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
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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:
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SOURCE Fortune Business Insights
Blockchain
Digital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
Digital Payment Gateway Market
Blockchain
Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
The post Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users appeared first on News, Events, Advertising Options.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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