The growing usage of smart phones and the expansion of the smart phone sector are likely to drive the worldwide digital payments market forward. According to Statista, around 1.43 billion smart phones were sold globally, with Apple accounting for 24%. Rising demand and the approval of various Android smart phones are expected to stimulate market expansion. The absence of worldwide payment systems that are easy to use, a lack of global standards, and varying government restrictions in various nations are projected to stymie the expansion of the global digital payments business. In any case, digital payments from one nation to another are expected to be more costly, slower, and less transparent than in the past. The complexities associated with this strategy are projected to stifle the expansion of the global digital payments industry.
According to Coherent Market Insights, the Global Digital Payments Market was valued at US$ 7,360 Bn in 2021 and is forecast to reach a value of US$ 22326.5 Bn by 2030 at a CAGR of 12.8% between 2022 and 2030.
Major Players in the Digital Payments Industry:
1. Wordplay Inc. (Fidelity National Information Services)
Worldplay Communications operates as a disruptive online video platform and software-as-a-service provider. It enables organizations to leverage the explosive growth trends of online video and to realize the measurable impacts that video content has on target audience engagement. Founded in 2006, headquartered in Alberta, Canada. In Feb. 04, 2021 TELUS and Calgary-based Worldplay Communications announced a partnership that will innovate local community content and give Canadian businesses and consumers a new platform to connect virtually.
2. PayPal Holdings Inc.
PayPal Holdings, Inc. operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide. The company provides payment solutions under the PayPal, PayPal Credit, Braintree, Venmo, Xoom, PayPal Zettle, Hyperwallet, PayPal Honey, and Paidy names. The company was founded in 1998 and is headquartered in San Jose, California.
3. MasterCard Incorporated (MasterCard)
Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company offers payment solutions and services under the MasterCard, Maestro, and Cirrus. Mastercard Incorporated was founded in 1966 and is headquartered in Purchase, New York.
4. Stripe Inc.
It is developer of an online financial infrastructure platform designed to accept payments, grow revenue and accelerate new business opportunities. The company's platform offers a developer-centric, application programming interface-driven payments platform that simplifies payment infrastructure complexity and also provides a suite of ancillary commerce enablements and financial services products. Founded in 2009, headquartered in San Francisco, U.S.
5. Alphabet Inc.
Alphabet Inc. offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The company was founded in 1998 and is headquartered in Mountain View, California.
6. Fiserv Inc.
Fiserv, Inc., together with its subsidiaries, provides payment and financial services technology worldwide. The company operates through Acceptance, Fintech, and Payments segments. Fiserv, Inc. was incorporated in 1984 and is headquartered in Brookfield, Wisconsin.
7. Visa Inc.
Visa Inc. operates as a payments technology company worldwide. The company operates VisaNet, a transaction processing network that enables authorization, clearing, and settlement of payment transactions. It provides its services under the Visa, Visa Electron, Interlink, VPAY, and PLUS brands. Visa Inc. was founded in 1958 and is headquartered in San Francisco, California.
8. Amazon Payments Inc. (Amazon.com Inc.)
Amazon Payment Services integrates payment option at variety of business. The company was founded in 2013, headquartered in Dubai, U.A.E. Amazon Payment Services Launched Digital Payments Forum for MENA, on February 2023.
9. Paytm (One97 Communications limited)
Paytm Payments Bank is a mobile-NO bank with zero balance-zero digital transaction charge accounts. In February 2023, Paytm Payments Banks Limited (PPBL) launched UPI LITE, enabled by National Payments Corporation of India for multiple small-value UPI transactions.
*Definition- According to industry standards, digital payment is defined as a cashless transaction conducted via digital means. A digital payment is a means of making a payment.
