Digital Payment Market Trends 2024-2032, Industry Size, Share, Growth And Competitive Landscape
Date
2/13/2024 2:00:03 AM
(MENAFN- IMARC Group)
According to IMARC Group, the global digital payment market size is expected to exhibit a growth rate (CAGR) of 15.62% during 2024-2032. The report has segmented the market by component (solutions, services), payment mode (bank cards, digital currencies, digital wallets, net banking, and others), deployment type (cloud-based, on-premises), end use industry (BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others), and region.
Global Digital Payment Market Trends:
The increasing penetration of smartphones and internet connectivity has made digital payment methods accessible to a wider population, fostering convenience and ease of use. Moreover, a growing emphasis on financial inclusion and the digitization of previously cash-based economies are driving the adoption of digital payments, enabling individuals who were previously unbanked to participate in the formal economy. Additionally, the COVID-19 pandemic accelerated the shift towards contactless and online transactions, further fueling the growth of digital payments. Enhanced security measures, such as biometrics and encryption, have instilled trust in digital payment systems. Furthermore, the rise of e-commerce and the demand for seamless, instant, and cashless transactions have solidified digital payments as the preferred mode of conducting financial transactions.
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