According to the report titled ‘Global Digital Payments Market Size study, By Mode Of Payment(Point Of Sale, Online Sale)By End-User Industry(Retail, Banking And Financial Service, Telecommunication, Government, Transportation, Others)By Deployment(Cloud, On-Premise)By Enterprise(Large Enterprises, Small And Medium Enterprises)and Regional Forecasts 2021-2027’, available with Market Study Report, global digital payments market was valued at USD 5058.96 billion in 2020 and is expected to witness an annual growth rate of 11.1% during 2021-2027, thereby accumulating USD 10569.63 billion by the end of the forecast period.
 

Key feature of ability to make quick & easy transactions using smart devices and internet connectivity is propelling the growth of global digital payments market. Additionally, increase in number of smartphone users and inclination towards digital payment modes are also contributing to the market growth.  As per the latest data compiled by the Government of Taiwan, 10 million out of 23 million of the nation’s total population used mobile payments in 2020.
 

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Moreover, blockchain technology for cryptocurrency has revolutionized the digital payment industry, as it ensures safe, transparent, and decentralized exchange of digital goods between users, hence creative lucrative growth prospects.
 

On the contrary, concerns regarding security breaches, and rise in cybercrimes and digital frauds are factors restraining the market growth. As per the Mumbai Police Cyber Cell, digital crimes surged by 70% in 2020, with an average of 375 cyberattacks per day.
 

By mode of payment, global digital payments market is bifurcated into online sale, and point of sale, whereas segmentation by end user spectrum includes e-commerce, healthcare, corporate sectors, banking & financial sectors, public sectors, hotel & restaurants, transport & telecommunication, retail, and others. Based on deployment, the marketplace is classified into on-premise, and cloud. While as per enterprise size, the market division includes small enterprises, medium enterprises, and large enterprises.
 

Moving on to the geographical terrain, North America held 35% share of the total market revenue generated in 2020. On the other hand, Asia Pacific market is expected to witness a significant growth during the analysis timeframe, owing to rise in number of smartphone users, rapid industrialization, and population expansion in the region.
 

Furthermore, Europe market is also expected to expand through 2027, due to the government efforts to develop & introduce a one-stop solution for digital transactions between merchants and customers across the region.
 

Key players in global digital payments include Google Pay, Amazon Pay, PayPal Holdings Inc., Visa Inc., Tencent Holdings Ltd., Fiserv Inc., Mastercard Inc., First Data Corporation, Apple Pay, and Ant Group Co. Ltd. (Alipay).