Blockchain
Digital Payment Market to Hit USD 19.89 Tn by 2026 in Terms of Transaction Value; Growing Penetration of Internet Services to Bolster Sales Opportunities: Fortune Business Insights™
The global digital payment market size is anticipated to reach a transaction value of USD 19.89 trillion by 2026, exhibiting a CAGR of 24.4% during the forecast period owing to the increasing usage of smartphones worldwide. Smartphones can be viewed as one of the greatest, if not the greatest, revolutions in the information and telecommunication industry in the last century. Today, any kind of information is available at your fingertips due to the omnipresence of smartphone technology and its usage is only growing. For instance, a study conducted by the Pew Research Center in early 2019 found that close to 5 billion people worldwide use mobile phones, with South Korea accounting for the highest percentage. The proliferation of smartphones has given rise to the concept of digital transactions wherein payments can be made using novel technologies such as Quick Response (QR) codes and m-wallets. The convenience of making transactions using just your phone has disrupted traditional modes of exchange and has spurred companies, banks, and governments to innovate, thereby driving the digital payment market trends.
Fortune Business Insights™ illustrates the above information and more in its new report, titled “Digital Payment Market Size, Share & Industry Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026″. The report states that the value of this market stood at a transaction value of USD 3.53 trillion in 2018. Apart from this, the report also shares:
- Exhaustive overview of the industry outlook;
- Comprehensive evaluation of the drivers and challenges impacting the market;
- Accurate prediction of the trends and future prospects in the market; and
- Detailed assessment of the competitive landscape and regional dynamics shaping the development of the market.
To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/digital-payment-market-101972
High Vulnerability of Financial Information to Online Miscreants to Hinder Growth
Electronic payments are transactions between buyers and sellers that are facilitated by the internet. These transactions require filling of private financial information such as card details, which makes the user susceptible to cybercrimes. Credit card frauds have become commonplace today as your card details can be easily acquired through phishing and hacking activities. Moreover, protection of financial information requires huge investments in building a robust digital infrastructure, which may not be possible in developing and underdeveloped countries. Lastly, digital payments heavily rely on a stable internet connection, which may not always be available, leading to disruption and confusion in the marketplace. However, the pros of digital transactions far outweigh the cons, auguring well for the digital payment market growth.
Maturing Consumer Behavior to Boost the Market in Asia-Pacific
Asia-Pacific is likely to dominate the digital payment market in the coming decade on account of rapidly rising smartphone adoption in the highly populated countries such as India and China. Consumer preferences are maturing and shifting towards digital and electronic means of transacting business, says one of our lead analyst. Furthermore, governments in the region are aggressively promoting digital payment methods, such as Indian Government’s Digital India campaign.
In 2018, the market size of North America was USD 0.96 trillion in terms of transaction value and the region is expected to grow remarkably owing to the presence of some of the biggest financial institutions and technology pioneers in the world. In Europe, a large chunk of people owns smartphones and the banking sector in EU member states is robust, which bodes well for the market in the region.
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Ensuring Transactional Security to be the Central Focus of Key Players
With rising instances of cybercrimes, competitors are focusing on developing convenient yet secure services to minimize the possibility of fraudulent activities. Many companies are actively collaborating to come up with innovative solutions, some other companies are targeting niche sectors in emerging economies.
Industry Developments:
- November 2019: Google Inc. modified its famed Google Pay platform and launched ‘Google Pay for Business’ app in Chennai, India, which will cater exclusively to the country’s fledgling Micro, Small, and Medium Enterprises (MSME) sector. The app would transfer the entire transaction amount to the UPI user’s bank account.
- October 2019: American Express, Visa, Discover, and MasterCard teamed up to develop a secure, simple, and fast checkout solution for online card payments. The service, which will be made available across the US in early 2020, is based on the EMV® Secure Remote Commerce standard which will enable customers to easily checkout using a ‘click-to-pay’ option.
List of Key Players Covered in the Digital Payment Market Report are:
- Visa Inc.
- Paytm
- Microsoft Corporation
- Google Inc.
- Amazon.com, Inc.
- Samsung Electronics Co. Ltd.
- PayPal Holdings Inc.
- MasterCard International Inc.
- Facebook Inc.
- Alipay.com Co Ltd
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/digital-payment-market-101972
Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Digital Payment Technology Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Payment Type (Transaction Value)
- Mobile Payment
- Proximity Payment
- Remote Payment
- Online Banking
- Point of Sale
- Debit Card @POS
- Credit Card @POS
- NFC Card
- Digital wallet
- Mobile Payment
- By Industry (Transaction Value)
- Media & Entertainment
- Retail
- BFSI
- Automotive
- Medical & Healthcare
- Transportation
- Consumer Electronics
- Others (Education, IT & Telecom, etc.)
- By Geography (Transaction Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Payment Type (Transaction Value)
Request for Customization:
https://www.fortunebusinessinsights.com/enquiry/customization/digital-payment-market-101972
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SOURCE Fortune Business Insights
bybit lucky
Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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