The global digital payment market size is expected to grow from USD 88.1 billion in 2021 to USD 180.2 billion by 2026, at a CAGR of 15.4% during the forecast period. Major driving factors for the digital payment market industry are worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales, and growth in internet penetration. These factors are expected to drive the global digital payment market.
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), JP Morgan Chase (US), WEX (US), Fleetcor(US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), 2Checkout now Verifone (US), Spreedly (US), Dwolla (US), Braintree (US), Clover (US), OpenWay Group (Belgium) and EBANX (Brazil). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations, and new product launches, to further expand their presence in the global digital payment market. New product launches and acquisitions have been the most adopted strategies by the major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
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FIS is one of the leading players in the global digital payment market. FIS is a leading player in the digital payment market. It has been gradually increasing its focus on strengthening its payment product portfolio. The company caters to more than 20,000 clients across 130 countries. It focuses on strengthening its position in the global market. In July 2019, FIS acquired Worldpay, a global leader in eCommerce and payments, to offer best-in-class enterprise banking, payments, capital markets, and global eCommerce capabilities to financial institutions and businesses worldwide. The company adopts organic growth strategies to gain a competitive edge in the digital payment market. The company continues to invest in modernization, innovation, and integrated solutions and services to meet market demands. It competes with global banks, financial and technology providers, and emerging technology innovators. It invests in both organic and inorganic growth strategies. For instance, it invests in companies building complementary technologies in the financial services space.
Fiserv is one of the major players in the digital payment market. Fiserv has adopted a mix of organic and inorganic growth strategies. For instance, in November 2021, Fiserv acquired NetPay a multi-channel payment service provider. In April 2021, Fiserv partnered with PayPal to bring PayPal and Venmo QR Code Payments to the Point of Sale. The company has collaborated with many other organizations and acquired one of the prominent FinTech solution providers, First Data Corporation. These developments have significantly strengthened its financial solution and services portfolio. The company’s future strategies are based on the pillars of portfolio management, client relationship value, operational effectiveness, capital discipline, and innovation.
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
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