DUBLIN, Nov. 25, 2021 /PRNewswire/ — The “Global Digital Payment Market Size, Share & Trends Analysis Report by Solution, by Mode Of Payment (Point Of Sales, Digital Wallets, Net Banking), by Deployment, by Enterprise Size, by End-use, and Segment Forecasts, 2021-2028” report has been added to ResearchAndMarkets.com’s offering.
The global digital payment market size is expected to reach USD 236.10 billion by 2028 and is projected to register a CAGR of 19.4% from 2021 to 2028
The growth can be attributed to the growing volume of non-cash transactions and a rise in the fintech sector’s technological developments. Various fintech companies and banks are making efforts to improve their digital offerings to meet the changing needs of customers.
For instance, in January 2021, Mogo Inc., a financial technology & digital payment company, announced the shareholder’s approval for the acquisition of Carta, a digital payment company. This acquisition is expected to help the former company in strengthening its presence in the market.
Biometric authentication in digital payments is expected to gain momentum in the coming years. It is a verification method that involves the biological characteristics of the person. The verifications include facial recognition, fingerprinting scanning, heartbeat analysis, and vein mapping. According to Payments Industry Intelligence, biometric authentication solutions are expected to be used to secure USD 2.5 trillion worth of mobile payment transactions by 2024.
The increase in the adoption of new technologies such as self-checkout systems in the retail industry is expected to drive market growth. In recent days, various companies are making efforts to deploy self-checkout systems in retail stores. For instance, in June 2020, Walmart, a retail company, announced the testing of its self-checkout retail stores at multiple locations in Arkansas, Fayetteville, during the pandemic. These stores will replace the traditional cashier checkout lanes with self-checkout systems.
The COVID-19 pandemic is anticipated to impact the market growth favorably in the near future. The pandemic has led to an increase in the use of mobile-based payment solutions and online sales, which are some of the major factors driving the demand for digital payment solutions globally.
According to the study conducted by Accenture, transactions worth USD 7 trillion are expected to shift from cash to card and digital payments by 2023.