Meticulous Research®, a leading global market research firm, has released a detailed report titled “Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size, and Geography—Global Forecasts to 2029.”

The report projects that the digital payment market will reach $274.61 billion by 2029, growing at a compound annual growth rate (CAGR) of 16.6% from 2022 to 2029. Key drivers of this growth include the increasing adoption of digital payment methods, supportive government initiatives, and expanding collaborations between banks and fintech firms to enhance customer experience. Additionally, the growing use of payment applications across various sectors and the rise in contactless payment adoption are expected to create significant growth opportunities. However, limited awareness of online payments in rural areas may pose some constraints.

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Market Segmentation:
• By Offering: The market is divided into solutions and services. The solutions segment is anticipated to hold the largest share in 2022, driven by factors such as increasing smartphone use in emerging markets, growing adoption of mobile payment applications by businesses, and rising internet connectivity.

• By Payment Mode: This segment includes digital wallets, banking cards, point of sale (POS), internet banking, and other payment methods. Digital wallets are expected to dominate the market in 2022. Reports from FIS indicate a 7% global increase in digital-wallet transactions in 2020, with predictions that digital wallets will account for over half of all e-commerce payments worldwide by 2024. WorldPay forecasts that digital wallets will represent 52.2% of e-commerce transactions and 29.5% of all POS transactions by 2023.

• By End User: The market includes BFSI, retail, travel & hospitality, healthcare, IT & telecom, media & entertainment, and other sectors. The BFSI sector is projected to lead in 2022 due to growing demand for digital remittances and enhanced banking services. However, the retail sector is expected to experience the highest growth rate during the forecast period.

• By Organization Size: The market is segmented into large enterprises and small and medium-sized enterprises (SMEs). Large enterprises are expected to dominate in 2022, driven by high-value transactions and the need for advanced digital payment solutions. Their adoption of omnichannel strategies and integration of digital payment solutions are key growth factors.

• By Geography: The market is categorized into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America is anticipated to hold the largest market share in 2022, supported by its strong financial position, significant investments in technology, and a growing base of tech-savvy consumers.

Quick Buy – Digital Payment Market – Global Opportunity Analysis and Industry Forecast (2022-2029), Research Report: https://www.meticulousresearch.com/Checkout/93099245

Key Players:
Prominent players in the digital payment market include PayPal Holdings, Inc. (U.S.), Fiserv, Inc. (U.S.), FIS (U.S.), Block, Inc. (formerly Square, Inc.) (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.), Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc. (U.S.), JPMorgan Chase & Co. (U.S.), WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies, Inc. (U.S.).

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