Digital Payments Markets, 2025 - Impact of COVID-19 on the Payments Landscape and the Allied Markets

Digital Payments Markets, 2025 - Impact of COVID-19 on the Payments Landscape and the Allied Markets

GlobeNewswire

Published

Dublin, Oct. 20, 2020 (GLOBE NEWSWIRE) -- The "Digital Payments Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to *ResearchAndMarkets.com's* offering.

The Digital Payments Market is expected to grow at a CAGR of 13.5% over the forecast period 2020 to 2025. The demand for cashless payments, over cash, is being driven by greater convenience, favorable government policies, and evolving consumer behavior. The governments are also trying to reduce their cost of printing the currencies and counter the fake currency influx that disturbs the economic growth, with digitization, thereby, creating an environment conducive for cashless and digital payments.

*Key Market Trends*

*Contactless Payment to Drive the Market Growth*

Contactless payment is an alternative payment channel. It uses short-range wireless technology, such as radio-frequency identification (RFID) or near field communication (NFC), to complete payments securely between contactless card and contactless-enabled PoS terminal.

· Factors driving the use of contactless payment include, but are not limited to, ease of use, faster, integrated, and seamless experience. For instance, contactless transactions take close to one-tenth of the time taken by the traditional electronic transaction. According to Capgemini, customer confidence in the security of contactless payments is increasing, with improved device security features, such as biometric and cryptography. In addition, customers can now use contactless payments for amounts up to GBP 30, without verification (or higher amounts with customer verification, such as a passcode or fingerprint), with a contactless-enabled payment terminal.
· Contactless payments are weeding out cash, as it is a simpler, more secure, and speedier mode of payment in comparison. In the United Kingdom, payment cards have experienced constant and sustained growth, and debit cards have recently taken over cash as the most popular form of payment. In the purchases, the use of payment cards has grown, and the same has been the case with the card-based contactless methods of payment.
· For instance, according to UK Finance, the contactless payments accounted for 38% of all in-store card payments in October 2017, which was up from 24% as of October 2016. Mobile contactless user base increased approximately to 450 million at the start of 2019. Also according to the same source, in December 2019, the value of contactless card transactions amounted to 7.4 billion British pounds in the United Kingdom, the highest value displayed during the period under observation.
· With the emergence of communication technology, such as NFC that consumes lesser power while active, the scope for the contactless payments has improved, as it tackles the issues of higher power consumption in other contactless cards. The widespread adoption of contactless payments in the United Kingdom was gradual, and presently, it has become the world leader for contactless payments. Moreover, in the United Kingdom, in 2018, one out of every three card payments was contactless.

*Competitive Landscape*

The Digital Payments Market is moderately concentrated. The competitive rivalry in the market studied is moderate, as a good number of players prevail. Despite the existence of several companies in the market studied, firms are required to keep innovating their products, in order to gain a sustainable competitive edge over their rivals and provide product differentiation.

April 2020 - Amazon India plans to give zero-interest credit to customers to buy products on its platform or pay bills, partnering with lenders, like Capital Float and Karur Vysya Bank, for the initiative. The service will allow consumers to purchase essentials on Amazon's platform.

· April 2020 - Paytm Payments Bank partnered with Mastercard to issue virtual and physical debit cards. The deal will see the bank's beta customers issued with cards in an initial rollout, followed by its entire user base in short order.
· Feb 2020 - Paypal Holdings Inc. announced to launch a peer-to-peer (P2P) payments feature in India. The service is based on Universal Payments Interface (UPI), India's indigenous digital payments network, and will roll out in near future.

*Key Topics Covered:*

*1 INTRODUCTION*

*2 RESEARCH METHODOLOGY*

*3 EXECUTIVE SUMMARY*

*4 MARKET INSIGHTS*
4.1 Market Overview
4.2 Industry Stakeholder Analysis
4.3 Industry Attractiveness- Porters Five Forces Analysis

*5 MARKET DYNAMICS*
5.1 Market Drivers
5.1.1 High proliferation of digital initiatives resulting in higher transaction volume for payment processors
5.1.2 Growing bargaining leverage of consumers with buying firms, leading to greater focus on enabling seamless transactions
5.2 Market Challenges
5.2.1 Lack of a standard legislative policy across the globe remains a concern especially in the case of cross-border transactions - Privacy & Security Concerns
5.3 Impact of COVID-19 on the Payments Landscape and the Allied Markets

*6 MARKET SEGMENTATION*
6.1 By Mode of Payment
6.1.1 Point of Sale
6.1.1.1 Contact Payment
6.1.1.2 Contactless Payment
6.1.1.3 Bank Cards
6.1.2 Online Sale
6.1.2.1 Digital Wallets
6.1.2.2 Digital Currencies
6.1.2.3 Net Banking
6.1.2.4 Other Online Sales Channels
6.2 By End-user Industry
6.2.1 Retail
6.2.2 Banking and Financial Service
6.2.3 Telecommunication
6.2.4 Government
6.2.5 Transportation
6.2.6 Other End-user Industries (Media and Entertainment)
6.3 Geography

*7 COMPETITIVE LANDSCAPE*
7.1 Company Profiles
7.1.1 PayPal Holdings Inc.
7.1.2 Visa Inc.
7.1.3 MasterCard Incorporated (MasterCard)
7.1.4 Amazon.com Inc.
7.1.5 Alphabet Inc.
7.1.6 Apple Inc.
7.1.7 CCAvenue (Avenues India Pvt. Ltd)
7.1.8 Paytm Mobile Solutions Private Limited
7.1.9 Stripe Inc.
7.1.10 Alipay.com Co. Ltd

*8 INVESTMENT ANALYSIS*

*9 MARKET OPPORTUNITIES AND FUTURE TRENDS*

For more information about this report visit https://www.researchandmarkets.com/r/anj1yq

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT:
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Full Article