Digital Payment Market

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 2026

Report Code: TC 6655 Dec, 2021, by marketsandmarkets.com

[247 Pages Report] The global digital payment market size is expected to from USD 89.1 billion in 2021 to USD 180.4 billion by 2026, at a CAGR of 15.2% during the forecast period. 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.

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.

Digital Payment 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.

MnM's View of Digital Payment Ecosystem

Digital Payment Market by Region

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Solutions segment to constitute a larger market size during the forecast period

By component solutions segment is estimated to account for the largest market size in 2021 and is 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

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.

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.

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.

Digital Payment Market by Region

Key Market Players

The digital payment market is dominated by a few globally established players such as PayPal (US), Fiserv (US), FIS (US), Global Payments (US), and Square (US).

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Scope of the Report

Report Metrics

Details

Market size available for years

2016–2026

Base year considered

2020

Forecast period

2021–2026

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 E-commerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, Other Verticals)

Geographies covered

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

Companies covered

PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldline (US), Temenos (Switzerland), PayU (Netherlands), Apple Pay (US), JP Morgan Chase (US), WEX (US), Fleetcor(US), DUE (US), PayTrace (US), FattMerchant (US), 2Checkout now Verifone(US), Spreedly (US), Dwolla (US), Braintree(US), Clover(US), OneWay Group(US), Stax by Fattmerchant(US), EBANX (Brazil).

The study categorizes the digital payment market based on components, deployment type, organization size, and vertical at the regional and global level.

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 November 2021, Fiserv has launched EnteractSM, a new, cloud-based customer relationship management (CRM) platform for financial institutions. Enteract features a Microsoft Azure-based integration framework that synchronizes customer data with back-end systems and enables real-time process integration across core banking, enterprise content management and digital channels.
  • In September 2021, Global Payments Inc and Virgin Money signed an agreement to leverage Global Payments’ unique two-sided network to empower Virgin Money customers with market leading digital payments experiences globally.
  • In April 2021, FIS announced RealNet, a new cloud-based, software as a service (SaaS) platform that will enable account-to-account (A2A) transactions for businesses, consumers and governments over real-time payment networks.
  • In March 2021, Mastercard has acquired Nets a European PayTech company the additions to Mastercard will support a broader set of account-to-account capabilities, including clearing and settlement instant payment infrastructure, bill payment and E-invoicing application
  • In November 2020, Visa and Conferma Pay has announced a strategic partnership to launch Visa Commercial Pay, a suite of B2B payment solutions, to help improve cashflow for businesses and eliminate outdated manual processes. The strategic partnership will accelerate B2B money movement away from slow, outdated methods to fast, data-rich, secure digital payments and give businesses better control over their finances.

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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 DIGITAL PAYMENT 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, 2019–2026
    FIGURE 12 SHARES OF LEADING MARKET SEGMENTS, 2021
    FIGURE 13 MARKET, REGIONAL AND COUNTRY-WISE SHARES, 2021

4 PREMIUM INSIGHTS (Page No. - 59)
    4.1 ATTRACTIVE OPPORTUNITIES IN MARKET
           FIGURE 14 GROWING SMARTPHONE PENETRATION TO DRIVE MARKET GROWTH
    4.2 DIGITAL PAYMENT 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, 2016–2020 (USD MILLION)
           TABLE 9 MARKET SIZE, BY COMPONENT'  2021–2026 (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, 2016–2020 (USD MILLION)
                    TABLE 11 SOLUTIONS : MARKET SIZE, BY TYPE, 2021–2026 (USD MILLION)
                    TABLE 12 SOLUTIONS: MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 13 SOLUTIONS: MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
           6.2.3 PAYMENT GATEWAY SOLUTIONS
                    TABLE 14 PAYMENT GATEWAY SOLUTIONS MARKET SIZE, BY REGION'  2016–2020 (USD MILLION)
                    TABLE 15 PAYMENT GATEWAY SOLUTIONS MARKET SIZE, BY REGION'  2021–2026 (USD MILLION)
           6.2.4 PAYMENT PROCESSING SOLUTIONS
                    TABLE 16 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 17 PAYMENT PROCESSING SOLUTIONS MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
           6.2.5 PAYMENT WALLET SOLUTIONS
                    TABLE 18 PAYMENT WALLET SOLUTIONS MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 19 PAYMENT WALLET SOLUTIONS MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
           6.2.6 PAYMENT SECURITY AND FRAUD MANAGEMENT SOLUTIONS
                    TABLE 20 PAYMENT SECURITY AND FRAUD MANAGEMENT SOLUTIONS MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 21 PAYMENT SECURITY AND FRAUD MANAGEMENT SOLUTIONS MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
           6.2.7 POINT OF SALE SOLUTIONS
                    TABLE 22 POINT OF SALE SOLUTIONS MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 23 POINT OF SALE SOLUTIONS MARKET SIZE, BY REGION, 2021–2026 (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'  2016–2020 (USD MILLION)
                    TABLE 25 SERVICES : MARKET SIZE, BY TYPE, 2021–2026 (USD MILLION)
                    TABLE 26 SERVICES: MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 27 SERVICES: MARKET SIZE, BY REGION, 2021–2026 (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, 2016–2020 (USD MILLION)
                    TABLE 29 PROFESSIONAL SERVICES: MARKET SIZE, BY TYPE, 2021–2026 (USD MILLION)
                    TABLE 30 PROFESSIONAL SERVICES: MARKET SIZE, BY REGION,  2016–2020 (USD MILLION)
                    TABLE 31 PROFESSIONAL SERVICES: DIGITAL PAYMENT MARKET SIZE, BY REGION,  2021–2026 (USD MILLION)
                    6.3.3.1 Consulting
                               TABLE 32 CONSULTING MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                               TABLE 33 CONSULTING MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
                    6.3.3.2 Implementation
                               TABLE 34 IMPLEMENTATION MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                               TABLE 35 IMPLEMENTATION MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
                    6.3.3.3 Support and maintenance
                               TABLE 36 SUPPORT AND MAINTENANCE MARKET SIZE, BY REGION'  2016–2020 (USD MILLION)
                               TABLE 37 SUPPORT AND MAINTENANCE MARKET SIZE, BY REGION, 2021–2026 (USD MILLION)
           6.3.4 MANAGED SERVICES
                    TABLE 38 MANAGED SERVICES MARKET SIZE, BY REGION, 2016–2020 (USD MILLION)
                    TABLE 39 MANAGED SERVICES MARKET SIZE, BY REGION, 2021–2026 (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, 2016–2020 (USD MILLION)
           TABLE 41 MARKET SIZE, BY DEPLOYMENT TYPE'  2021–2026 (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, 2016–2020 (USD MILLION)
                    TABLE 43 ON-PREMISES: MARKET SIZE, BY REGION, 2021–2026 (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'  2016–2020 (USD MILLION)
                    TABLE 45 CLOUD: MARKET SIZE, BY REGION, 2021–2026 (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, 2016–2020 (USD MILLION)
           TABLE 47 MARKET SIZE, BY ORGANIZATION SIZE, 2021–2026 (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, 2016–2020 (USD MILLION)
                    TABLE 49 SMALL AND MEDIUM-SIZED ENTERPRISES: MARKET SIZE, BY REGION, 2021–2026 (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, 2016–2020 (USD MILLION)
                    TABLE 51 LARGE ENTERPRISES: MARKET SIZE, BY REGION, 2021–2026 (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, 2016–2020 (USD MILLION)
           TABLE 53 MARKET SIZE, BY VERTICAL, 2021–2026 (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, 2016–2020 (USD MILLION)
                    TABLE 55 BANKING, FINANCIAL SERVICES, AND INSURANCE: MARKET SIZE,  BY REGION, 2021–2026 (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,  2016–2020 (USD MILLION)
                    TABLE 57 RETAIL AND ECOMMERCE: MARKET SIZE, BY REGION,  2021–2026 (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'  2016–2020 (USD MILLION)
                    TABLE 59 HEALTHCARE: MARKET SIZE, BY REGION, 2021–2026 (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,  2016–2020 (USD MILLION)
                    TABLE 61 TRAVEL AND HOSPITALITY: MARKET SIZE, BY REGION,  2021–2026 (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, 2016–2020 (USD MILLION)
                    TABLE 63 TRANSPORTATION AND LOGISTICS: MARKET SIZE, BY REGION, 2021–2026 (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, 2016–2020 (USD MILLION)
                    TABLE 65 MEDIA AND ENTERTAINMENT: MARKET SIZE,  BY REGION, 2021–2026 (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, 2021–2026 (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, 2016–2020 (USD MILLION)
               TABLE 69 MARKET SIZE, BY REGION, 2021–2026 (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, 2016–2020 (USD MILLION)
                       TABLE 71 NORTH AMERICA: MARKET SIZE, BY COMPONENT,  2021–2026 (USD MILLION)
                       TABLE 72 NORTH AMERICA: MARKET SIZE, BY SOLUTION, 2016–2020 (USD MILLION)
                       TABLE 73 NORTH AMERICA: MARKET SIZE, BY SOLUTION, 2021–2026 (USD MILLION)
                       TABLE 74 NORTH AMERICA: MARKET SIZE, BY SERVICE, 2016–2020 (USD MILLION)
                       TABLE 75 NORTH AMERICA: MARKET SIZE, BY SERVICE, 2021–2026 (USD MILLION)
                       TABLE 76 NORTH AMERICA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2020 (USD MILLION)
                       TABLE 77 NORTH AMERICA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2021–2026 (USD MILLION)
                       TABLE 78 NORTH AMERICA: MARKET SIZE, BY DEPLOYMENT TYPE,  2016–2020 (USD MILLION)
                       TABLE 79 NORTH AMERICA: MARKET SIZE, BY DEPLOYMENT TYPE,  2021–2026 (USD MILLION)
                       TABLE 80 NORTH AMERICA: DIGITAL PAYMENT MARKET SIZE, BY ORGANIZATION SIZE,  2016–2020 (USD MILLION)
                       TABLE 81 NORTH AMERICA: MARKET SIZE, BY ORGANIZATION SIZE,  2021–2026 (USD MILLION)
                       TABLE 82 NORTH AMERICA: MARKET SIZE, BY VERTICAL, 2016–2020 (USD MILLION)
                       TABLE 83 NORTH AMERICA: MARKET SIZE, BY VERTICAL, 2021–2026 (USD MILLION)
                       TABLE 84 NORTH AMERICA: MARKET SIZE, BY COUNTRY,  2016–2020 (USD MILLION)
                       TABLE 85 NORTH AMERICA: MARKET SIZE, BY COUNTRY, 2021–2026 (USD MILLION)
             10.2.4 UNITED STATES
                       TABLE 86 UNITED STATES: DIGITAL PAYMENT MARKET SIZE, BY COMPONENT, 2016–2020 (USD MILLION)
                       TABLE 87 UNITED STATES: MARKET SIZE, BY COMPONENT,  2021–2026 (USD MILLION)
                       TABLE 88 UNITED STATES: MARKET SIZE, BY SOLUTION, 2016–2020 (USD MILLION)
                       TABLE 89 UNITED STATES: MARKET SIZE, BY SOLUTION, 2021–2026 (USD MILLION)
                       TABLE 90 UNITED STATES: MARKET SIZE, BY SERVICE, 2016–2020 (USD MILLION)
                       TABLE 91 UNITED STATES: MARKET SIZE, BY SERVICE, 2021–2026 (USD MILLION)
                       TABLE 92 UNITED STATES: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2020 (USD MILLION)
                       TABLE 93 UNITED STATES: MARKET SIZE, BY PROFESSIONAL SERVICE,  2021–2026 (USD MILLION)
                       TABLE 94 UNITED STATES: DIGITAL PAYMENT MARKET SIZE, BY DEPLOYMENT TYPE,  2016–2020 (USD MILLION)
                       TABLE 95 UNITED STATES: MARKET SIZE, BY DEPLOYMENT TYPE,  2021–2026 (USD MILLION)
                       TABLE 96 UNITED STATES: MARKET SIZE, BY ORGANIZATION SIZE,  2016–2020 (USD MILLION)
                       TABLE 97 UNITED STATES: MARKET SIZE, BY ORGANIZATION SIZE,  2021–2026 (USD MILLION)
                       TABLE 98 UNITED STATES: MARKET SIZE, BY VERTICAL, 2016–2020 (USD MILLION)
                       TABLE 99 UNITED STATES: MARKET SIZE, BY VERTICAL, 2021–2026 (USD MILLION)
             10.2.5 CANADA
                       TABLE 100 CANADA: DIGITAL PAYMENT MARKET SIZE, BY COMPONENT, 2016–2020 (USD MILLION)
                       TABLE 101 CANADA: MARKET SIZE, BY COMPONENT, 2021–2026 (USD MILLION)
                       TABLE 102 CANADA: MARKET SIZE, BY SOLUTION, 2016–2020 (USD MILLION)
                       TABLE 103 CANADA: MARKET SIZE, BY SOLUTION, 2021–2026 (USD MILLION)
                       TABLE 104 CANADA: MARKET SIZE, BY SERVICE, 2016–2020 (USD MILLION)
                       TABLE 105 CANADA: MARKET SIZE, BY SERVICE, 2021–2026 (USD MILLION)
                       TABLE 106 CANADA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2020 (USD MILLION)
                       TABLE 107 CANADA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2021–2026 (USD MILLION)
                       TABLE 108 CANADA: MARKET SIZE, BY DEPLOYMENT TYPE, 2016–2020 (USD MILLION)
                       TABLE 109 CANADA: DIGITAL PAYMENT MARKET SIZE, BY DEPLOYMENT TYPE, 2021–2026 (USD MILLION)
                       TABLE 110 CANADA: MARKET SIZE, BY ORGANIZATION SIZE, 2016–2020 (USD MILLION)
                       TABLE 111 CANADA: MARKET SIZE, BY ORGANIZATION SIZE, 2021–2026 (USD MILLION)
                       TABLE 112 CANADA: MARKET SIZE, BY VERTICAL, 2016–2020 (USD MILLION)
                       TABLE 113 CANADA: MARKET SIZE, BY VERTICAL'  2021–2026 (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, 2016–2020 (USD MILLION)
                       TABLE 115 EUROPE: MARKET SIZE, BY COMPONENT, 2021–2026 (USD MILLION)
                       TABLE 116 EUROPE: MARKET SIZE, BY SOLUTION, 2016–2020 (USD MILLION)
                       TABLE 117 EUROPE: MARKET SIZE, BY SOLUTION, 2021–2026 (USD MILLION)                       TABLE 118 EUROPE: MARKET SIZE, BY SERVICE, 2016–2020 (USD MILLION)
                       TABLE 119 EUROPE: MARKET SIZE, BY SERVICE, 2021–2026 (USD MILLION)
                       TABLE 120 EUROPE: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2020 (USD MILLION)
                       TABLE 121 EUROPE: MARKET SIZE, BY PROFESSIONAL SERVICE,  2021–2026 (USD MILLION)
                       TABLE 122 EUROPE: MARKET SIZE, BY DEPLOYMENT TYPE, 2016–2020 (USD MILLION)
                       TABLE 123 EUROPE: MARKET SIZE, BY DEPLOYMENT TYPE, 2021–2026 (USD MILLION)
                       TABLE 124 EUROPE: DIGITAL PAYMENT MARKET SIZE, BY ORGANIZATION SIZE, 2016–2020 (USD MILLION)
                       TABLE 125 EUROPE: MARKET SIZE, BY ORGANIZATION SIZE, 2021–2026 (USD MILLION)
                       TABLE 126 EUROPE: MARKET SIZE, BY VERTICAL, 2016–2020 (USD MILLION)
                       TABLE 127 EUROPE: MARKET SIZE, BY VERTICAL'  2021–2026 (USD MILLION)
                       TABLE 128 EUROPE: MARKET SIZE, BY COUNTRY, 2016–2020 (USD MILLION)
                       TABLE 129 EUROPE: MARKET SIZE, BY COUNTRY, 2021–2026 (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, 2016–2020 (USD MILLION)
                       TABLE 131 ASIA PACIFIC: MARKET SIZE, BY COMPONENT, 2021–2026 (USD MILLION)
                       TABLE 132 ASIA PACIFIC: MARKET SIZE, BY SOLUTION, 2016–2020 (USD MILLION)
                       TABLE 133 ASIA PACIFIC: MARKET SIZE, BY SOLUTION, 2021–2026 (USD MILLION)
                       TABLE 134 ASIA PACIFIC: MARKET SIZE, BY SERVICE'  2016–2020 (USD MILLION)
                       TABLE 135 ASIA PACIFIC: MARKET SIZE, BY SERVICE, 2021–2026 (USD MILLION)
                       TABLE 136 ASIA PACIFIC: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2020 (USD MILLION)
                       TABLE 137 ASIA PACIFIC: MARKET SIZE, BY PROFESSIONAL SERVICE,  2021–2026 (USD MILLION)
                       TABLE 138 ASIA PACIFIC: MARKET SIZE, BY DEPLOYMENT TYPE,  2016–2020 (USD MILLION)
                       TABLE 139 ASIA PACIFIC: DIGITAL PAYMENT MARKET SIZE, BY DEPLOYMENT TYPE,  2021–2026 (USD MILLION)
                       TABLE 140 ASIA PACIFIC: MARKET SIZE, BY ORGANIZATION SIZE,  2016–2020 (USD MILLION)
                       TABLE 141 ASIA PACIFIC: MARKET SIZE, BY ORGANIZATION SIZE,  2021–2026 (USD MILLION)
                       TABLE 142 ASIA PACIFIC: MARKET SIZE, BY VERTICAL, 2016–2020 (USD MILLION)
                       TABLE 143 ASIA PACIFIC: MARKET SIZE, BY VERTICAL, 2021–2026 (USD MILLION)
                       TABLE 144 ASIA PACIFIC: MARKET SIZE, BY COUNTRY, 2016–2020 (USD MILLION)
                       TABLE             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,  2016–2020 (USD MILLION)
                       TABLE 147 LATIN AMERICA: MARKET SIZE, BY COMPONENT,  2021–2026 (USD MILLION)
                       TABLE 148 LATIN AMERICA: MARKET SIZE, BY SOLUTION, 2016–2020 (USD MILLION)
                       TABLE 149 LATIN AMERICA: MARKET SIZE, BY SOLUTION,  2021–2026 (USD MILLION)
                       TABLE 150 LATIN AMERICA: MARKET SIZE, BY SERVICE, 2016–2020 (USD MILLION)
                       TABLE 151 LATIN AMERICA: MARKET SIZE, BY SERVICE,  2021–2026 (USD MILLION)
                       TABLE 152 LATIN AMERICA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2016–2020 (USD MILLION)
                       TABLE 153 LATIN AMERICA: MARKET SIZE, BY PROFESSIONAL SERVICE,  2021–2026 (USD MILLION)
                       TABLE 154 LATIN AMERICA: MARKET SIZE, BY DEPLOYMENT TYPE,  2016–2020 (USD MILLION)
                       TABLE 155 LATIN AMERICA: DIGITAL PAYMENT MARKET SIZE, BY DEPLOYMENT TYPE,  2021–2026 (USD MILLION)
                       TABLE 156 LATIN AMERICA: MARKET SIZE, BY ORGANIZATION SIZE,  2016–2020 (USD MILLION)
                       TABLE 157 LATIN AMERICA: MARKET SIZE, BY ORGANIZATION SIZE,  2021–2026 (USD MILLION)
                       TABLE 158 LATIN AMERICA: MARKET SIZE, BY VERTICAL, 2016–2020 (USD MILLION)
                       TABLE 159 LATIN AMERICA: MARKET SIZE, BY VERTICAL, 2021–2026 (USD MILLION)
                       TABLE 160 LATIN AMERICA: MARKET SIZE, BY COUNTRY,  2016–2020 (USD MILLION)
                       TABLE 161 LATIN AMERICA: MARKET SIZE, BY COUNTRY, 2021–2026 (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,  2016–2020 (USD MILLION)
                       TABLE 163 MIDDLE EAST AND AFRICA: MARKET SIZE, BY COMPONENT,  2021–2026 (USD MILLION)
                       TABLE 164 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SOLUTION,  2016–2020 (USD MILLION)
                       TABLE 165 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SOLUTION,  2021–2026 (USD MILLION)
                       TABLE 166 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SERVICE,  2016–2020 (USD MILLION)
                       TABLE 167 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SERVICE,  2021–2026 (USD MILLION)
                       TABLE 168 MIDDLE EAST AND AFRICA: MARKET SIZE, BY PROFESSIONAL SERVICE, 2016–2020 (USD MILLION)
                       TABLE 169 MIDDLE EAST AND AFRICA: MARKET SIZE, BY PROFESSIONAL SERVICE, 2021–2026 (USD MILLION)
                       TABLE 170 MIDDLE EAST AND AFRICA: DIGITAL PAYMENT MARKET SIZE'  BY DEPLOYMENT TYPE, 2016–2020 (USD MILLION)
                       TABLE 171 MIDDLE EAST AND AFRICA: MARKET SIZE, BY DEPLOYMENT TYPE, 2021–2026 (USD MILLION)
                       TABLE 172 MIDDLE EAST AND AFRICA: MARKET SIZE'  BY ORGANIZATION SIZE, 2016–2020 (USD MILLION)
                       TABLE 173 MIDDLE EAST AND AFRICA: MARKET SIZE'  BY ORGANIZATION SIZE, 2021–2026 (USD MILLION)
                       TABLE 174 MIDDLE EAST AND AFRICA: MARKET SIZE, BY VERTICAL,  2016–2020 (USD MILLION)
                       TABLE 175 MIDDLE EAST AND AFRICA: MARKET SIZE, BY VERTICAL,  2021–2026 (USD MILLION)
                       TABLE 176 MIDDLE EAST AND AFRICA: MARKET SIZE,  BY COUNTRY, 2016–2020 (USD MILLION)
                       TABLE 177 MIDDLE EAST AND AFRICA: MARKET SIZE,  BY COUNTRY, 2021–2026 (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,  2021–2026 (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,  2021–2026 (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, 2021–2026 (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,  2021–2026 (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.

Given below is the breakup of the primary respondents:

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 2021 to 2026, 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
COVID-19

Get in-depth analysis of the COVID-19 impact on the Digital Payment Market

Benchmarking the rapid strategy shifts of the Top 100 companies in the Digital Payment Market

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Report Code
TC 6655
Published ON
Dec, 2021
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