Digital Payment Market

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Digital Payment Market by Component (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management) and Services), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2025

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Report Code: TC 6655 Oct, 2020, by marketsandmarkets.com

[247 Pages Report] The global digital payment market size is expected to from USD 79.3 billion in 2020 to USD 154.1 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.2%. The digital payment market is expected to grow, owing to the worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales, and growth in internet penetration.

By component solutions segment is estimated to account for the largest market size in 2020 and expected to grow at an impressive CAGR during the forecast period. The solutions segment of the digital payment market has been classified into payment gateway solutions, payment processing solutions, payment wallet solutions, payment security and fraud management solutions, and PoS solutions. Major digital payment solution vendors are gradually adopting smart technologies, such as cloud computing, analytics, and big data, to offer comprehensive solutions to potential customers. Payment gateway and payment processing are the most widely demanded solutions among merchants.

Digital Payment Market

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COVID-19 impact on the global digital payment market

The outbreak of COVID-19 has significantly impacted operations in a few key sectors, such as manufacturing, logistics, hospitality, transportation, healthcare, and retail, and moderately impacted a few sectors that include IT and telecom, energy and utilities, government, education, and BFSI. The pandemic has accelerated the adoption of contactless and wallet payments. eWallets are witnessing increased traction for Peer to Peer (P2P) transfers, bill payments, and Customer to Business (C2B) payments for essential services owing to the lockdown and aversion to the exchange of cash. However, some wallet providers have increased their fees for merchants and consumers, leading to merchants not accepting their wallets for transactions.

Market Dynamics

Driver: Worldwide initiatives for the promotion of digital payments

Countries across the world implement ICT technologies to promote digital economies. Governments undertake various initiatives to digitize the payment process. Digital payment is one of the primary growth imperatives for a country’s economy. It can help boost productivity and economic growth, improve transparency, increase tax revenue, expand financial inclusion, and open new economic opportunities for end users. The Government of India has launched various initiatives to help promote digital payments. Initiatives such as Digital India, the launch of Unified Payments Interface (UPI), and 14444-helpline number act as catalysts in the shift towards digital payments. These initiatives help promote digitalization and increase awareness about the advantages of the use of new technologies. Other countries such as Singapore and Australia have also launched various digital payment initiatives. In purview of the COVID-19 pandemic and to achieve elevated safe distancing measures, the Monetary Authority of Singapore (MAS) has urged individuals and businesses to use digital financial services and ePayments, and minimize visits to the premises of Financial Institutions (FIs).

Restraint: Lack of global standards for cross-border payments

Cross-border trade has been increasing Year-on-Year (YoY) as more organizations are procuring goods and services across the globe. However, due to the lack of global payment systems providing ease of use, lack of global standards, and different government regulations in various countries, digital payment vendors are unable to capitalize on this opportunity. Different countries have different payment regulations and data storage compliances. These regulations and compliances make cross-border payments inefficient. In addition to this, the domestic payment infrastructure is not designed for cross-border payments.

Over the last few decades, several countries have established both high- and low-value payment systems that are based on proprietary communication and security standards. But, due to the independent development of payment systems, there is more need for standardization and automation across inter-bank and intra-bank networks present across countries. This adversely affects banks and businesses, and often results in manual intervention to collect and repair data. Major banks with subsidiaries and branches may move funds to destination countries via intra-bank transactions. Beneficiaries are either credited directly in their account with the foreign operation, or payments are sent to their bank via bilateral transfers or national clearing and settlement systems.

Opportunity: Rapid decline in unbanked population across the globe

A large population across the globe lives in rural and remote regions. This population lacks 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. Owing to this, more people are gaining access to financial services. To promote financial inclusion, governments undertake efforts to launch various initiatives to provide connectivity to these populations. According to the World Bank report 2018, in India, nearly 190 million adults do not have bank accounts. Though, due to the Indian government’s efforts and initiatives, the percentage of adults with bank accounts increased from 53% in 2014 to 80% in 2017. Also, according to the Global Findex database 2018, globally, the percentage of adults with bank accounts grew from 61% in 2014 to 69% in 2018. Digital payments play a pivotal role in increasing the number of people holding bank accounts, as the payment bank facility enables opening and operating bank accounts with the use of mobile phones even in remote places. The introduction of digital wallets is making a significant impact and helping in financial inclusion. Therefore, the decreasing number of unbanked population across the world provides a favorable environment for digital payment vendors to increase their customer base.

Challenges: Evolving cyber attacks on digital payments

Cyberattacks are a major roadblock in the market growth of digital payment solutions. These attacks are the most critical challenges that the payment industry has been long facing. The increasing adoption of digital payment technologies is also leading to a rise in cybersecurity risks, such as cyber thefts and frauds. Embracing payment technologies and integrating them with businesses have also increased risks and concerns over privacy, theft, and regulatory compliance. New and evolving cyber attacks affect businesses by using mobile malware to break into payment systems to get cardholders’ data. The evolving frauds include friendly fraud, affiliate fraud, botnets, phishing, velocity attacks, and triangulation.

According to the Central Statistics Office (CSO), by 2021, the loss incurred due to cyber attacks would hit USD six trillion annually, up from USD three trillion in 2015. Additionally, as per the Association for Financial Professionals (AFP) Payments Fraud and Control Survey Report of 2020, in 2019, more than 81% of organizations experienced cyber attacks across the globe. Thus, the growing number of cyber attacks is expected to slow down the adoption of digital payment services. Also, as per the AFP Payments Fraud and Control Survey Report of 2018, more than 86% of organizations experienced cyberattacks. Thus, the increasing cyber attacks are expected to slow down the adoption of digital payment solutions and services.

Digital Payment Market Ecosystem

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Large Enterprises segment to constitute a larger market size during the forecast period

Large enterprises are defined as entities with an employee strength of more than 1,000 individuals. Digital payment solutions are adopted by large enterprises, owing to the need to digitize their payment landscape, cater to the dynamic customer trends, streamline business operations, and enhance market competitiveness. Large organizations follow the omnichannel approach, as they focus on enriching the customer experience. The integration of digital payment solutions, such as digital wallets and payment processing, with the existing payment landscape of large organizations, is essential for the redemption of loyalty points and the facilitation of quick payment at PoS terminals.

Among solutions, the payment wallet solutions segment to grow at a higher CAGR during the forecast period

A digital payment wallet is a secure virtual container of cash that is used to transfer money and make payments. It is categorized into open and closed-loop wallets. Open-loop wallets can be used for POS and money transfers and purchase of goods, whereas closed-loop wallets are primarily developed to purchase goods and services exclusively from the wallet provider. Payment wallet solutions enable Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), banks, and financial institutions to launch their digital wallets. These solutions are aimed at providing a secure, intuitive, simple, and convenient payment experience to customers. There is an increasing demand for digital wallet solutions from various verticals, such as eCommerce, telecom, media and entertainment, and travel and tourism.

Among services,professional services segment to constitute a larger market size during the forecast period

Professional services are required during and after the implementation of digital payment solutions. These services include planning, designing, consulting, support, IT maintenance, repairs, and upgrades. Companies offering professional services include consultants, dedicated project management teams, and digital payment experts that specialize in the design and delivery of critical decision support software, tools, and services. Professional service providers study business requirements, analyze business constraints and provide valuable insights that help companies optimally utilize all available resources and make the most of their technological investments.

Digital Payment Market by Region

Digital Payment Market by Region

APAC is expected to hold the highest CAGR during the forecast period

The global digital payment market by region covers 5 major geographic regions, namely North America, Asia Pacific (APAC), Europe, MEA, and Latin America. APAC is projected to witness the highest growth rate. The countries in the region have undertaken major initiatives to improve the payment industry. For instance, Asian Payments Network (APN) is a group of 11 Asian countries that include the Philippines, China, Singapore, Malaysia, Thailand, Vietnam, Indonesia, South Korea, Japan, New Zealand, and Australia to promote cross-border banking transactions in the region.

Key Market Players

The digital payment market comprises key solution and service providers including ACI Worldwide (US), Adyen (Netherlands), Aurus (US), Aliant Payments (US), Alipay (China), Apple Pay (US), Due (US), Dwolla (US), FattMerchant (US), FIS (US), Fiserv (US), Global Payments (US), Intuit (US), JPMorgan Chase (US), Mastercard (US), PayPal (US), Paysafe (UK), PayTrace (US), PayU (Netherlands), Spreedly (US), Square (US), Stripe (US), Visa (US), WEX (US), Worldline (France), and 2Checkout (US).

Scope of the Report

Report Metric

Details

Market size available for years

2016–2025

Base year considered

2019

Forecast period

2020–2025

Forecast units

Million (USD)

Segments covered

By Component (Solutions (Payment Gateway Solutions, Payment Processing Solutions, Wallet Solutions, Payment Security and Fraud Management Solutions, Point of Sale Solutions), Services (professional services (Consulting, Implementation, Support and Maintenance), Managed Services), By Deployment Mode (On-Premises, Cloud), By Organization Size (Small and Medium-Sized enterprises, Large Enterprises) By Vertical (Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, Other Verticals)

Geographies covered

North America, Europe, APAC, Latin America, and MEA

Companies covered

ACI Worldwide (US), Adyen (Netherlands), Aurus (US), Aliant Payments (US), Alipay (China), Apple Pay (US), Due (US), Dwolla (US), FattMerchant (US), FIS (US), Fiserv (US), Global Payments (US), Intuit (US), JPMorgan Chase (US), Mastercard (US), PayPal (US), Paysafe (UK), PayTrace (US), PayU (Netherlands), Spreedly (US), Square (US), Stripe (US), Visa (US), WEX (US), Worldline (France), and 2Checkout (US)

The research report categorizes the digital payment market to forecast the revenues and analyze trends in each of the following subsegments:

By Component

  • Solutions
    • Payment Gateway Solutions
    • Payment Processing Solutions
    • Payment Wallet Solutions
    • Payment Security and Fraud Management Solutions
    • Point of Sale (POS) Solutions
  • Services
    • Professional Services
      • Consulting          
      • Implementation              
      • Support and Maintenance
    • Managed Services

By Deployment Type

  • On-premises
  • Cloud   

By Organization Size

  • Small and Medium-sized Enterprises
  • Large Enterprises

By Vertical

  • Banking, Financial Services, And Insurance
  • Retail and Ecommerce  
  • Healthcare         
  • Travel and Hospitality
  • Transportation and Logistics
  • Media and Entertainment
  • Other Verticals

By Region

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • Rest of Europe
  • APAC
    • China
    • India
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • GCC Countries
    • South Africa
    • Rest of MEA

Recent developments

  • In April 2020, Fiserv launched TransArmor Personal Data Protection to help businesses secure consumers’ personal data. TransArmor Personal Data Protection allows businesses to encrypt data from customers on a regular basis.
  • In May 2020, FIS announced the addition of Google Pay to its HPP product for online merchants. FIS integrated Google Pay with its Worldpay HPP offering. This helps merchants turn on Google Pay to enable express online checkouts.
  • In March 2020, MasterCard announced an innovative mobile solution in collaboration with Phos. a provider of software-only PoS. Phos along with MasterCard, introduced an innovative mobile solution that allows merchants to accept contactless payments on Android mobile devices without the need for any additional hardware.
  • In September 2020, Worldline acquired a majority stake (53%) in a leading online collecting payment service provider, GoPay. This acquisition created new opportunities for Worldline in European markets.
  • In January 2020, Visa announced the acquisition of Plaid, a financial services company with a network that makes it convenient for people to securely connect their financial accounts to the apps they use to manage their financial lives. Visa spent USD 5.3 billion to acquire Plaid.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 37)
    1.1 INTRODUCTION TO COVID-19
    1.2 COVID-19 HEALTH ASSESSMENT
        FIGURE 1 COVID-19: THE GLOBAL PROPAGATION
        FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES
    1.3 COVID-19 ECONOMIC ASSESSMENT
        FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020
           1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT
                 FIGURE 4 CRITERIA IMPACTING THE GLOBAL ECONOMY
                 FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY
    1.4 OBJECTIVES OF THE STUDY
    1.5 MARKET DEFINITION
           1.5.1 INCLUSIONS AND EXCLUSIONS
    1.6 MARKET SCOPE
           1.6.1 MARKET SEGMENTATION
           1.6.2 REGIONS COVERED
           1.6.3 YEARS CONSIDERED FOR THE STUDY
    1.7 CURRENCY CONSIDERED
        TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2018–2020
    1.8 STAKEHOLDERS
    1.9 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 46)
    2.1 RESEARCH DATA
        FIGURE 6 DIGITAL PAYMENT MARKET: RESEARCH DESIGN
           2.1.1 SECONDARY DATA
           2.1.2 PRIMARY DATA
                    2.1.2.1 Breakdown of primaries
                            TABLE 2 PRIMARY INTERVIEWS
                    2.1.2.2 Key industry insights
    2.2 MARKET BREAKUP AND DATA TRIANGULATION
        FIGURE 7 DATA TRIANGULATION
    2.3 MARKET SIZE ESTIMATION
           2.3.1 TOP-DOWN APPROACH
                 FIGURE 8 MARKET SIZE ESTIMATION: TOP-DOWN APPROACH  - SUPPLY-SIDE ANALYSIS
           2.3.2 BOTTOM-UP APPROACH
                 FIGURE 9 MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH  - SUPPLY-SIDE ANALYSIS (1/2)
                 FIGURE 10 MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH  - SUPPLY-SIDE ANALYSIS (2/2)
    2.4 MARKET FORECAST
        TABLE 3 FACTOR ANALYSIS
    2.5 ASSUMPTIONS FOR THE STUDY
    2.6 LIMITATIONS OF THE STUDY

3 EXECUTIVE SUMMARY (Page No. - 55)
  FIGURE 11 DIGITAL PAYMENT MARKET, 2018–2025
  FIGURE 12 SHARES OF LEADING MARKET SEGMENTS, 2020
  FIGURE 13 MARKET, REGIONAL AND COUNTRY-WISE SHARES, 2020

4 PREMIUM INSIGHTS (Page No. - 59)
    4.1 ATTRACTIVE OPPORTUNITIES IN DIGITAL PAYMENT MARKET
        FIGURE 14 GROWING SMARTPHONE PENETRATION TO DRIVE MARKET GROWTH
    4.2 MARKET BY COMPONENT
        FIGURE 15 SOLUTIONS SEGMENT TO LEAD MARKET GROWTH IN 2020
    4.3 MARKET BY SOLUTION
        FIGURE 16 PAYMENT PROCESSING SOLUTIONS SEGMENT TO HOLD HIGHEST MARKET SHARE DURING FORECAST PERIOD
    4.4 MARKET BY SERVICE
        FIGURE 17 PROFESSIONAL SERVICES SEGMENT TO LEAD MARKET GROWTH DURING 2020–2025
    4.5 MARKET BY PROFESSIONAL SERVICE
        FIGURE 18 IMPLEMENTATION SEGMENT TO HOLD HIGHEST MARKET SHARE DURING FORECAST PERIOD
    4.6 MARKET BY DEPLOYMENT TYPE
        FIGURE 19 CLOUD SEGMENT TO ACCOUNT FOR HIGHER MARKET SHARE IN 2020
    4.7 MARKET BY VERTICAL
        FIGURE 20 RETAIL AND ECOMMERCE VERTICAL TO HOLD HIGHEST MARKET SHARE DURING FORECAST PERIOD
    4.8 MARKET BY REGION
        FIGURE 21 ASIA PACIFIC TO GROW AT FASTEST GROWTH RATE DURING FORECAST PERIOD
    4.9 MARKET BY COUNTRY
        FIGURE 22 INDIA AND CHINA TO ACCOUNT FOR HIGH GROWTH DURING FORECAST PERIOD

5 MARKET OVERVIEW AND INDUSTRY TRENDS (Page No. - 63)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
        FIGURE 23 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES:  DIGITAL PAYMENT MARKET
           5.2.1 DRIVERS
                    5.2.1.1 Worldwide initiatives for the promotion of digital payments
                    5.2.1.2 High proliferation of smartphones enabling mCommerce growth
                    5.2.1.3 Increase in eCommerce sales and growth in internet penetration
                            FIGURE 24 UNITED STATES ECOMMERCE RETAIL SALES (USD BILLION)
                    5.2.1.4 Rise in the adoption of contactless payments
                    5.2.1.5 Increase in the adoption of real-time payments
                    5.2.1.6 Evolving customer expectations
           5.2.2 RESTRAINTS
                    5.2.2.1 Lack of global standards for cross-border payments
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Rapid decline in unbanked population across the globe
                    5.2.3.2 Gradual adoption of Open-Banking APIs
                    5.2.3.3 Progressive changes in regulatory frameworks
           5.2.4 CHALLENGES
                    5.2.4.1 Evolving cyber attacks on digital payments
                    5.2.4.2 Fragmented regional regulatory landscape
                    5.2.4.3 Lack of digital literacy in emerging countries
    5.3 COVID-19 PANDEMIC-DRIVEN MARKET DYNAMICS AND  FACTOR ANALYSIS
        TABLE 4 DIGITAL PAYMENT MARKET: ANALYSIS OF DRIVERS AND OPPORTUNITIES IN THE  COVID-19 ERA
        TABLE 5 MARKET: ANALYSIS OF RESTRAINTS AND CHALLENGES IN THE COVID-19 ERA
    5.4 MARKET: ECOSYSTEM
        FIGURE 25 PAYMENT ECOSYSTEM
    5.5 TECHNOLOGY ANALYSIS
        TABLE 6 TECHNOLOGY ENABLERS IN DIGITAL PAYMENTS
    5.6 PRICING ANALYSIS
        TABLE 7 PRICING ANALYSIS
    5.7 CASE STUDIES
           5.7.1 CASE STUDY 1: SUNTRUST IMPLEMENTED ZELLE SOLUTION TO OFFER COMPETITIVE BANKING SERVICES TO DIGITAL-FIRST CUSTOMERS
           5.7.2 CASE STUDY 2: CARIBBEAN AIRLINES CONSULTED WORLDPAY TO MANAGE BUSINESS COSTS AND RISKS
           5.7.3 CASE STUDY 3: POSHMARK ADDED VENMO AS PAYMENT OPTION, AND WITNESSED IMPROVED TRACTION AND BRAND VISIBILITY

6 DIGITAL PAYMENT MARKET, BY COMPONENT (Page No. - 75)
    6.1 INTRODUCTION
        FIGURE 26 SERVICES SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
        TABLE 8 MARKET SIZE, BY COMPONENT, 2016–2019 (USD MILLION)
        TABLE 9 MARKET SIZE, BY COMPONENT,  2019–2025 (USD MILLION)
    6.2 SOLUTIONS
           6.2.1 SOLUTIONS: MARKET DRIVERS
           6.2.2 SOLUTIONS: COVID-19 IMPACT
                 FIGURE 27 PAYMENT WALLET SOLUTIONS SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
                 TABLE  10 SOLUTIONS: MARKET SIZE, BY TYPE, 2016–2019 (USD MILLION)
                 TABLE  11 SOLUTIONS : MARKET SIZE, BY TYPE, 2019–2025 (USD MILLION)
                 TABLE  12 SOLUTIONS: MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE  13 SOLUTIONS: DIGITAL PAYMENT MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
           6.2.3 PAYMENT GATEWAY SOLUTIONS
                 TABLE  14 PAYMENT GATEWAY SOLUTIONS MARKET SIZE, BY REGION,  2016–2019 (USD MILLION)
                 TABLE  15 PAYMENT GATEWAY SOLUTIONS MARKET SIZE, BY REGION,  2019–2025 (USD MILLION)
           6.2.4 PAYMENT PROCESSING SOLUTIONS
                 TABLE  16 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE  17 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
           6.2.5 PAYMENT WALLET SOLUTIONS
                 TABLE  18 PAYMENT WALLET SOLUTIONS MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE  19 PAYMENT WALLET SOLUTIONS MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
           6.2.6 PAYMENT SECURITY AND FRAUD MANAGEMENT SOLUTIONS
                 TABLE  20 PAYMENT SECURITY AND FRAUD MANAGEMENT SOLUTIONS MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE  21 PAYMENT SECURITY AND FRAUD MANAGEMENT SOLUTIONS MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
           6.2.7 POINT OF SALE SOLUTIONS
                 TABLE  22 POINT OF SALE SOLUTIONS MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE  23 POINT OF SALE SOLUTIONS MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
    6.3 SERVICES
           6.3.1 SERVICES: DIGITAL PAYMENT MARKET DRIVERS
           6.3.2 SERVICES: COVID-19 IMPACT
                 FIGURE 28 MANAGED SERVICES SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
                 TABLE  24 SERVICES: MARKET SIZE, BY TYPE,  2016–2019 (USD MILLION)
                 TABLE  25 SERVICES : MARKET SIZE, BY TYPE, 2019–2025 (USD MILLION)
                 TABLE  26 SERVICES: MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE  27 SERVICES: MARKET SIZE, BY REGION, 2019–2025 (USD MILLION) )
           6.3.3 PROFESSIONAL SERVICES
                 FIGURE 29 SUPPORT AND MAINTENANCE SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
                 TABLE  28 PROFESSIONAL SERVICES: MARKET SIZE, BY TYPE, 2016–2019 (USD MILLION)
                 TABLE  29 PROFESSIONAL SERVICES: MARKET SIZE, BY TYPE, 2019–2025 (USD MILLION)
                 TABLE  30 PROFESSIONAL SERVICES: MARKET SIZE, BY REGION,  2016–2019 (USD MILLION)
                 TABLE  31 PROFESSIONAL SERVICES: DIGITAL PAYMENT MARKET SIZE, BY REGION,  2019–2025 (USD MILLION)
                    6.3.3.1 Consulting
                            TABLE 32 CONSULTING MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                            TABLE 33 CONSULTING MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
                    6.3.3.2 Implementation
                            TABLE 34 IMPLEMENTATION MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                            TABLE 35 IMPLEMENTATION MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
                    6.3.3.3 Support and maintenance
                            TABLE 36 SUPPORT AND MAINTENANCE MARKET SIZE, BY REGION,  2016–2019 (USD MILLION)
                            TABLE 37 SUPPORT AND MAINTENANCE MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
           6.3.4 MANAGED SERVICES
                 TABLE  38 MANAGED SERVICES MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE  39 MANAGED SERVICES MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)

7 DIGITAL PAYMENT MARKET, BY DEPLOYMENT TYPE (Page No. - 91)
    7.1 INTRODUCTION
        FIGURE 30 CLOUD SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
        TABLE 40 MARKET SIZE, BY DEPLOYMENT TYPE, 2016–2019 (USD MILLION)
        TABLE 41 MARKET SIZE, BY DEPLOYMENT TYPE,  2019–2025 (USD MILLION)
    7.2 ON-PREMISES
           7.2.1 ON-PREMISES: MARKET DRIVERS
           7.2.2 ON-PREMISES: COVID-19 IMPACT
                 TABLE  42 ON-PREMISES: MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE  43 ON-PREMISES: MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
    7.3 CLOUD
           7.3.1 CLOUD: MARKET DRIVERS
           7.3.2 CLOUD: COVID-19 IMPACT
                 TABLE  44 CLOUD: MARKET SIZE, BY REGION,  2016–2019 (USD MILLION)
                 TABLE  45 CLOUD: MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)

8 DIGITAL PAYMENT MARKET, BY ORGANIZATION SIZE (Page No. - 96)
    8.1 INTRODUCTION
        FIGURE 31 SMALL AND MEDIUM-SIZED ENTERPRISES SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
        TABLE 46 MARKET SIZE, BY ORGANIZATION SIZE, 2016–2019 (USD MILLION)
        TABLE 47 MARKET SIZE, BY ORGANIZATION SIZE, 2019–2025 (USD MILLION)
    8.2 SMALL AND MEDIUM-SIZED ENTERPRISES
           8.2.1 SMALL AND MEDIUM-SIZED ENTERPRISES: MARKET DRIVERS
           8.2.2 SMALL AND MEDIUM-SIZED ENTERPRISES: COVID-19 IMPACT
                 TABLE  48 SMALL AND MEDIUM-SIZED ENTERPRISES: MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE 49 SMALL AND MEDIUM-SIZED ENTERPRISES: MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
    8.3 LARGE ENTERPRISES
           8.3.1 LARGE ENTERPRISES: MARKET DRIVERS
           8.3.2 LARGE ENTERPRISES: COVID-19 IMPACT
                 TABLE 50 LARGE ENTERPRISES: MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
                 TABLE 51 LARGE ENTERPRISES: MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)

9 DIGITAL PAYMENT MARKET, BY VERTICAL (Page No. - 101)
    9.1 INTRODUCTION
        FIGURE 32 MEDIA AND ENTERTAINMENT VERTICAL TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
        TABLE 52 MARKET SIZE, BY VERTICAL, 2016–2019 (USD MILLION)
        TABLE 53 MARKET SIZE, BY VERTICAL, 2019–2025 (USD MILLION)
    9.2 BANKING, FINANCIAL SERVICES, AND INSURANCE
           9.2.1 BANKING, FINANCIAL SERVICES, AND INSURANCE: MARKET DRIVERS
           9.2.2 BANKING, FINANCIAL SERVICES, AND INSURANCE: COVID-19 IMPACT
                 TABLE 54 BANKING, FINANCIAL SERVICES, AND INSURANCE: MARKET SIZE,  BY REGION, 2016–2019 (USD MILLION)
                 TABLE 55 BANKING, FINANCIAL SERVICES, AND INSURANCE: MARKET SIZE,  BY REGION, 2019–2025 (USD MILLION)
    9.3 RETAIL AND ECOMMERCE
           9.3.1 RETAIL AND ECOMMERCE: MARKET DRIVERS
           9.3.2 RETAIL AND ECOMMERCE: COVID-19 IMPACT
                 TABLE 56 RETAIL AND ECOMMERCE: DIGITAL PAYMENT MARKET SIZE, BY REGION,  2016–2019 (USD MILLION)
                 TABLE 57 RETAIL AND ECOMMERCE: MARKET SIZE, BY REGION,  2019–2025 (USD MILLION)
    9.4 HEALTHCARE
           9.4.1 HEALTHCARE: MARKET DRIVERS
           9.4.2 HEALTHCARE: COVID-19 IMPACT
                 TABLE 58 HEALTHCARE: MARKET SIZE, BY REGION,  2016–2019 (USD MILLION)
                 TABLE 59 HEALTHCARE: MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
    9.5 TRAVEL AND HOSPITALITY
           9.5.1 TRAVEL AND HOSPITALITY: MARKET DRIVERS
           9.5.2 TRAVEL AND HOSPITALITY: COVID-19 IMPACT
                 TABLE 60 TRAVEL AND HOSPITALITY: MARKET SIZE, BY REGION,  2016–2019 (USD MILLION)
                 TABLE 61 TRAVEL AND HOSPITALITY: MARKET SIZE, BY REGION,  2019–2025 (USD MILLION)
    9.6 TRANSPORTATION AND LOGISTICS
           9.6.1 TRANSPORTATION AND LOGISTICS: MARKET DRIVERS
           9.6.2 TRANSPORTATION AND LOGISTICS: COVID-19 IMPACT
                 TABLE 62 TRANSPORTATION AND LOGISTICS: DIGITAL PAYMENT MARKET SIZE,  BY REGION, 2016–2019 (USD MILLION)
                 TABLE 63 TRANSPORTATION AND LOGISTICS: MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
    9.7 MEDIA AND ENTERTAINMENT
           9.7.1 MEDIA AND ENTERTAINMENT: MARKET DRIVERS
           9.7.2 MEDIA AND ENTERTAINMENT: COVID-19 IMPACT
                 TABLE 64 MEDIA AND ENTERTAINMENT: MARKET SIZE,  BY REGION, 2016–2019 (USD MILLION)
                 TABLE 65 MEDIA AND ENTERTAINMENT: MARKET SIZE,  BY REGION, 2019–2025 (USD MILLION)
    9.8 OTHER VERTICALS
        TABLE 66 OTHER VERTICALS: MARKET SIZE, BY REGION, 2014–2019 (USD MILLION)
        TABLE 67 OTHER VERTICALS: MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)

10 DIGITAL PAYMENT MARKET, BY REGION (Page No. - 115)
     10.1 INTRODUCTION
          FIGURE 33 ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD
          TABLE 68 MARKET SIZE, BY REGION, 2016–2019 (USD MILLION)
          TABLE 69 MARKET SIZE, BY REGION, 2019–2025 (USD MILLION)
     10.2 NORTH AMERICA
             10.2.1 NORTH AMERICA: REGULATORY NORMS
             10.2.2 NORTH AMERICA: MARKET DRIVERS
             10.2.3 NORTH AMERICA: COVID-19 IMPACT
                    FIGURE 34 NORTH AMERICA: MARKET SNAPSHOT
                    TABLE  70 NORTH AMERICA: DIGITAL PAYMENT MARKET SIZE, BY COMPONENT, 2016–2019 (USD MILLION)
                    TABLE  71 NORTH AMERICA: MARKET SIZE, BY COMPONENT,  2019–2025 (USD MILLION)
                    TABLE  72 NORTH AMERICA: MARKET SIZE, BY SOLUTION, 2016–2019 (USD MILLION)
                    TABLE  73 NORTH AMERICA: MARKET SIZE, BY SOLUTION, 2019–2025 (USD MILLION)
                    TABLE  74 NORTH AMERICA: MARKET SIZE, BY SERVICE, 2016–2019 (USD MILLION)
                    TABLE  75 NORTH AMERICA: MARKET SIZE, BY SERVICE, 2019–2025 (USD MILLION)
                    TABLE  76 NORTH AMERICA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2019 (USD MILLION)
                    TABLE  77 NORTH AMERICA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2019–2025 (USD MILLION)
                    TABLE  78 NORTH AMERICA: MARKET SIZE, BY DEPLOYMENT TYPE,  2016–2019 (USD MILLION)
                    TABLE  79 NORTH AMERICA: MARKET SIZE, BY DEPLOYMENT TYPE,  2019–2025 (USD MILLION)
                    TABLE  80 NORTH AMERICA: MARKET SIZE, BY ORGANIZATION SIZE,  2016–2019 (USD MILLION)
                    TABLE  81 NORTH AMERICA: MARKET SIZE, BY ORGANIZATION SIZE,  2019–2025 (USD MILLION)
                    TABLE  82 NORTH AMERICA: MARKET SIZE, BY VERTICAL, 2016–2019 (USD MILLION)
                    TABLE  83 NORTH AMERICA: MARKET SIZE, BY VERTICAL, 2019–2025 (USD MILLION)
                    TABLE  84 NORTH AMERICA: MARKET SIZE, BY COUNTRY,  2016–2019 (USD MILLION)
                    TABLE  85 NORTH AMERICA: MARKET SIZE, BY COUNTRY, 2019–2025 (USD MILLION)
             10.2.4 UNITED STATES
                    TABLE  86 UNITED STATES: DIGITAL PAYMENT MARKET SIZE, BY COMPONENT, 2016–2019 (USD MILLION)
                    TABLE  87 UNITED STATES: MARKET SIZE, BY COMPONENT,  2019–2025 (USD MILLION)
                    TABLE  88 UNITED STATES: MARKET SIZE, BY SOLUTION, 2016–2019 (USD MILLION)
                    TABLE  89 UNITED STATES: MARKET SIZE, BY SOLUTION, 2019–2025 (USD MILLION)
                    TABLE  90 UNITED STATES: MARKET SIZE, BY SERVICE, 2016–2019 (USD MILLION)
                    TABLE  91 UNITED STATES: MARKET SIZE, BY SERVICE, 2019–2025 (USD MILLION)
                    TABLE  92 UNITED STATES: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2019 (USD MILLION)
                    TABLE  93 UNITED STATES: MARKET SIZE, BY PROFESSIONAL SERVICE,  2019–2025 (USD MILLION)
                    TABLE  94 UNITED STATES: MARKET SIZE, BY DEPLOYMENT TYPE,  2016–2019 (USD MILLION)
                    TABLE  95 UNITED STATES: MARKET SIZE, BY DEPLOYMENT TYPE,  2019–2025 (USD MILLION)
                    TABLE  96 UNITED STATES: MARKET SIZE, BY ORGANIZATION SIZE,  2016–2019 (USD MILLION)
                    TABLE  97 UNITED STATES: MARKET SIZE, BY ORGANIZATION SIZE,  2019–2025 (USD MILLION)
                    TABLE  98 UNITED STATES: MARKET SIZE, BY VERTICAL, 2016–2019 (USD MILLION)
                    TABLE  99 UNITED STATES: MARKET SIZE, BY VERTICAL, 2019–2025 (USD MILLION)
             10.2.5 CANADA
                    TABLE  100 CANADA: DIGITAL PAYMENT MARKET SIZE, BY COMPONENT, 2016–2019 (USD MILLION)
                    TABLE  101 CANADA: MARKET SIZE, BY COMPONENT, 2019–2025 (USD MILLION)
                    TABLE  102 CANADA: MARKET SIZE, BY SOLUTION, 2016–2019 (USD MILLION)
                    TABLE  103 CANADA: MARKET SIZE, BY SOLUTION, 2019–2025 (USD MILLION)
                    TABLE  104 CANADA: MARKET SIZE, BY SERVICE, 2016–2019 (USD MILLION)
                    TABLE  105 CANADA: MARKET SIZE, BY SERVICE, 2019–2025 (USD MILLION)
                    TABLE  106 CANADA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2019 (USD MILLION)
                    TABLE  107 CANADA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2019–2025 (USD MILLION)
                    TABLE  108 CANADA: MARKET SIZE, BY DEPLOYMENT TYPE, 2016–2019 (USD MILLION)
                    TABLE  109 CANADA: MARKET SIZE, BY DEPLOYMENT TYPE, 2019–2025 (USD MILLION)
                    TABLE  110 CANADA: MARKET SIZE, BY ORGANIZATION SIZE, 2016–2019 (USD MILLION)
                    TABLE  111 CANADA: MARKET SIZE, BY ORGANIZATION SIZE, 2019–2025 (USD MILLION)
                    TABLE  112 CANADA: MARKET SIZE, BY VERTICAL, 2016–2019 (USD MILLION)
                    TABLE  113 CANADA: MARKET SIZE, BY VERTICAL,  2019–2025 (USD MILLION)
     10.3 EUROPE
             10.3.1 EUROPE: REGULATORY NORMS
             10.3.2 EUROPE: MARKET DRIVERS
             10.3.3 EUROPE: COVID-19 IMPACT
                    TABLE  114 EUROPE: DIGITAL PAYMENT MARKET SIZE, BY COMPONENT, 2016–2019 (USD MILLION)
                    TABLE  115 EUROPE: MARKET SIZE, BY COMPONENT, 2019–2025 (USD MILLION)
                    TABLE  116 EUROPE: MARKET SIZE, BY SOLUTION, 2016–2019 (USD MILLION)
                    TABLE  117 EUROPE: MARKET SIZE, BY SOLUTION, 2019–2025 (USD MILLION)
                    TABLE  118 EUROPE: MARKET SIZE, BY SERVICE, 2016–2019 (USD MILLION)
                    TABLE  119 EUROPE: MARKET SIZE, BY SERVICE, 2019–2025 (USD MILLION)
                    TABLE  120 EUROPE: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2019 (USD MILLION)
                    TABLE  121 EUROPE: MARKET SIZE, BY PROFESSIONAL SERVICE,  2019–2025 (USD MILLION)
                    TABLE  122 EUROPE: MARKET SIZE, BY DEPLOYMENT TYPE, 2016–2019 (USD MILLION)
                    TABLE  123 EUROPE: MARKET SIZE, BY DEPLOYMENT TYPE, 2019–2025 (USD MILLION)
                    TABLE  124 EUROPE: MARKET SIZE, BY ORGANIZATION SIZE, 2016–2019 (USD MILLION)
                    TABLE  125 EUROPE: MARKET SIZE, BY ORGANIZATION SIZE, 2019–2025 (USD MILLION)
                    TABLE  126 EUROPE: MARKET SIZE, BY VERTICAL, 2016–2019 (USD MILLION)
                    TABLE  127 EUROPE: MARKET SIZE, BY VERTICAL,  2019–2025 (USD MILLION)
                    TABLE  128 EUROPE: MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                    TABLE  129 EUROPE: MARKET SIZE, BY COUNTRY, 2019–2025 (USD MILLION)
             10.3.4 UNITED KINGDOM
             10.3.5 GERMANY
             10.3.6 REST OF EUROPE
     10.4 ASIA PACIFIC
             10.4.1 ASIA PACIFIC: REGULATORY NORMS
             10.4.2 ASIA PACIFIC: MARKET DRIVERS
             10.4.3 ASIA PACIFIC: COVID-19 IMPACT
                    FIGURE 35 ASIA PACIFIC: MARKET SNAPSHOT
                    TABLE  130 ASIA PACIFIC: DIGITAL PAYMENT MARKET SIZE, BY COMPONENT, 2016–2019 (USD MILLION)
                    TABLE  131 ASIA PACIFIC: MARKET SIZE, BY COMPONENT, 2019–2025 (USD MILLION)
                    TABLE  132 ASIA PACIFIC: MARKET SIZE, BY SOLUTION, 2016–2019 (USD MILLION)
                    TABLE  133 ASIA PACIFIC: MARKET SIZE, BY SOLUTION, 2019–2025 (USD MILLION)
                    TABLE  134 ASIA PACIFIC: MARKET SIZE, BY SERVICE,  2016–2019 (USD MILLION)
                    TABLE  135 ASIA PACIFIC: MARKET SIZE, BY SERVICE, 2019–2025 (USD MILLION)
                    TABLE  136 ASIA PACIFIC: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2019 (USD MILLION)
                    TABLE  137 ASIA PACIFIC: MARKET SIZE, BY PROFESSIONAL SERVICE,  2019–2025 (USD MILLION)
                    TABLE  138 ASIA PACIFIC: MARKET SIZE, BY DEPLOYMENT TYPE,  2016–2019 (USD MILLION)
                    TABLE  139 ASIA PACIFIC: MARKET SIZE, BY DEPLOYMENT TYPE,  2019–2025 (USD MILLION)
                    TABLE  140 ASIA PACIFIC: MARKET SIZE, BY ORGANIZATION SIZE,  2016–2019 (USD MILLION)
                    TABLE  141 ASIA PACIFIC: MARKET SIZE, BY ORGANIZATION SIZE,  2019–2025 (USD MILLION)
                    TABLE  142 ASIA PACIFIC: MARKET SIZE, BY VERTICAL, 2016–2019 (USD MILLION)
                    TABLE  143 ASIA PACIFIC: MARKET SIZE, BY VERTICAL, 2019–2025 (USD MILLION)
                    TABLE  144 ASIA PACIFIC: MARKET SIZE, BY COUNTRY, 2016–2019 (USD MILLION)
                    TABLE  145 ASIA PACIFIC: MARKET SIZE, BY COUNTRY, 2019–2025 (USD MILLION)
             10.4.4 CHINA
             10.4.5 INDIA
             10.4.6 REST OF ASIA PACIFIC
     10.5 LATIN AMERICA
             10.5.1 LATIN AMERICA: REGULATORY NORMS
             10.5.2 LATIN AMERICA: MARKET DRIVERS
             10.5.3 LATIN AMERICA: COVID-19 IMPACT
                    TABLE  146 LATIN AMERICA: DIGITAL PAYMENT MARKET SIZE, BY COMPONENT,  2016–2019 (USD MILLION)
                    TABLE  147 LATIN AMERICA: MARKET SIZE, BY COMPONENT,  2019–2025 (USD MILLION)
                    TABLE  148 LATIN AMERICA: MARKET SIZE, BY SOLUTION, 2016–2019 (USD MILLION)
                    TABLE  149 LATIN AMERICA: MARKET SIZE, BY SOLUTION,  2019–2025 (USD MILLION)
                    TABLE  150 LATIN AMERICA: MARKET SIZE, BY SERVICE, 2016–2019 (USD MILLION)
                    TABLE  151 LATIN AMERICA: MARKET SIZE, BY SERVICE,  2019–2025 (USD MILLION)
                    TABLE  152 LATIN AMERICA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2019 (USD MILLION)
                    TABLE  153 LATIN AMERICA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2019–2025 (USD MILLION)
                    TABLE  154 LATIN AMERICA: MARKET SIZE, BY DEPLOYMENT TYPE,  2016–2019 (USD MILLION)
                    TABLE  155 LATIN AMERICA: MARKET SIZE, BY DEPLOYMENT TYPE,  2019–2025 (USD MILLION)
                    TABLE  156 LATIN AMERICA: MARKET SIZE, BY ORGANIZATION SIZE,  2016–2019 (USD MILLION)
                    TABLE  157 LATIN AMERICA: MARKET SIZE, BY ORGANIZATION SIZE,  2019–2025 (USD MILLION)
                    TABLE  158 LATIN AMERICA: MARKET SIZE, BY VERTICAL, 2016–2019 (USD MILLION)
                    TABLE  159 LATIN AMERICA: MARKET SIZE, BY VERTICAL, 2019–2025 (USD MILLION)
                    TABLE  160 LATIN AMERICA: MARKET SIZE, BY COUNTRY,  2016–2019 (USD MILLION)
                    TABLE  161 LATIN AMERICA: MARKET SIZE, BY COUNTRY, 2019–2025 (USD MILLION)
             10.5.4 BRAZIL
             10.5.5 MEXICO
             10.5.6 REST OF LATIN AMERICA
     10.6 MIDDLE EAST AND AFRICA
             10.6.1 MIDDLE EAST AND AFRICA: REGULATORY NORMS
             10.6.2 MIDDLE EAST AND AFRICA: MARKET DRIVERS
             10.6.3 MIDDLE EAST AND AFRICA: COVID-19 IMPACT
                    TABLE  162 MIDDLE EAST AND AFRICA: DIGITAL PAYMENT MARKET SIZE, BY COMPONENT,  2016–2019 (USD MILLION)
                    TABLE  163 MIDDLE EAST AND AFRICA: MARKET SIZE, BY COMPONENT,  2019–2025 (USD MILLION)
                    TABLE  164 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SOLUTION,  2016–2019 (USD MILLION)
                    TABLE  165 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SOLUTION,  2019–2025 (USD MILLION)
                    TABLE  166 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SERVICE,  2016–2019 (USD MILLION)
                    TABLE  167 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SERVICE,  2019–2025 (USD MILLION)
                    TABLE  168 MIDDLE EAST AND AFRICA: MARKET SIZE, BY PROFESSIONAL SERVICE, 2016–2019 (USD MILLION)
                    TABLE  169 MIDDLE EAST AND AFRICA: MARKET SIZE, BY PROFESSIONAL SERVICE, 2019–2025 (USD MILLION)
                    TABLE  170 MIDDLE EAST AND AFRICA: MARKET SIZE,  BY DEPLOYMENT TYPE, 2016–2019 (USD MILLION)
                    TABLE  171 MIDDLE EAST AND AFRICA: MARKET SIZE, BY DEPLOYMENT TYPE, 2019–2025 (USD MILLION)
                    TABLE  172 MIDDLE EAST AND AFRICA: MARKET SIZE,  BY ORGANIZATION SIZE, 2016–2019 (USD MILLION)
                    TABLE  173 MIDDLE EAST AND AFRICA: MARKET SIZE,  BY ORGANIZATION SIZE, 2019–2025 (USD MILLION)
                    TABLE  174 MIDDLE EAST AND AFRICA: MARKET SIZE, BY VERTICAL,  2016–2019 (USD MILLION)
                    TABLE  175 MIDDLE EAST AND AFRICA: MARKET SIZE, BY VERTICAL,  2019–2025 (USD MILLION)
                    TABLE  176 MIDDLE EAST AND AFRICA: MARKET SIZE,  BY COUNTRY, 2016–2019 (USD MILLION)
                    TABLE  177 MIDDLE EAST AND AFRICA: MARKET SIZE,  BY COUNTRY, 2019–2025 (USD MILLION)
             10.6.4 GCC COUNTRIES
             10.6.5 SOUTH AFRICA
             10.6.6 REST OF MIDDLE EAST AND AFRICA

11 COMPETITIVE LANDSCAPE (Page No. - 161)
     11.1 OVERVIEW
     11.2 MARKET EVALUATION FRAMEWORK
          FIGURE 36 MARKET EVALUATION FRAMEWORK, 2018–2020
     11.3 KEY MARKET DEVELOPMENTS
             11.3.1 NEW PRODUCT LAUNCHES AND PRODUCT ENHANCEMENTS
                    TABLE 178 NEW PRODUCT LAUNCHES AND PRODUCT ENHANCEMENTS, 2019–2020
             11.3.2 PARTNERSHIPS, COLLABORATIONS, AND AGREEMENTS
                    TABLE 179 PARTNERSHIPS, COLLABORATIONS, AND AGREEMENTS, 2019–2020
             11.3.3 MERGERS AND ACQUISITIONS
                    TABLE 180 MERGERS AND ACQUISITIONS, 2018–2020
     11.4 REVENUE ANALYSIS OF TOP MARKET PLAYERS
          FIGURE 37 REVENUE ANALYSIS OF DIGITAL PAYMENT MARKET
     11.5 HISTORICAL REVENUE ANALYSIS
          FIGURE 38 HISTORICAL THREE-YEAR REVENUE ANALYSIS OF LEADING PLAYERS
     11.6 COMPANY EVALUATION MATRIX OVERVIEW
     11.7 COMPANY EVALUATION MATRIX METHODOLOGY AND DEFINITIONS
          FIGURE 39 COMPANY EVALUATION MATRIX: CRITERIA WEIGHTAGE
             11.7.1 STAR
             11.7.2 EMERGING LEADERS
             11.7.3 PERVASIVE
             11.7.4 PARTICIPANT
                    FIGURE 40 DIGITAL PAYMENT MARKET (GLOBAL), COMPANY EVALUATION MATRIX, 2020
     11.8 RANKING OF KEY PLAYERS
          FIGURE 41 RANKING OF KEY PLAYERS IN MARKET, 2020
     11.9 STARTUP/SME EVALUATION MATRIX METHODOLOGY  AND DEFINITIONS
          FIGURE 42 STARTUP/SME EVALUATION MATRIX: CRITERIA WEIGHTAGE
             11.9.1 PROGRESSIVE COMPANIES
             11.9.2 RESPONSIVE COMPANIES
             11.9.3 DYNAMIC COMPANIES
             11.9.4 STARTING BLOCKS
                    FIGURE 43 DIGITAL PAYMENT MARKET: STARTUP/SME EVALUATION MATRIX, 2020
     11.10 COMPANY PROFILES
             11.10.1 INTRODUCTION
(Business overview, Solutions offered, Response to COVID-19, Recent developments, SWOT analysis, and MnM view)*
             11.10.2 FISERV
                     FIGURE 44 FISERV: COMPANY SNAPSHOT
                     FIGURE 45 FISERV: SWOT ANALYSIS
             11.10.3 FIS
                     FIGURE 46 FIS: COMPANY SNAPSHOT
                     FIGURE 47 FIS: SWOT ANALYSIS
             11.10.4 PAYPAL
                     FIGURE 48 PAYPAL: COMPANY SNAPSHOT
                     FIGURE 49 PAYPAL: SWOT ANALYSIS
             11.10.5 GLOBAL PAYMENTS
                     FIGURE 50 GLOBAL PAYMENTS: COMPANY SNAPSHOT
                     FIGURE 51 GLOBAL PAYMENTS: SWOT ANALYSIS
             11.10.6 SQUARE
                     FIGURE 52 SQUARE: COMPANY SNAPSHOT
                     FIGURE 53 SQUARE: SWOT ANALYSIS
             11.10.7 VISA
                     FIGURE 54 VISA: COMPANY SNAPSHOT
             11.10.8 MASTERCARD
                     FIGURE 55 MASTERCARD: COMPANY SNAPSHOT
             11.10.9 WEX
                     FIGURE 56 WEX: COMPANY SNAPSHOT
             11.10.10 ACI WORLDWIDE
                      FIGURE 57 ACI WORLDWIDE: COMPANY SNAPSHOT
             11.10.11 JPMORGAN CHASE
                      FIGURE 58 JPMORGAN CHASE: COMPANY SNAPSHOT
             11.10.12 INTUIT
                      FIGURE 59 INTUIT: COMPANY SNAPSHOT
             11.10.13 STRIPE
             11.10.14 DUE
             11.10.15 WORLDLINE
                      FIGURE 60 WORLDLINE: COMPANY SNAPSHOT
             11.10.16 ADYEN
             11.10.17 PAYTRACE
             11.10.18 APPLEPAY
             11.10.19 ALIANT PAYMENTS
             11.10.20 AURUS
             11.10.21 FATTMERCHANT
             11.10.22 2CHECKOUT
             11.10.23 PAYSAFE
             11.10.24 PAYU
             11.10.25 SPREEDLY
             11.10.26 ALIPAY
             11.10.27 DWOLLA

*Details on Business overview, Solutions offered, Response to COVID-19, Recent developments, SWOT analysis, and MnM view might not be captured in case of unlisted companies.

12 APPENDIX (Page No. - 221)
     12.1 ADJACENT/RELATED MARKETS
             12.1.1 PAYMENT PROCESSING SOLUTIONS MARKET
                        12.1.1.1 Market definition
                        12.1.1.2 Market overview
                                 TABLE  181 GLOBAL PAYMENT PROCESSING SOLUTIONS MARKET SIZE, 2020–2025 (USD MILLION)
                        12.1.1.3 Payment processing solutions market, by payment method
                                 TABLE  182 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY PAYMENT METHOD,  2014–2019 (USD MILLION)
                                 TABLE  183 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY PAYMENT METHOD,  2019–2025 (USD MILLION)
                        12.1.1.4 Payment processing solutions market, by deployment mode
                                 TABLE  184 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY DEPLOYMENT MODE,  2014–2019 (USD MILLION)
                                 TABLE  185 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY DEPLOYMENT MODE,  2019–2025 (USD MILLION)
                        12.1.1.5 Payment processing solutions market, by vertical
                                 TABLE  186 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY VERTICAL, 2014–2019 (USD MILLION)
                                 TABLE  187 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY VERTICAL, 2019–2025 (USD MILLION)
                        12.1.1.6 Payment processing solutions market, by region
                                 TABLE  188 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY REGION,  2014–2019 (USD MILLION)
                                 TABLE  189 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY REGION,  2019–2025 (USD MILLION)
             12.1.2 CONTACTLESS PAYMENTS MARKET
                        12.1.2.1 Market definition
                        12.1.2.2 Market overview
                                 TABLE  190 GLOBAL CONTACTLESS PAYMENT MARKET SIZE, 2018–2025 (USD MILLION)
                        12.1.2.3 Contactless payment market, by component
                                 TABLE  191 CONTACTLESS PAYMENT MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
                                 TABLE  192 HARDWARE: CONTACTLESS PAYMENT MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
                                 TABLE  193 HARDWARE: CONTACTLESS PAYMENT MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
                                 TABLE  194 SOLUTIONS: CONTACTLESS PAYMENT MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
                                 TABLE  195 SERVICES: CONTACTLESS PAYMENT MARKET SIZE, BY TYPE, 2018–2025 (USD MILLION)
                                 TABLE  196 SERVICES: CONTACTLESS PAYMENT MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
                        12.1.2.4 Contactless payment market, by vertical
                                 TABLE  197 CONTACTLESS PAYMENT MARKET SIZE, BY VERTICAL, 2018–2025 (USD MILLION)
                        12.1.2.5 Contactless payment market, by region
                                 TABLE  198 CONTACTLESS PAYMENT MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
             12.1.3 PAYMENT AS A SERVICE MARKET
                        12.1.3.1 Market definition
                        12.1.3.2 Market overview
                                 TABLE  199 GLOBAL PAYMENT AS A SERVICE MARKET SIZE, 2019–2024 (USD MILLION)
                        12.1.3.3 Payment as a service market, by component
                                 TABLE  200 PAYMENT AS A SERVICE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
                                 TABLE  201 SERVICES: PAYMENT AS A SERVICE MARKET SIZE, BY TYPE,  2017–2024 (USD MILLION)
                                 TABLE  202 PROFESSIONAL SERVICES: PAYMENT AS A SERVICE MARKET SIZE, BY TYPE,  2017–2024 (USD MILLION)
                        12.1.3.4 Payment as a service market, by vertical
                                 TABLE  203 PAYMENT AS A SERVICE MARKET SIZE, BY VERTICAL, 2017–2024 (USD MILLION)
                        12.1.3.5 Payment as a service market, by region
                                 TABLE  204 PAYMENT AS A SERVICE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
             12.1.4 REAL-TIME PAYMENTS MARKET
                        12.1.4.1 Market definition
                        12.1.4.2 Market overview
                                 TABLE  205 GLOBAL REAL-TIME PAYMENTS MARKET SIZE, 2016–2023 (USD MILLION)
                        12.1.4.3 Real-time payments market, by nature of payment
                                 TABLE  206 REAL-TIME PAYMENTS MARKET SIZE, BY NATURE OF PAYMENT, 2016–2023 (USD MILLION)
                                 TABLE  207 PERSON-TO-PERSON: REAL-TIME PAYMENTS MARKET SIZE, BY REGION,  2016–2023 (USD MILLION)
                                 TABLE  208 PERSON-TO-BUSINESS: REAL-TIME PAYMENTS MARKET SIZE, BY REGION,  2016–2023 (USD MILLION)
                                 TABLE  209 BUSINESS-TO-PERSON: REAL-TIME PAYMENTS MARKET SIZE, BY REGION,  2016–2023 (USD MILLION)
                                 TABLE  210 OTHERS: REAL-TIME PAYMENTS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
                        12.1.4.4 Real-time payments market, by component
                                 TABLE  211 REAL-TIME PAYMENTS MARKET SIZE, BY COMPONENT,  2016–2023 (USD MILLION)
                                 TABLE  212 SOLUTIONS: REAL-TIME PAYMENTS MARKET SIZE, BY TYPE, 2016–2023 (USD MILLION)
                                 TABLE  213 PAYMENT GATEWAY MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
                                 TABLE  214 PAYMENT PROCESSING MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
                                 TABLE  215 PAYMENT SECURITY AND FRAUD MANAGEMENT MARKET SIZE, BY REGION,  2016–2023 (USD MILLION)
                                 TABLE  216 SERVICES: REAL-TIME PAYMENTS MARKET SIZE, BY TYPE , 2016–2023 (USD MILLION)
                                 TABLE  217 PROFESSIONAL SERVICES MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
                                 TABLE  218 MANAGED SERVICES MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
                        12.1.4.5 Real-time payments market, by deployment mode
                                 TABLE 219 REAL-TIME PAYMENTS MARKET SIZE, BY DEPLOYMENT MODE, 2016–2023 (USD MILLION)
                        12.1.4.6 Real-time payments market, by enterprise size
                                 TABLE 220 REAL-TIME PAYMENTS MARKET SIZE, BY ENTERPRISE SIZE,  2016–2023 (USD MILLION)
                        12.1.4.7 Real-time payments market, by vertical
                                 TABLE 221 REAL-TIME PAYMENTS MARKET SIZE, BY VERTICAL, 2016–2023 (USD MILLION)
                        12.1.4.8 Real-time payments market, by region
                                 TABLE 222 REAL-TIME PAYMENTS MARKET SIZE, BY REGION, 2016–2023 (USD MILLION)
     12.2 DISCUSSION GUIDE
     12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL
     12.4 AVAILABLE CUSTOMIZATIONS
     12.5 RELATED REPORTS
     12.6 AUTHOR DETAILS

The study involved 4 major activities to estimate the current market size of the digital payment market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. 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. Thereafter, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the digital payment market.

Secondary Research

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 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 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, 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 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 of revenue collected from solutions and services, market breakups, market size estimations, market forecasts, and data triangulation. Primary research also helped understand various trends related to technology, application, deployment, and region. 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.

Digital Payment Market Size, and Share

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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.

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, and Share

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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’s 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, and Share

Data Triangulation

With data triangulation and validation through primary interviews, the exact value of the overall parent market size was determined and confirmed using this study. 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.

Report Objectives

  • To determine and forecast the global digital payment market by component, organization size, deployment type, vertical, and region from 2020 to 2025, 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

  • 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 market

Company Information

  • Detailed analysis and profiles of additional market players
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Report Code
TC 6655
Published ON
Oct, 2020
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