PayPal (US) and Fiserv (US) are leading players in Digital Payment Market
The digital payment market size is projected to grow from USD 111.2 billion in 2023 to USD 193.7 billion by 2028, at a CAGR of 11.8% during the forecast period. An increasing online consumer base and a change in consumer payment behavior will fuel the demand for digital payments. The payments industry is getting more crowded as new technology players enter the market to fill customer experience gaps left behind by large firms. Digital currencies are emerging in the global payments system and are likely to revolutionize the entire ecosystem of investments and monetary financing, owing to their characteristics of technological innovation, immediacy, and security.
The major digital payment market vendors include PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil).
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Major players in the global digital payment market have used a variety of growth strategies, such as partnerships, collaborations, agreements, and new product launches, to expand their reach. New product launches and acquisitions have been the most common strategies used by major players from 2019 to 2023. These strategies have helped them to innovate their offerings and reach a wider range of customers.
PayPal is a leading technology platform and digital payments company. It enables digital and mobile payments on behalf of consumers and merchants across the globe. In April 2023, the new version of PayPal Payment Solution provided acceptance of PayPal payments with Apple Pay, save payment methods with PayPal Vault, and real-time account updater. In October 2021, PayPal launched Zettle Terminal, a new, all-in-one point-of-sale solution that offered increased mobility in-store for small businesses. The Zettle Terminal will be available in the UK beginning today and will continue to roll out across additional markets in Europe in 2021 and into 2022 and the US next year.
Fiserv is a financial technology and solutions company. The company offers financial services to clients across various industries. The company operates through three business segments: Merchant Acceptance, Financial Technology (Fintech), and Payments. The Payments segment includes products and services required to process digital payment transactions, including card transactions such as debit, credit, and prepaid card processing and services, a range of network services, security and fraud protection products, and card production and print services for financial institutions and corporate clients. In March 2023, Fiserv launched version V11.0 of Banking Hub, bringing about a new API in the Indirect Liability service. In November 2021, Fiserv introduced Clover Online Ordering with Delivery, which provided flexible food delivery services with direct menu management, order and payment processing, and reporting through the Clover platform.
Related Reports:
Digital Payment Market by Offering (Solutions (Payment Processor, Payment Gateway, Payment Wallet, POS Solution), Services (Professional and Managed), Transaction Type (Domestic and Cross Border), Payment Mode, Vertical & Region - Global Forecast to 2028
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