The global digital payment market size is projected to grow from $89.1 billion in 2021 to $180.4 billion by 2026, at a CAGR of 15.2% during the forecast period, according to ResearchAndMarkets.
Major growth factors for the market include worldwide initiatives for the promotion of digital payments, high proliferation of smartphones enabling mCommerce growth, increase in eCommerce sales, and growth in internet penetration.
The global digital payment market deployment type
Several vendors in the market offer payment solutions through the public and private cloud. Cloud-based payment solutions are available in various subscriptions and pay-per-use models.
These solutions empower businesses to invest in payment technologies according to their specific requirements. The cloud-based deployment of digital payment software is gaining traction among SMEs, as cloud-based deployment helps SMEs avoid upfront costs associated with hardware, software, storage, and technical staff.
APAC to grow at the highest growth rate during the forecast period
APAC is at the forefront to adopt digital payment solutions due to the increased smartphone penetration and internet connectivity in this region that provides digital payment solution providers with an opportunity to launch advanced digital payment services. The rapid eCommerce adoption also contributes to the increased use of digital payment solutions.
The adoption of digital payment solutions has helped bridge economic opportunities and drive financial inclusion in APAC. APAC consumers prefer equal measures of seamless and security in all aspects of their digital payment transactions. The growing retail market in the region has enabled global digital payment solution providers to focus more in this region for providing advanced solutions.
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