Digital Payment Services
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Visa partners PayPal for interoperable P2P paymentsApril 12, 2023
UPI would be accepted in India as a form of payment for tourists from Australia and other G20 nations instead of cash.February 14, 2023
Standard Chartered and Allinpay partnership enables cross-border QR paymentsFebruary 14, 2023
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Digital Payment Services Industry Benchmarks
The average annual savings achieved in Digital Payment Services category is 6.20%
The industry average payment terms in Digital Payment Services category for the current quarter is 63.8 days
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Category Strategy and Flexibility
Price per Unit Competitiveness
Minimum Order Quality
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Digital Payment Services Suppliers
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Digital Payment Services market report transcript
Digital Payment Services Global Market Outlook:
It has been observed that 82 percent of the banking executives expect to increase their fintech partnerships in the next 3–4 years
It is expected that fintech will offer banks a speedy way to test and launch innovative services without having to complete their costly IT systems, while banks offer financial capital, an expanded customer base, and an imprimatur of greater legitimacy
The Global Digital Payments Market is estimated to reach USD 19.89 trillion by 2026 with a Compound Annual Growth Rate (CAGR) of 24.4%.
The demand for cashless payments over cash is being driven by greater convenience, favorable government policies, and evolving customer behavior
Digital Payment Services Pricing Structure
It has been observed that 82 percent of the banking executives expect to increase their fintech partnerships in the next 3-4 years. The commission rates charged for the transactions Is expected to increase as the demand for digital payments is higher during the pandemic
It is expected that fintech will offer banks a speedy way to test and launch innovative services without having to completely their costly IT systems, while banks offer financial capital, an expanded customer base and an imprimatur of greater legitimacy
Digital Payment Services Key Market Trends
The North American region is projected to be dominant regional market due to the availability of highly advanced infrastructure presence and presence of established market players.
Electronic & Contactless Payments
- Two years into the pandemic, there was an increase in the use of electronic and contactless payments, along with the launch of numerous new digital wallets. According to NMA, this widespread adoption will last through 2023.
- Biometric authentication has been rapidly emerging in 2022. It may develop into a dependable and secure solution for all digital payments made in 2022 as identity theft and fraud issues are on the rise.
Increasing Demand for Point of Sale
- The demand for POS has been increasing and around 1.6 billion global consumers are expected to pay with digital wallets at the point of sale (POS) in 2023, accounting for 30 percent of POS payments.
Adoption of AI and Blockchain
- AI can be used to improve the speed and efficiency of the payment process A new system of international settlements can be developed using the technology behind digital currencies and blockchains that will be far more practical and completely safe for its users.
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