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

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