Digital Payment Market

ACI Worldwide and First Data are leading players in Digital Payment Market

The digital payment market is estimated to be USD 38.00 billion in 2018 and is projected to reach USD 86.76 billion by 2023, at a CAGR of 18.0% during the forecast period. Key factors driving the growth of the digital payment market include initiatives undertaken for the promotion of digital payments, high proliferation of smartphones, and the need to provide improved customer service at POS terminals.

Key market players profiled in this report include ACI Worldwide (US), Aurus (US), Aliant Payment (US), Authorize.Net (US), Adyen (Netherlands), BlueSnap (US), Chetu (US), Dwolla (US), FSS (India), First Data (US), Fiserv (US), Global Payments (US), Net1 UEPS Technologies (South Africa), Novatti (Australia), PayPal (US), Paysafe (UK), PayU (Netherlands), SIX (Switzerland), Stripe (US), TSYS (US), WEX (US), Wirecard (Germany), Worldline (France), Worldpay (US), and YapStone (US). These players offer various digital payment solutions and services to cater to the demands of potential customers. Moreover, these players have adopted various growth strategies such as mergers & acquisitions, partnerships, agreements, expansions, and new product launches to strengthen their foothold in the digital payment market.

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ACI Worldwide is one of the leading providers of a wide range of digital payment solutions that include retail payments, real-time payments, merchant payments, payment intelligence, digital channels, and bill payments. Key customers of the company include banks, financial intermediaries, merchants, and corporates. ACI Worldwide has adopted strategies of new product launches, partnerships, and agreements to enhance its market presence. In August 2018, ACI Worldwide partnered with SPAN Enterprises, a cloud-based software company, to boost payments and enhance customer experience in the transportation industry by deploying the Official Payments IRS tax payment system developed by ACI. Furthermore, in May 2018, ACI Worldwide launched ACI Case Management in partnership with i- Sight, a global leader in web-based investigative case management software. This solution is a part of the UP Payments Risk Management solution developed by ACI Worldwide.

First Data is another key player in the digital payment market with a broad product portfolio. It offers diverse and customized financial solutions for small businesses, large merchants, global and national financial institutions, community financial institutions, government, and other industries. Its suite of solutions includes technology products, software, cloud-based applications, processing services, security offerings, and customer support programs. First Data has adopted a mix of organic and inorganic growth strategies to widen its customer base in the digital payment market. For instance, in June 2018, First Data announced a partnership with Mastercard to provide a digital disbursement platform to Mastercardís business customers. First Data Corporation is expected to provide the Disburse-to-Debit solution to Mastercardís MoneySend customers to enable speedy and secure real-time debit card payments. In December 2017, First Data acquired BluePay Holdings, Inc. (BluePay) to enhance its partner management tools and strengthen its payment processing solutions and technology portfolio.

Related Reports:

Digital Payment Market by Type (Solutions & Services), Solution Type (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management), Deployment Mode, Organization Size, and Region - Global Forecast to 2023

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Report Code
TC 6655
RI Published ON
10/4/2018
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