NOIDA, India, Dec. 7, 2020 /PRNewswire/ — A comprehensive overview of the digital payments market is recently added by UnivDatos Market Insights to its humongous database. The digital payments market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the digital payments market. The digital payments market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the digital payments market at the global and regional levels. The Global Digital Payments Market is expected to grow at a CAGR of 18.5% from 2021-2026 to reach US 167.6 billion by 2026.Market Overview
The global digital payments landscape is evolving at rapid pace. Over the last couple of years, the digital payments have witnessed heightened activity with four major shifts being observed in the global landscape. These four major shifts include:
(1) Digital and information technology revolution, which has led to the increased penetration of smartphones and internet – Mobile Internet use is rising sharply. By 2020, the number of people using mobile Internet services is projected to hit 3 billion, representing 65% of the world’s adult population, compared to around 1.9 billion in 2015.
(2) Entry of several payment service providers including non-banking institutions, who now is offering payment services and solutions with lucrative offers – GooglePay, ApplePay, SamsungPay, PhonePay, PayTM, AmazonPay, Whatsapp Pay and Airtel among others are the non-banking institutions who are now providing digital payment services to consumers with several attractive offers. For instance: Apple Pay, with 227 million users worldwide is estimated to be the leading digital wallet, up from 140 million users in 2018. In 2020, Samsung Pay and Google Pay are projected to both cross 100 million users globally.
(3) Convenience at fingertip, consumers today are becoming more demanding and digital payment features one-touch payment solutions, which again attracts consumer and finally (4) digital payments offers instantaneous solutions with completely secured and regulated framework.