Global Digital Payment Market Forecast to 2020-2026
Bharat Book Bureau Provides the Trending Market Research Report on “Global Digital Payment Market: Current Analysis and Forecast (2020-2026)”under Information Technology Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
Global digital payment market was valued as US$ 50.9 billion in 2019. Owing to the sudden COVID-19 outbreak demand for the contactless payment, market is expected witness high growth and is expected to reach a market size of US$ 65.3 billion in 2020. Post 2020 the global digital payment market is expected to witness growth and would grow at a CAGR of 18.55% during 2021-2026 period to reach US$ 167.6 billion by 2026.
Payment services are a foundation of every economy. With digitization and continued technological development, they can increasingly offer consumers and businesses ways of paying that are tailored, convenient and flexible. Digital payments can also aid financial inclusion, facilitate budgeting, and enable action to prevent and tackle economic crime. The government recognises that the growth in the use of digital payments has been swift, and it wants to ensure that everyone has the option to be able to pay for goods and services digitally. That is why the government has undertaken a significant program of work that, by supporting innovation and competition, has already helped make digital payments simpler, quicker, and cheaper.
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Global digital payment market was valued at US$ 50.9 billion in 2019. Owing to the sudden COVID-19 outbreak demand for contactless payment, the market is expected to witness high growth and is expected to reach a market size of US$ 65.3 billion in 2020. Post 2020 the global digital payment market is expected to witness the growth and would grow at a CAGR of 18.55% during the 2021-2026 period to reach US$ 167.6 billion by 2026.
Digital payment is a revolution in the payments industry. With digitization and continued technological development, they can increasingly offer consumers and businesses ways of paying that are tailored, convenient and flexible. Digital payments can also aid facilitate budgeting, financial inclusion, and enable action to prevent and stop economic crime. Developed countries have already adopted digital payment solutions. Developed economies have implemented a cashless payment infrastructure centered primarily on credit cards several decades ago, but in recent years, the legacy structures have suddenly become a burden. The "Western" markets are now much slower to adopt new payment solutions than growing economies like China, India, or Eastern Europe.
Since January 2018, 1 million people a day have started using the internet. This accounts for 4.39 billion internet users worldwide in 2019, an increase of 366 million since 2018. The proliferation of smartphones and digital initiatives is driving the adoption of digital payment infrastructure. Initiatives are been taken by the government, for instance, The Digital India program is a flagship program of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy.
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