Digital Payments Market

PayPal (US) and Fiserv (US) are Leading Players in the Digital payments Market

The global digital payments market is expected to grow from USD 79.3 billion in 2020 to USD 154.1 billion by 2025, at a CAGR of 14.2% during the forecast period. The major driving factors for the digital payments market include rising global initiatives for the promotion of digital paymentss, proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales, and growth in internet penetration.

The major digital payments market vendors include 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). 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 payments market market. New product launches and acquisitions have been the most adopted strategies by the major players from 2018 to 2020, which helped them innovate their offerings and broaden their customer base.

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Paypal is one of the leading players in the global digital payments market. It has been gradually increasing its focus on strengthening its payment product portfolio which includes a wide range of payment solutions, including PayPal, PayPal Credit, Braintree, Venmo, Xoom, and Paydiant. The company’s digital paymentss platform has approximately 267 million active account holders. It focuses on strengthening its position in the global market via partnerships. In December 2019, Citi Bank and PayPal extended their partnership to enable the bank’s institutional clients to make payments into customers’ PayPal digital wallets. The company adopts organic growth strategies to gain a competitive edge in the digital payments market. In August 2020, PayPal announced a short-term installment offering, Pay in 4. It enables merchants and partners to get paid upfront, while it also enables customers to pay for purchases between USD 30 and USD 600 over a six-week period. Similarly, in May 2020, PayPal announced the QR code-based payment method to allow its customers buy and sell goods in 28 markets around the globe.

Fiserv is one of the major players in the digital payments market Fiserv has adopted a mix of organic and inorganic growth strategies. For instance, in April 2020, Fiserv launched Merchant Services in collaboration with Deluxe. In May 2020, Fiserv announced Authorization Lift to enhance the debit card transaction authorization process. 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.

Related Reports:

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

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Report Code
TC 6655
RI Published ON
10/8/2020
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