    5.2.2.1 Evolving cyber-attacks on digital payments
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Provision of connectivity and digital literacy in remote areas
                    5.2.3.2 Increasing adoption of open-banking APIs
                    5.2.3.3 Rapid use of digital payments
                    5.2.3.4 Rise in government initiatives favoring adoption of digital payments
                    5.2.3.5 Rise in digital payment startup and challenger’s banks
                    5.2.3.6 Advancements in technology with collaboration between banks and fintech institutions
           5.2.4 CHALLENGES
                    5.2.4.1 Lack of global standards for cross-border payments
                    5.2.4.2 Lack of digital literacy in emerging countries
                    5.2.4.3 Increased costs due to fragmented regional regulatory landscape
           5.2.5 CUMULATIVE GROWTH ANALYSIS
                    TABLE 5 CUMULATIVE GROWTH ANALYSIS
    5.3 REGULATORY LANDSCAPE 
    5.4 INDUSTRY TRENDS 
           5.4.1 BEST PRACTICES IN DIGITAL PAYMENT MARKET
           5.4.2 VALUE CHAIN ANALYSIS
                    FIGURE 21 DIGITAL PAYMENTS MARKET: VALUE CHAIN ANALYSIS
           5.4.3 BRIEF HISTORY OF MARKET
                    FIGURE 22 BRIEF HISTORY OF DIGITAL PAYMENT
                    5.4.3.1 2000–2010
                    5.4.3.2 2010–2020
                    5.4.3.3 2020–Present
           5.4.4 ECOSYSTEM ANALYSIS
                    FIGURE 23 MARKET: ECOSYSTEM ANALYSIS
                    TABLE 6 DIGITAL PAYMENT MARKET: ECOSYSTEM ANALYSIS
           5.4.5 PATENT ANALYSIS
                    5.4.5.1 Methodology
                    5.4.5.2 Document type
                               TABLE 7 PATENTS FILED, 2020–2023
                    5.4.5.3 Innovation and patent applications
                               FIGURE 24 TOTAL NUMBER OF PATENTS GRANTED, 2020–2023
                    5.4.5.4 Top applicants
                               FIGURE 25 TOP TEN PATENT APPLICANTS, 2020–2023
           5.4.6 CASE STUDIES
                    5.4.6.1 Case study 1: Tradera implemented customized platform to collect and verify individual information
                    5.4.6.2 Case study 2: FIS helped Zalando minimize exemptions to deliver fast and secure payment experience while reducing fraud and risk
                    5.4.6.3 Case study 3: Braintree was opted for as solution by Animoto to handle its recurring payments and subscriptions
                    5.4.6.4 Case study 4: Stripe worked with MindBody to help studios boost online revenue conversion with virtual classes
                    5.4.6.5 Case study 5: By integrating Square for in-person, in-app, and online payments, Brushfire created cohesive payments and reporting solutions
           5.4.7 INDICATIVE PRICING ANALYSIS, BY PAYMENT METHOD
                    5.4.7.1 Average selling price of key players
                               TABLE 8 PRICING ANALYSIS
                    5.4.7.2 Average selling price trend
           5.4.8 IMPACT OF DIGITAL PAYMENT ON ADJACENT TECHNOLOGIES
           5.4.9 TECHNOLOGY ANALYSIS
                    5.4.9.1 Adjacent technologies
                               5.4.9.1.1 Encryption and tokenization
                               TABLE 9 TECHNOLOGY ENABLERS IN DIGITAL PAYMENTS
           5.4.10 PORTER’S FIVE FORCES ANALYSIS
                    TABLE 10 PORTER’S FIVE FORCES MODEL
                    5.4.10.1 Threat of new entrants
                    5.4.10.2 Threat of substitutes
                    5.4.10.3 Bargaining power of buyers
                    5.4.10.4 Bargaining power of suppliers
                    5.4.10.5 Intensity of competitive rivalry
           5.4.11 TRENDS/DISRUPTIONS IMPACTING BUYERS/CUSTOMERS
                    FIGURE 26 TRENDS/DISRUPTIONS IMPACTING BUYERS/CUSTOMERS
           5.4.12 KEY CONFERENCES & EVENTS, 2023-24
                    TABLE 11 DETAILED LIST OF KEY CONFERENCES & EVENTS, 2023-24
           5.4.13 KEY STAKEHOLDERS & BUYING CRITERIA
                    5.4.13.1 Key stakeholders in buying process
                               FIGURE 27 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END-USE INDUSTRIES
                               TABLE 12 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE END-USE INDUSTRIES (%)
                    5.4.13.2 Buying criteria
                               FIGURE 28 KEY BUYING CRITERIA FOR TOP THREE END-USE INDUSTRIES
                               TABLE 13 KEY BUYING CRITERIA FOR TOP THREE END-USE INDUSTRIES
           5.4.14 FUTURE DIRECTION OF DIGITAL PAYMENT MARKET
                    5.4.14.1 market roadmap till 2030
                    5.4.14.2 Short-term roadmap (2023–2025)
                    5.4.14.3 Mid-term roadmap (2026–2028)
                    5.4.14.4 Long-term roadmap (2029–2030)
           5.4.15 HS CODE
                    TABLE 14 HS CODES, BY PAYMENT METHOD (IMPORT)
                    TABLE 15 HS CODES, BY PAYMENT METHOD (EXPORT)
 
6 DIGITAL PAYMENT MARKET, BY OFFERING (Page No. - 82)
    6.1 INTRODUCTION 
           6.1.1 OFFERING: MARKET DRIVERS
                    FIGURE 29 SERVICES SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
                    TABLE 16 DIGITAL PAYMENTS MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                    TABLE 17 MARKET, BY OFFERING, 2023–2028 (USD MILLION)
    6.2 SOLUTIONS 
           FIGURE 30 PAYMENT WALLET TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 18 DIGITAL PAYMENTS MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
           TABLE 19 DIGITAL PAYMENT MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
           6.2.1 PAYMENT GATEWAYS
                    6.2.1.1 Strong support in processing customer payment credentials and authorizing their payments to drive growth
                               TABLE 20 PAYMENT GATEWAYS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 21 PAYMENT GATEWAYS: MARKET, BY REGION, 2023–2028 (USD MILLION)
           6.2.2 PAYMENT PROCESSORS
                    6.2.2.1 Increasing demand for transactions through various modes to boost growth
                               TABLE 22 PAYMENT PROCESSORS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 23 PAYMENT PROCESSORS: MARKET, BY REGION, 2023–2028 (USD MILLION)
           6.2.3 PAYMENT WALLET
                    6.2.3.1 Rising demand for secure and convenient payment solutions in various verticals to encourage market expansion
                               TABLE 24 PAYMENT WALLET: DIGITAL PAYMENT MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 25 PAYMENT WALLET: MARKET, BY REGION, 2023–2028 (USD MILLION)
           6.2.4 POINT-OF-SALE SOLUTIONS
                    6.2.4.1 Elimination of need for tracking multiple payment systems to boost growth
                               TABLE 26 POINT-OF-SALE SOLUTIONS: DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 27 POINT-OF-SALE SOLUTIONS: MARKET, BY REGION, 2023–2028 (USD MILLION)
           6.2.5 OTHER SOLUTIONS
                    TABLE 28 OTHER SOLUTIONS: DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 29 OTHER SOLUTIONS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    6.3 SERVICES 
           FIGURE 31 MANAGED SERVICES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
           TABLE 30 DIGITAL PAYMENTS MARKET, BY SERVICE, 2018–2022 (USD MILLION)
           TABLE 31 MARKET, BY SERVICE, 2023–2028 (USD MILLION)
           6.3.1 PROFESSIONAL SERVICES
                    6.3.1.1 Rising expertise and consulting offerings to optimize payment processes and enhance security to propel growth
                               FIGURE 32 CONSULTING SERVICES TO BE FASTEST-GROWING SEGMENT DURING FORECAST PERIOD
                               TABLE 32 DIGITAL PAYMENT MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                               TABLE 33 MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                    6.3.1.2 Consulting
                               TABLE 34 CONSULTING: DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 35 CONSULTING: MARKET, BY REGION, 2023–2028 (USD MILLION)
                    6.3.1.3 Implementation
                               TABLE 36 IMPLEMENTATION: MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 37 IMPLEMENTATION: MARKET, BY REGION, 2023–2028 (USD MILLION)
                    6.3.1.4 Support & Maintenance
                               TABLE 38 SUPPORT & MAINTENANCE: DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 39 SUPPORT & MAINTENANCE: MARKET, BY REGION, 2023–2028 (USD MILLION)
           6.3.2 MANAGED SERVICES
                    6.3.2.1 Emergence of hosted payment solutions to contribute to market growth
 
7 DIGITAL PAYMENT MARKET, BY TRANSACTION TYPE (Page No. - 98)
    7.1 INTRODUCTION 
           7.1.1 TRANSACTION TYPE: MARKET DRIVERS
                    FIGURE 33 CROSS BORDER SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
                    TABLE 40 DIGITAL PAYMENTS MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                    TABLE 41 MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
    7.2 DOMESTIC 
           7.2.1 ELIMINATING NEED FOR CURRENCY CONVERSION FOR INTERNATIONAL INTERMEDIARIES TO BOLSTER GROWTH
                    TABLE 42 DOMESTIC: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 43 DOMESTIC: MARKET, BY REGION, 2023–2028 (USD MILLION)
    7.3 CROSS BORDER 
           7.3.1 FACILITATING GLOBAL TRADE FOR FUNDS EXCHANGE TO FOSTER GROWTH
                    TABLE 44 CROSS BORDER: DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 45 CROSS BORDER: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
8 DIGITAL PAYMENT MARKET, BY PAYMENT MODE (Page No. - 103)
    8.1 INTRODUCTION 
           FIGURE 34 DIGITAL WALLET SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
           TABLE 46 MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
           TABLE 47 DIGITAL PAYMENTS MARKET, PAYMENT MODE, 2023–2028 (USD MILLION)
           8.1.1 PAYMENT MODE: MARKET DRIVERS
    8.2 CARDS 
           8.2.1 GROWING DEMAND FOR CARDS FOR SEAMLESS ONLINE TRANSACTIONS TO DRIVE MARKET
                    TABLE 48 CARDS: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 49 CARDS: MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.3 DIGITAL WALLET 
           8.3.1 FACILITATING CROSS-BORDER TRANSACTIONS AND CURRENCY CONVERSIONS TO SPUR GROWTH
                    TABLE 50 DIGITAL WALLET: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 51 DIGITAL WALLET: DIGITAL PAYMENTS MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.4 AUTOMATIC CLEARING HOUSE (ACH) TRANSFER 
           8.4.1 NEED TO MAKE RECURRING DEPOSITS INTO TAXABLE BROKERAGE ACCOUNTS TO FUEL DEMAND
                    TABLE 52 ACH TRANSFER: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 53 ACH TRANSFER: MARKET, BY REGION, 2023–2028 (USD MILLION)
    8.5 OTHER PAYMENT MODES 
           TABLE 54 OTHER PAYMENT MODES: MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 55 OTHER PAYMENT MODES: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
9 DIGITAL PAYMENT MARKET, BY VERTICAL (Page No. - 110)
    9.1 INTRODUCTION 
           9.1.1 VERTICALS: MARKET DRIVERS
                    FIGURE 35 MEDIA & ENTERTAINMENT VERTICAL TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
                    TABLE 56 DIGITAL PAYMENTS MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                    TABLE 57 MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
    9.2 BFSI 
           9.2.1 RISING ADOPTION OF DIGITALIZED TOOLS TO EASE BANKING AND OTHER FINANCIAL PROCESSES TO DRIVE GROWTH
           9.2.2 CASE STUDIES
                    9.2.2.1 Fino Payment Bank adopted FIS payment solution to scale its operations across India
                    9.2.2.2 Fundraise Up partnered with Stripe to deploy efficient payment optimization tools for better customer checkout experience
                    9.2.2.3 River City Bank enhanced security against rising cyber threats with help of FIS
                               TABLE 58 BFSI: DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                               TABLE 59 BFSI: MARKET, BY REGION, 2023–2028 (USD MILLION)
    9.3 RETAIL & ECOMMERCE 
           9.3.1 GROWING NEED TO SUPPORT ONLINE TRANSACTIONS TO BOOST MARKET
                    TABLE 60 RETAIL & ECOMMERCE: DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 61 RETAIL & ECOMMERCE: MARKET, BY REGION, 2023–2028 (USD MILLION)
           9.3.2 CASE STUDIES
                    9.3.2.1 Jilian Produce deployed Zettle terminal to ease its sales interface
                    9.3.2.2 Walmart Marketplace integrated PayPal's Hyperwallet for payout processing
    9.4 HEALTHCARE 
           9.4.1 ADOPTION OF NEW TECHNOLOGIES TO PROVIDE IMPROVED SERVICES TO PATIENTS TO SPUR GROWTH
                    TABLE 62 HEALTHCARE: DIGITAL PAYMENT MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 63 HEALTHCARE: MARKET, BY REGION, 2023–2028 (USD MILLION)
           9.4.2 CASE STUDIES
                    9.4.2.1 Doctolib leveraged Stripe Connect as part of seamless practitioner-onboarding process to reduce doctor payout frequency
                    9.4.2.2 Lyra Health partnered with Stripe to experience substantial growth in payment transactions
    9.5 IT & ITES 
           9.5.1 RISING TECHNOLOGICAL ADVANCEMENTS TO SUPPORT ADVANCED APIS AND SECURE PAYMENT GATEWAYS TO BOOST MARKET
                    TABLE 64 IT & ITES: DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 65 IT & ITES: MARKET, BY REGION, 2023–2028 (USD MILLION)
           9.5.2 CASE STUDY
                    9.5.2.1 Atlassian selected Stripe to create single payment and billing platform for global transactions
    9.6 TELECOM 
           9.6.1 ADOPTION OF DIGITAL SOLUTIONS TO MEET CHANGING DEMANDS OF CUSTOMERS TO PROPEL MARKET
                    TABLE 66 TELECOM: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 67 TELECOM: DIGITAL PAYMENTS MARKET, BY REGION, 2023–2028 (USD MILLION)
           9.6.2 CASE STUDY
                    9.6.2.1 PayPal paired with telecom giants to expand its payment processing solutions
    9.7 TRAVEL & HOSPITALITY 
           9.7.1 MOUNTED NFC-ENABLED DEVICES IN RESTAURANTS AND HOTELS TO HELP ENABLE FAST TRANSACTIONS
                    TABLE 68 TRAVEL & HOSPITALITY: DIGITAL PAYMENT MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 69 TRAVEL & HOSPITALITY: MARKET, BY REGION, 2023–2028 (USD MILLION)
           9.7.2 CASE STUDIES
                    9.7.2.1 Worldpay provided necessary tools to streamline payment operations and navigate business complexities
                    9.7.2.2 Aegean Airlines used ACI Worldwide fraud prevention solution to increase efficiency and payment management
                    9.7.2.3 PayPal and Expedia collaborated to improve customer’s travel experience
    9.8 TRANSPORTATION & LOGISTICS 
           9.8.1 ENCOURAGING COMMUTERS TO INCORPORATE MICRO-MOBILITY SOLUTIONS INTO MULTI-MODAL JOURNEYS TO REDUCE TRAFFIC CONGESTION TO BOLSTER GROWTH
                    TABLE 70 TRANSPORTATION & LOGISTICS: DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 71 TRANSPORTATION & LOGISTICS: MARKET, BY REGION, 2023–2028 (USD MILLION)
           9.8.2 CASE STUDY
                    9.8.2.1 Worldpay helped Steer D&G Autocare with latest technology and innovation to modernize and streamline payment processes
    9.9 MEDIA & ENTERTAINMENT 
           9.9.1 HIGH AVAILABILITY OF FEASIBLE MOBILE PAYMENT SOLUTIONS PROVIDED OVER MOBILE DEVICES TO FUEL GROWTH
                    TABLE 72 MEDIA & ENTERTAINMENT: MARKET, BY REGION, 2018–2022 (USD MILLION)
                    TABLE 73 MEDIA & ENTERTAINMENT: DIGITAL PAYMENTS MARKET, BY REGION, 2023–2028 (USD MILLION)
           9.9.2 CASE STUDY
                    9.9.2.1 Radius Media adopted FIS solution for recurring and card-on-file billing
    9.10 OTHER VERTICALS 
           TABLE 74 OTHER VERTICALS: MARKET, BY REGION, 2018–2022 (USD MILLION)
           TABLE 75 OTHER VERTICALS: MARKET, BY REGION, 2023–2028 (USD MILLION)
 
10 DIGITAL PAYMENT MARKET, BY REGION (Page No. - 128)
     10.1 INTRODUCTION 
               FIGURE 36 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
               TABLE 76 DIGITAL PAYMENTS MARKET, BY REGION, 2018–2022 (USD MILLION)
               TABLE 77 MARKET, BY REGION, 2023–2028 (USD MILLION)
     10.2 NORTH AMERICA 
             10.2.1 NORTH AMERICA: MARKET DRIVERS
             10.2.2 NORTH AMERICA: RECESSION IMPACT ANALYSIS
                       FIGURE 37 NORTH AMERICA: MARKET SNAPSHOT
                       TABLE 78 NORTH AMERICA: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 79 NORTH AMERICA: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 80 NORTH AMERICA: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                       TABLE 81 NORTH AMERICA: MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                       TABLE 82 NORTH AMERICA: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                       TABLE 83 NORTH AMERICA: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                       TABLE 84 NORTH AMERICA: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                       TABLE 85 NORTH AMERICA: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                       TABLE 86 NORTH AMERICA: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                       TABLE 87 NORTH AMERICA: DIGITAL PAYMENTS MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                       TABLE 88 NORTH AMERICA: MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                       TABLE 89 NORTH AMERICA: MARKET, BY PAYMENT MODE 2023–2028 (USD MILLION)
                       TABLE 90 NORTH AMERICA: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 91 NORTH AMERICA: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 92 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 93 NORTH AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             10.2.3 US
                       10.2.3.1 Presence of huge financial institutions to encourage market expansion
                                   TABLE 94 US: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                                   TABLE 95 US: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                   TABLE 96 US: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                                   TABLE 97 US: MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                                   TABLE 98 US:DIGITAL PAYMENTS MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 99 US: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 100 US: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 101 US: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 102 US: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                                   TABLE 103 US: MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                                   TABLE 104 US: MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                                   TABLE 105 US: DIGITAL PAYMENTS MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                                   TABLE 106 US: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                                   TABLE 107 US: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
             10.2.4 CANADA
                       10.2.4.1 Rapid adoption of digitalized platforms such as contactless eCommerce to boost growth
                                   TABLE 108 CANADA: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                                   TABLE 109 CANADA: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                   TABLE 110 CANADA: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                                   TABLE 111 CANADA: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                                   TABLE 112 CANADA: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 113 CANADA: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 114 CANADA: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 115 CANADA: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 116 CANADA: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                                   TABLE 117 CANADA: DIGITAL PAYMENTS MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                                   TABLE 118 CANADA: MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                                   TABLE 119 CANADA: MARKET, BY PAYMENT MODE 2023–2028 (USD MILLION)
                                   TABLE 120 CANADA: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                                   TABLE 121 CANADA: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
     10.3 EUROPE 
             10.3.1 EUROPE: MARKET DRIVERS
             10.3.2 EUROPE: RECESSION IMPACT ANALYSIS
                       TABLE 122 EUROPE: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 123 EUROPE: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 124 EUROPE: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                       TABLE 125 EUROPE: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                       TABLE 126 EUROPE: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                       TABLE 127 EUROPE: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                       TABLE 128 EUROPE: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                       TABLE 129 EUROPE: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                       TABLE 130 EUROPE: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                       TABLE 131 EUROPE: MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                       TABLE 132 EUROPE: DIGITAL PAYMENTS MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                       TABLE 133 EUROPE: MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                       TABLE 134 EUROPE: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 135 EUROPE: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 136 EUROPE: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 137 EUROPE: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             10.3.3 UK
                       10.3.3.1 Increased use of cards and popularity of contactless payments to propel growth
                                   TABLE 138 UK: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                                   TABLE 139 UK: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                   TABLE 140 UK: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                                   TABLE 141 UK: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                                   TABLE 142 UK: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 143 UK: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 144 UK: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 145 UK: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 146 UK: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                                   TABLE 147 UK: DIGITAL PAYMENTS MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                                   TABLE 148 UK: MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                                   TABLE 149 UK: MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                                   TABLE 150 UK: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                                   TABLE 151 UK: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
             10.3.4 GERMANY
                       10.3.4.1 Increasing smartphone and internet penetration in fintech sector to fuel growth
                                   TABLE 152 GERMANY: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                                   TABLE 153 GERMANY: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                   TABLE 154 GERMANY: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                                   TABLE 155 GERMANY: MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                                   TABLE 156 GERMANY: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 157 GERMANY: DIGITAL PAYMENTS MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 158 GERMANY: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 159 GERMANY: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 160 GERMANY: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                                   TABLE 161 GERMANY: MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                                   TABLE 162 GERMANY: DIGITAL PAYMENTS MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                                   TABLE 163 GERMANY: MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                                   TABLE 164 GERMANY: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                                   TABLE 165 GERMANY: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
             10.3.5 FRANCE
                       10.3.5.1 Strong government initiatives to promote instant payment methods to drive growth
             10.3.6 SPAIN
                       10.3.6.1 Shift toward adoption and acceptance of electronic payments to boost growth
             10.3.7 REST OF EUROPE
     10.4 ASIA PACIFIC 
             10.4.1 ASIA PACIFIC: MARKET DRIVERS
             10.4.2 ASIA PACIFIC: RECESSION IMPACT ANALYSIS
                       FIGURE 38 ASIA PACIFIC: DIGITAL PAYMENT MARKET SNAPSHOT
                       TABLE 166 ASIA PACIFIC: MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 167 ASIA PACIFIC: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 168 ASIA PACIFIC: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                       TABLE 169 ASIA PACIFIC: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                       TABLE 170 ASIA PACIFIC: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                       TABLE 171 ASIA PACIFIC: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                       TABLE 172 ASIA PACIFIC: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                       TABLE 173 ASIA PACIFIC: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                       TABLE 174 ASIA PACIFIC: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                       TABLE 175 ASIA PACIFIC: MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                       TABLE 176 ASIA PACIFIC: DIGITAL PAYMENTS MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                       TABLE 177 ASIA PACIFIC: MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                       TABLE 178 ASIA PACIFIC: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 179 ASIA PACIFIC: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 180 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 181 ASIA PACIFIC: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             10.4.3 CHINA
                       10.4.3.1 Robust government initiatives to launch digital currency and enable cross-border business payments to drive market
                                   TABLE 182 CHINA: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                                   TABLE 183 CHINA: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                   TABLE 184 CHINA: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                                   TABLE 185 CHINA: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                                   TABLE 186 CHINA: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 187 CHINA: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 188 CHINA: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 189 CHINA: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 190 CHINA: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                                   TABLE 191 CHINA: DIGITAL PAYMENTS MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                                   TABLE 192 CHINA: MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                                   TABLE 193 CHINA: MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                                   TABLE 194 CHINA: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                                   TABLE 195 CHINA: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
             10.4.4 INDIA
                       10.4.4.1 Robust efforts to support Digital India initiative for strong internet connectivity to drive market
                                   TABLE 196 INDIA: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                                   TABLE 197 INDIA: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                   TABLE 198 INDIA: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                                   TABLE 199 INDIA: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                                   TABLE 200 INDIA: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 201 INDIA: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 202 INDIA: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 203 INDIA: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 204 INDIA: DIGITAL PAYMENTS MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                                   TABLE 205 INDIA: MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                                   TABLE 206 INDIA: MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                                   TABLE 207 INDIA: MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                                   TABLE 208 INDIA: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                                   TABLE 209 INDIA: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
             10.4.5 JAPAN
                       10.4.5.1 High usage of credit cards for transactions to boost market
             10.4.6 AUSTRALIA & NEW ZEALAND (ANZ)
                       10.4.6.1 Rising popularity of eCommerce to propel growth
             10.4.7 REST OF ASIA PACIFIC
     10.5 MIDDLE EAST & AFRICA 
             10.5.1 MIDDLE EAST & AFRICA: MARKET DRIVERS
                       TABLE 210 MIDDLE EAST & AFRICA: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 211 MIDDLE EAST & AFRICA: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 212 MIDDLE EAST & AFRICA: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                       TABLE 213 MIDDLE EAST & AFRICA: MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                       TABLE 214 MIDDLE EAST & AFRICA: DIGITAL PAYMENTS MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                       TABLE 215 MIDDLE EAST & AFRICA: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                       TABLE 216 MIDDLE EAST & AFRICA: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                       TABLE 217 MIDDLE EAST & AFRICA: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                       TABLE 218 MIDDLE EAST & AFRICA: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                       TABLE 219 MIDDLE EAST & AFRICA: MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                       TABLE 220 MIDDLE EAST & AFRICA: MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                       TABLE 221 MIDDLE EAST & AFRICA: DIGITAL PAYMENTS MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                       TABLE 222 MIDDLE EAST & AFRICA: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 223 MIDDLE EAST & AFRICA: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 224 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 225 MIDDLE EAST & AFRICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             10.5.2 UAE
                       10.5.2.1 Rising popularity of digital platforms, growth in eCommerce, and technological advancements to drive demand
                                   TABLE 226 UAE: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                                   TABLE 227 UAE: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                   TABLE 228 UAE: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                                   TABLE 229 UAE: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                                   TABLE 230 UAE: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 231 UAE: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 232 UAE: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 233 UAE: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 234 UAE: DIGITAL PAYMENTS MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                                   TABLE 235 UAE: MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                                   TABLE 236 UAE: MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                                   TABLE 237 UAE: MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                                   TABLE 238 UAE: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                                   TABLE 239 UAE: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
             10.5.3 SAUDI ARABIA
                       10.5.3.1 Growing use of smartphones and internet penetration to contribute to market growth
             10.5.4 SOUTH AFRICA
                       10.5.4.1 Government’s rapid payments program to enable new entrants to access core payment systems
             10.5.5 REST OF MIDDLE EAST & AFRICA
     10.6 LATIN AMERICA 
             10.6.1 LATIN AMERICA: MARKET DRIVERS
             10.6.2 LATIN AMERICA: RECESSION IMPACT ANALYSIS
                       TABLE 240 LATIN AMERICA: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 241 LATIN AMERICA: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                       TABLE 242 LATIN AMERICA: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                       TABLE 243 LATIN AMERICA: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                       TABLE 244 LATIN AMERICA: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                       TABLE 245 LATIN AMERICA: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                       TABLE 246 LATIN AMERICA: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                       TABLE 247 LATIN AMERICA: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                       TABLE 248 LATIN AMERICA: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                       TABLE 249 LATIN AMERICA: MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                       TABLE 250 LATIN AMERICA: MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                       TABLE 251 LATIN AMERICA: DIGITAL PAYMENTS MARKET, BY PAYMENT MODE, 2023–2028 (USD MILLION)
                       TABLE 252 LATIN AMERICA: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 253 LATIN AMERICA: MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 254 LATIN AMERICA: MARKET, BY COUNTRY, 2018–2022 (USD MILLION)
                       TABLE 255 LATIN AMERICA: MARKET, BY COUNTRY, 2023–2028 (USD MILLION)
             10.6.3 BRAZIL
                       10.6.3.1 Improved economic conditions, rapid urbanization, and expansion of eCommerce industry to drive market in Brazil
                                   TABLE 256 BRAZIL: DIGITAL PAYMENT MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                                   TABLE 257 BRAZIL: MARKET, BY OFFERING, 2023–2028 (USD MILLION)
                                   TABLE 258 BRAZIL: MARKET, BY SOLUTION, 2018–2022 (USD MILLION)
                                   TABLE 259 BRAZIL: DIGITAL PAYMENTS MARKET, BY SOLUTION, 2023–2028 (USD MILLION)
                                   TABLE 260 BRAZIL: MARKET, BY SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 261 BRAZIL: MARKET, BY SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 262 BRAZIL: MARKET, BY PROFESSIONAL SERVICE, 2018–2022 (USD MILLION)
                                   TABLE 263 BRAZIL: MARKET, BY PROFESSIONAL SERVICE, 2023–2028 (USD MILLION)
                                   TABLE 264 BRAZIL: MARKET, BY TRANSACTION TYPE, 2018–2022 (USD MILLION)
                                   TABLE 265 BRAZIL: MARKET, BY TRANSACTION TYPE, 2023–2028 (USD MILLION)
                                   TABLE 266 BRAZIL: DIGITAL PAYMENTS MARKET, BY PAYMENT MODE, 2018–2022 (USD MILLION)
                                   TABLE 267 BRAZIL: MARKET, BY PAYMENT MODE 2023–2028 (USD MILLION)
                                   TABLE 268 BRAZIL: MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                                   TABLE 269 BRAZIL: DIGITAL PAYMENT MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
             10.6.4 MEXICO
                       10.6.4.1 Launch of social benefit programs to increase digital transactions to contribute to market growth
             10.6.5 REST OF LATIN AMERICA
 
11 COMPETITIVE LANDSCAPE (Page No. - 209)
     11.1 OVERVIEW 
     11.2 STRATEGIES ADOPTED BY KEY PLAYERS 
               TABLE 270 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS
     11.3 MARKET SHARE ANALYSIS OF TOP PLAYERS 
               TABLE 271 MARKET: DEGREE OF COMPETITION
     11.4 HISTORICAL REVENUE ANALYSIS 
               FIGURE 39 REVENUE ANALYSIS OF LEADING PLAYERS, 2020–2022 (USD MILLION)
     11.5 COMPETITIVE BENCHMARKING 
               TABLE 272 PRODUCT FOOTPRINT WEIGHTAGE
               TABLE 273 MARKET: COMPETITIVE BENCHMARKING OF PLAYERS, BY OFFERING, VERTICAL, AND REGION
               TABLE 274 MARKET: DETAILED LIST OF KEY STARTUPS/SMES
     11.6 PRODUCT BENCHMARKING FOR PROMINENT DIGITAL PAYMENT SOLUTION PROVIDERS 
               TABLE 275 COMPARATIVE ANALYSIS OF DIGITAL PAYMENT SOLUTION PROVIDERS
             11.6.1 VISA
             11.6.2 STRIPE
             11.6.3 MASTERCARD
             11.6.4 PAYPAL
     11.7 COMPANY PRODUCT FOOTPRINT ANALYSIS 
               TABLE 276 COMPANY PRODUCT FOOTPRINT
     11.8 MARKET RANKING OF KEY PLAYERS, 2023 
               FIGURE 40 MARKET RANKING OF KEY PLAYERS, 2023
     11.9 COMPANY EVALUATION MATRIX 
               FIGURE 41 COMPANY EVALUATION MATRIX: CRITERIA WEIGHTAGE
             11.9.1 STARS
             11.9.2 EMERGING LEADERS
             11.9.3 PERVASIVE PLAYERS
             11.9.4 PARTICIPANTS
                       FIGURE 42 COMPANY EVALUATION MATRIX, 2023
     11.10 SME/STARTUP EVALUATION MATRIX: METHODOLOGY AND DEFINITIONS 
               FIGURE 43 STARTUP/SME EVALUATION MATRIX: CRITERIA WEIGHTAGE
               11.10.1 PROGRESSIVE COMPANIES
               11.10.2 RESPONSIVE COMPANIES
               11.10.3 DYNAMIC COMPANIES
               11.10.4 STARTING BLOCKS
                       FIGURE 44 SME/STARTUP EVALUATION MATRIX, 2023
     11.11 VALUATION AND FINANCIAL METRICS OF KEY DIGITAL PAYMENT VENDORS 
                       FIGURE 45 VALUATION AND FINANCIAL METRICS OF KEY DIGITAL PAYMENT VENDORS
     11.12 COMPETITIVE SCENARIO 
               11.12.1 PRODUCT LAUNCHES
                       TABLE 277 PRODUCT LAUNCHES, 2019–2023
               11.12.2 DEALS
                       TABLE 278 DEALS, 2019–2023
 
12 COMPANY PROFILES (Page No. - 251)
     12.1 MAJOR PLAYERS 
(Business Overview, Products offered, Recent Developments, MnM View)*
             12.1.1 PAYPAL
                       TABLE 279 PAYPAL: BUSINESS OVERVIEW
                       FIGURE 46 PAYPAL: COMPANY SNAPSHOT
                       TABLE 280 PAYPAL: PRODUCTS OFFERED
                       TABLE 281 PAYPAL: PRODUCT LAUNCHES
                       TABLE 282 PAYPAL: DEALS
                       TABLE 283 PAYPAL: OTHERS
             12.1.2 FISERV
                       TABLE 284 FISERV: BUSINESS OVERVIEW
                       FIGURE 47 FISERV: COMPANY SNAPSHOT
                       TABLE 285 FISERV: PRODUCTS OFFERED
                       TABLE 286 FISERV: PRODUCT LAUNCHES
                       TABLE 287 FISERV: DEALS
                       TABLE 288 FISERV: OTHERS
             12.1.3 FIS
                       TABLE 289 FIS: BUSINESS OVERVIEW
                       FIGURE 48 FIS: COMPANY SNAPSHOT
                       TABLE 290 FIS: PRODUCTS OFFERED
                       TABLE 291 FIS: PRODUCT LAUNCHES
                       TABLE 292 FIS: DEALS
                       TABLE 293 FIS: OTHERS
             12.1.4 BLOCK
                       TABLE 294 BLOCK: BUSINESS OVERVIEW
                       FIGURE 49 BLOCK: COMPANY SNAPSHOT
                       TABLE 295 BLOCK: PRODUCTS OFFERED
                       TABLE 296 BLOCK: PRODUCT LAUNCHES
                       TABLE 297 SQUARE: DEALS
                       TABLE 298 SQUARE: OTHERS
             12.1.5 GLOBAL PAYMENTS
                       TABLE 299 GLOBAL PAYMENTS: BUSINESS OVERVIEW
                       FIGURE 50 GLOBAL PAYMENTS: COMPANY SNAPSHOT
                       TABLE 300 GLOBAL PAYMENTS: PRODUCTS OFFERED
                       TABLE 301 GLOBAL PAYMENTS: DEALS
             12.1.6 STRIPE
                       TABLE 302 STRIPE: BUSINESS OVERVIEW
                       TABLE 303 STRIPE: PRODUCTS OFFERED
                       TABLE 304 STRIPE: PRODUCT LAUNCHES
                       TABLE 305 STRIPE: DEALS
                       TABLE 306 STRIPE: OTHERS
             12.1.7 VISA
                       TABLE 307 VISA: BUSINESS OVERVIEW
                       FIGURE 51 VISA: COMPANY SNAPSHOT
                       TABLE 308 VISA: PRODUCTS OFFERED
                       TABLE 309 VISA: PRODUCT LAUNCHES
                       TABLE 310 VISA: DEALS
                       TABLE 311 VISA: OTHERS
             12.1.8 MASTERCARD
                       TABLE 312 MASTERCARD: BUSINESS OVERVIEW
                       FIGURE 52 MASTERCARD: COMPANY SNAPSHOT
                       TABLE 313 MASTERCARD: PRODUCTS OFFERED
                       TABLE 314 MASTERCARD: PRODUCT LAUNCHES
                       TABLE 315 MASTERCARD: DEALS
             12.1.9 WORLDLINE
                       TABLE 316 WORLDLINE: BUSINESS OVERVIEW
                       FIGURE 53 WORLDLINE: COMPANY SNAPSHOT
                       TABLE 317 WORLDLINE: PRODUCTS OFFERED
                       TABLE 318 WORLDLINE: PRODUCT LAUNCHES
                       TABLE 319 WORLDLINE: DEALS
                       TABLE 320 WORLDLINE: OTHERS
             12.1.10 ADYEN
                       TABLE 321 ADYEN: BUSINESS OVERVIEW
                       FIGURE 54 ADYEN COMPANY SNAPSHOT
                       TABLE 322 ADYEN: PRODUCTS OFFERED
                       TABLE 323 ADYEN: PRODUCT LAUNCHES
                       TABLE 324 ADYEN: DEALS
                       TABLE 325 ADYEN: OTHERS
             12.1.11 ACI WORLDWIDE
                       TABLE 326 ACI WORLDWIDE: BUSINESS OVERVIEW
                       FIGURE 55 ACI WORLDWIDE: COMPANY SNAPSHOT
                       TABLE 327 ACI WORLDWIDE: PRODUCTS OFFERED
                       TABLE 328 ACI WORLDWIDE: PRODUCT LAUNCHES
                       TABLE 329 ACI WORLDWIDE: DEALS
             12.1.12 TEMENOS
                       TABLE 330 TEMENOS: BUSINESS OVERVIEW
                       FIGURE 56 TEMENOS: COMPANY SNAPSHOT
                       TABLE 331 TEMENOS: PRODUCTS OFFERED
                       TABLE 332 TEMENOS: PRODUCT LAUNCHES/ENHANCEMENTS
                       TABLE 333 TEMENOS: DEALS
             12.1.13 PAYU
                       TABLE 334 PAYU: BUSINESS OVERVIEW
                       TABLE 335 PAYU: PRODUCTS OFFERED
                       TABLE 336 PAYU: PRODUCT LAUNCHES
                       TABLE 337 PAYU: DEALS
                       TABLE 338 PAYU: OTHERS
             12.1.14 APPLE
                       TABLE 339 APPLE: BUSINESS OVERVIEW
                       FIGURE 57 APPLE: COMPANY SNAPSHOT
                       TABLE 340 APPLE: PRODUCTS OFFERED
                       TABLE 341 APPLE: DEALS
             12.1.15 FLEECTOR
             12.1.16 JPMORGAN CHASE
             12.1.17 WEX
             12.1.18 VERIFONE
             12.1.19 RIPPLE
*Details on Business Overview, Products offered, Recent Developments, MnM View might not be captured in case of unlisted companies.
     12.2 OTHER PLAYERS 
             12.2.1 PAYTRACE
             12.2.2 STAX
             12.2.3 SPREEDLY
             12.2.4 DWOLLA
             12.2.5 BHARATPE
             12.2.6 PAYSET
             12.2.7 MATCHMOVE
             12.2.8 PAYSEND
             12.2.9 EBANX
             12.2.10 AURUS
 
13 ADJACENT/RELATED MARKETS (Page No. - 345)
     13.1 PAYMENT PROCESSING SOLUTIONS MARKET 
             13.1.1 MARKET DEFINITION
             13.1.2 MARKET OVERVIEW
             13.1.3 PAYMENT PROCESSING SOLUTIONS MARKET, BY PAYMENT METHOD
                       TABLE 342 PAYMENT PROCESSING SOLUTIONS MARKET, BY PAYMENT METHOD, 2018–2022 (USD MILLION)
                       TABLE 343 PAYMENT PROCESSING SOLUTIONS MARKET, BY PAYMENT METHOD, 2023–2028 (USD MILLION)
                       TABLE 344 PAYMENT PROCESSING SOLUTIONS MARKET, BY VERTICAL, 2018–2022 (USD MILLION)
                       TABLE 345 PAYMENT PROCESSING SOLUTIONS MARKET, BY VERTICAL, 2023–2028 (USD MILLION)
                       TABLE 346 PAYMENT PROCESSING SOLUTIONS MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 347 PAYMENT PROCESSING SOLUTIONS MARKET, BY REGION, 2023–2028 (USD MILLION)
     13.2 B2B MARKET 
             13.2.1 MARKET DEFINITION
             13.2.2 MARKET OVERVIEW
             13.2.3 B2B MARKET, BY OFFERING
                       TABLE 348 B2B MARKET, BY OFFERING, 2018–2022 (USD MILLION)
                       TABLE 349 B2B MARKET, BY OFFERING, 2023–2028 (USD MILLION)
             13.2.4 SOLUTIONS
                       TABLE 350 SOLUTIONS: B2B MARKET, BY TYPE, 2018–2022 (USD MILLION)
                       TABLE 351 SOLUTIONS: B2B MARKET, BY TYPE, 2023–2028 (USD MILLION)
             13.2.5 SERVICES
                       TABLE 352 SERVICES: B2B MARKET, BY REGION, 2018–2022 (USD MILLION)
                       TABLE 353 SERVICES: B2B DIGITAL PAYMENT MARKET, BY REGION, 2023–2028 (USD MILLION)
 
14 APPENDIX (Page No. - 351)
     14.1 DISCUSSION GUIDE 
     14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     14.3 CUSTOMIZATION OPTIONS 
     14.4 RELATED REPORTS 
     14.5 AUTHOR DETAILS 

The study involved four major activities in estimating the current market size of the digital payment market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the segments and sub-segments of the digital payment market.

The market size of companies offering digital payment solutions and services was arrived at based on the secondary data available through paid and unpaid sources. It was also arrived at by analyzing the product portfolio of major companies and rating them based on their performance and quality. In the secondary research process, various sources were referred to for identifying and collecting information for the study. The secondary sources included annual reports, press releases, and investor presentations of companies; white papers, journals, and certified publications; and articles from recognized authors, directories, and databases. The other secondary sources, such as the National Automated Clearing House Association (NACHA), Electronic Transactions Association (ETA), European Mobile Payment Systems Association (EMPSA), European Card Payment Association (ECPA), and The Smart Payment Association (SPA) were used to collect secondary data. The market trends and initiatives in various countries were extracted from government associations, such as the Electronic Money Association (EMA), APSCA, Singapore FinTech Association, The Payments Council of India (PCI), The Australian Payments Clearing Association (APCA), and Payments Association of South Africa (PASA).

Secondary research was mainly used to obtain key information about industry insights, the market’s monetary chain, the overall pool of key players, market classification and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market-and technology-oriented perspectives.

Primary Research

In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information on the market. The primary sources from the supply side included various industry experts, including Chief Technology Officers (CTOs); Vice Presidents (VPs); directors from business development, marketing, and product development/innovation teams; related key executives from digital payment solution and service vendors, system integrators, professional and managed service providers, industry associations, and consultants; and key opinion leaders.

Primary interviews were conducted to gather insights, such as market statistics, data on revenue collected from solutions and services, market breakups, market size estimations, market forecasts, and data triangulation. Primary research also helped understand various technology, application, deployment, and region trends. Stakeholders from the demand side, such as Chief Information Officers (CIOs), Chief Finance Officers (CFOs), Chief Strategy Officers (CSOs), and the installation team of end users who use digital payment solutions, were interviewed to understand the buyer’s perspective on suppliers, products, service providers, and their current usage of digital payment solutions, which is expected to affect the overall digital payment market growth.

Given below is the breakup of the primary respondents:

Digital Payment Market Size, and Share

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Company Name

Designation

PayPal

Senior Manager

Fiserv

Senior Analyst

Global Payments

Sales Executive

Market Size Estimation

The top-down and bottom-up approaches were used to estimate and validate the size of the digital payment market and various other dependent submarkets in the overall market.

The bottom-up procedure was employed to arrive at the overall size of the digital payment market from the revenues of key players (companies) and their market shares. The calculation was done based on estimations and by verifying key companies’ revenue through extensive primary interviews. Calculations based on the revenues of the key companies identified in the market led to the overall market size. The overall market size was used in the top-down procedure to estimate the size of other individual segments (component, deployment mode, organization size, vertical, and region) via the percentage splits of the market segments from secondary and primary research. The bottom-up procedure was also implemented for the data extracted from the secondary research to validate the market segment revenues obtained. Market shares were then estimated for each company to verify the revenue shares used earlier in the bottom-up procedure. With the data triangulation procedure and validation of data through primary interviews, the exact values of the overall parent market size and its segments’ market size were determined and confirmed using this study.

Digital Payment Market Size: Bottom-Up Approach

Digital Payment Market Size, and Share

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In the top-down approach, the estimation of the digital payment market was prepared from the global Fintech market. The global FinTech market has seven key areas: banking, insurance, loans, personal finance, digital payments, venture capital, and wealth management, and the share of digital payments was estimated through secondary sources, in-house research databases, and primary interviews. The digital payment area was studied and analyzed for its regional penetration. The markets were triangulated through both primary and secondary research. The primary procedure included extensive interviews for key insights from industry leaders, such as CEOs, VPs, directors, and marketing executives. These market numbers were further triangulated with the existing MarketsandMarkets repository for validation.

Digital Payment Market Size: Top-Down Approach

Digital Payment Market Size, and Share

Data Triangulation

With data triangulation and validation through primary interviews, this study determined and confirmed the exact value of the overall parent market size. The overall market size was then used in the top-down procedure to estimate the size of the other individual markets via percentage splits of the market segmentation.

Market Definition

Digital payment is an umbrella term encompassing various technologies used in different payment instruments that enable payments through digital modes. The digital payment market covers all the solutions and services incorporating digital payment technologies. Digital payments, also referred to as electronic payments, can be defined as transactions that are initiated without the use of physical cards or paper currencies and are conducted over the internet and mobile channels.

Key Stakeholders

  • Payment solution and service providers
  • Smart card vendors
  • Financial institutions
  • Merchants and merchant acquirers
  • Mobile network operators
  • Credit/Debit card providers
  • Contactless payment solution providers
  • Cloud payment solution providers
  • PoS device manufacturers
  • Payment security service providers
  • Professional and managed service providers
  • System integrators
  • Technology consultants

Report Objectives

  • To determine and forecast the global digital payment market by offering, transaction type, vertical, and region from 2023 to 2028 and analyze various macroeconomic and microeconomic factors that affect the market growth
  • To forecast the size of the market’s segments with respect to five main regions: North America, Europe, Latin America, Asia Pacific (APAC), and Middle East and Africa (MEA)
  • To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall digital payment market
  • To provide detailed information regarding major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the digital payment market
  • To profile key market players and provide a comparative analysis based on their business overviews, service offerings, regional presence, business strategies, and key financials.
  • To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market.

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific requirements. The following customization options are available for the report:

Product Analysis

  • The product matrix provides detailed product information and comparisons

Geographic Analysis

  • Further breakup of the European digital payment market
  • Further breakup of the APAC market
  • Further breakup of the MEA market
  • Further breakup of the Latin American digital payment market

Company Information

  • Detailed analysis and profiles of additional market players
Custom Market Research Services

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Report Code
TC 6655
Published ON
Oct, 2023
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