Unusual growth strategies adopted by various companies are creating new standards for competition in the global Digital Payments market. Businesses around the world are aiming at increasing their profit margin and establishing a stronghold in the global market. Industry Research offers an extensive collection of reports on different markets covering crucial details. The report studies the competitive environment of the Digital Payments market is based on company profiles and their efforts on increasing product value and production.
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Scope of the Report:
Major Key Players:
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Key Market Trends:
Contact Less Payment Method to Emerge As One of the Preferred Option
Contactless payment is an alternative payment channel. It uses short-range wireless technologies, such as radio frequency identification (RFID) or near field communication (NFC), to securely complete payments between a contactless card and contactless-enabled PoS terminal.
The factors that drives the use of contactless payment include, but are not limited to, ease of use, speed, and integrated and seamless experience. For instance, contactless transactions take close to 1/10th of the time taken by traditional electronic transactions.
Driven by hassle-free and convenient experiences, contactless payments are witnessing robust adoption in countries, such as the United Kingdom, Australia, Canada, and Singapore. For instance, in the United Kingdom, the number of contactless transactions reached 2.86 billion in 2016, thereby, indicating a growth rate of about 174%.
The mobile contactless user base increased from about 20 million in 2015 to 144 million in 2017. Thus, with the increasing acceptance of mobile and digital payments, contactless payments are anticipated to record growth. Moreover, the adoption of contactless cards is projected to transform the landscape of traditional payments, as these cards act as significant threats to EMV cards and the magnetic stripe technology.
United States to Account for the Most Significant Share in North America
Digital payment is all set to be the preferred mode of payment for US citizens. For instance, 41% of all shoppers said that their smartphone or tablet is becoming their most important shopping tool. Moreover, mobile payment is the preferred mode of payment among millennials.
E-commerce sales in the region are also increasing, with the improvement of digital payment experience. This increase also reflects consumers’ increasing comfort with online shopping, coupled with their increasing use of mobile and hand-held devices.
When comparing online/e-commerce (no card present) payments with card-in-hand payments, digital proved to be the higher growth category, accounting for growth up to 23%, over the last year.
Most of the companies present in the market are efficient at the technological front, but require significant support for enhancing their services and expanding their businesses. Thus, mergers and acquisitions offer significant opportunities to gain the attention of a large number of providers across developed regions.
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Digital Payments Market Covers Following Points in TOC:
Chapter 1: Digital Payments Market Definition
Chapter 2: Research Methodology of Digital Payments Market
Chapter 3: Digital Payments Market Executive Summary
Chapter 4: Digital Payments Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
Chapter 6: Digital Payments Market Segmentation by Types, End-User, and Applications Forecast to 2024
Chapter 7: Digital Payments Market Segmentation by Geographical Regions
Chapter 8: Competitive Landscape of Digital Payments Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
Chapter 9: Key Players for Digital Payments Market
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