Digital Wallet Global Market Report 2023 – By Type (Proximity, Remote), By Deployment Type (On-Premise, Cloud), By Industry Verticals (Education, Gaming, Information Technology And Telecommunications, Aerospace And Defense, Legal, Media And Entertainment, Automotive, Banking Financial Services and Insurance, Consumer Goods, Other Industry Verticals) – Market Size, Trends, And Global Forecast 2023-2032

A mobile wallet is a virtual wallet that is linked to a user’s bank account and can access the account to make and accept payments. These mobile wallets are used for making payments for day-to-day shopping. The main types of mobile wallets are open, semi-closed, and closed. An open mobile wallet refers to a wallet that allows both in-store and online payments using the mobile wallet. The ownerships include banks, telecom operators, device manufacturers, and tech companies. The technology involves near-field communication (NFC), optical/QR code, digital, and text-based with various applications such as hospitality and transportation, media and entertainment, retail, healthcare, energy and utilities, telecommunications, and others. The global mobile wallet market is segmented - 1) By Type: Open, Semi-Closed, Closed 2) By Ownership: Banks, Telecom Operators, Device Manufacturers, Tech Companies 3) By Technology: Near Field Communication (NFC), Optical/QR Code, Digital, Text-Based 4) By Application: Hospitality And Transportation, Media And Entertainment, Retail, Healthcare, Energy And Utilities, Telecommunication, Other Applications The global mobile wallet market size is expected to grow from $1,236.40 billion in 2022 to $1,605.77 billion in 2023 at a compound annual growth rate (CAGR) of 29.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global mobile wallet market size is expected to grow to $4,661.74 billion in 2027 at a CAGR of 30.5%. The rise in smartphone penetration is driving the mobile wallet market going forward. Smartphones refer to mobile phones that can accomplish more tasks than just calling and text messaging. With the increasing number of smartphones and governments promoting digital payments and cashless payments, more people are installing mobile wallets on their phones. For instance, according to a report by DataReportal, a Singapore-based free data and information provider, in China, there were 1.61 billion mobile connections in January 2021. Between January 2020 and January 2021, there were 8.0 million more mobile connections in China (+0.5%). Since many people have multiple mobile connections, the number of mobile connections in China in January 2021 was equal to 111.8% of the country's entire population. Therefore, increasing smartphone penetration is driving the mobile wallet market. Major players in the mobile wallet market are Amazon Web Services Inc., VISA Inc., American Express Banking Corporation, PayPal Holdings Inc., Apple Inc., Mastercard Incorporated, Samsung Electronics Co. Ltd., Alipay.com, Google Inc., AT&T Inc., Ant Financial Services Group, Wells Fargo & Company, Tencent Holdings Limited, Mozido Inc., One Mobikwik System Pvt. Ltd., Barclays Plc., and Skrill Ltd. Product innovation is a key trend gaining popularity in the mobile wallet market. Major companies in the market are constantly innovating and introducing new offerings to sustain their position in the market. For instance, in December 2021, Vibes, a US-based technology firm and provider of mobile wallet services, launched Mobile Wallet as a Channel, an innovative add-on to its existing mobile wallet solution. The innovation turns consumers’ mobile wallets into a persistent, dynamic, and personalized content channel to drive top-line growth and improve customer satisfaction. In November 2021, Fobi AI Inc., a US-based data intelligence company, acquired PassWallet, an all-in-one mobile wallet app that displays and saves wallet passes, from Quicket GmbH for a deal value of $964,949 (€888,000). The acquisition provides Fobi with greater opportunities and applications leveraging the mobile wallet and allows Fobi to extend its services in new markets where Google Pay is not supported. Quicket GmbH is a Germany-based company that creates novel mobile and online platform solutions. Asia-Pacific was the largest region in the mobile wallet market in 2022. The regions covered in the global mobile wallet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the mobile wallet market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The mobile wallet market includes revenues earned by entities by providing crypto wallet and IoT wallet services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The mobile wallets market research report is one of a series of new reports from The Business Research Company that provides mobile wallets market statistics, including mobile wallets industry global market size, regional shares, competitors with a mobile wallets market share, detailed mobile wallets market segments, market trends and opportunities, and any further data you may need to thrive in the mobile wallets industry. This mobile wallet market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

3D Secure payment refers to a security protocol in which an extra layer of security for online credit card and debit card transactions. Customers have to go through an additional verification process with the card issuer while purchasing. The main types of 3D secure payments include on premise and cloud-based. Cloud-based describes resources, services, or applications that are made on demand by cloud computing providers and made available to clients over the Internet. They consist of various components including merchant plug-in, access control server, and other components for use in applications such as banks and merchants and payment gateway. The global 3D secure payment market is segmented - 1) By Type: On-Premise, Cloud-Based 2) By Component: Merchant Plug-in, Access Control Server, Other Components 3) By Application: Banks, Merchants And Payment Gateway The global 3D secure payment market size is expected to grow from $1.12 billion in 2022 to $1.26 billion in 2023 at a compound annual growth rate (CAGR) of 12.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global 3D secure payment market size is expected to reach $2.02 billion in 2027 at a CAGR of 12.4%. Consumer preferences towards online shopping are expected to propel the growth of the 3D secure payment market going forward. Online shopping refers to a type of electronic commerce in which a customer uses a web browser to browse the internet for products and services before making a purchase. Factors such as customers’ access to more information, opportunities to compare items and pricing, a wider variety of products, convenience, and the ability to quickly locate desired products are helping consumers’ preferences towards online shopping, where 3D Secure payment is an additional layer of cardholder authentication and provides security for online payment. For Instance, in November 2022, according to Tidio Ltd., a Poland-based payment platform for small and medium businesses, in the US, digital buyers are expected to reach 285 million in 2025 as compared to 268 million in 2022. Therefore, consumer preferences towards online shopping are driving the growth of the 3D secure payment market. Major players in the 3d secure payment market are GPayments Pty Ltd., Broadcom Inc., Mastercard Inc., Visa Inc., Bluefin Payment Systems LLC, American Express Company, RSA Security LLC, DECTA Limited, Modirum Oy, Marqeta, Entersekt, SIA S.p.A., Worldline SA, Elavon Inc., and Adyen. Product innovation is a key trend gaining popularity in the 3D Secure Payment market. Major market players are concentrating their efforts on creating innovative technologies and products such as 3-D Secure 2 (3DS2), frictionless authentication, 3D Secure 2.0 (3DS2), and biometric payments to strengthen their position in the market. For Instance, in August 2022, Zuora Inc., a US-based enterprise software company, integrated 3D Secure 2.0 (3DS2), which is a widely recommended solution for strong customer authentication (SCA) under PSD2. Using the integrated iFrame of Payment Pages 2.0, the Stripe v2 gateway supports 3DS2. 3-D Secure 2.0 helps mobile apps and linked devices, and 3-D Secure 2.0 aids in securing and accelerating digital payment security and transactions. In November 2022, Bluefin Payment Systems LLC, a US-based payment and data security company acquisition of TECS Payment Systems for an undisclosed amount. With this acquisition, Bluefin would be able to provide its clients with omnichannel payments and smart POS capabilities that will be incorporated into the business's current payment and data security suite. TECS Payment Systems is a US-based provider of omnichannel payment solutions, including 3D secure payments. North America was the largest region in the 3D secure payment market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global 3D secure payment market report during the forecast period. The regions covered in the global 3D secure payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the 3D secure payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The 3D secure payment market includes revenues earned by entities by providing services such as authentication, risk management, and liability shift. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The 3D secure payment market research report is one of a series of new reports from The Business Research Company that provides 3D secure payment optical components market statistics, including 3D secure payment optical components industry global market size, regional shares, competitors with a 3D secure payment optical components market share, detailed 3D secure payment optical components market segments, market trends and opportunities, and any further data you may need to thrive in the 3D secure payment optical components industry. This 3D secure payment optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

A payment gateway is a technology infrastructure that enables the secure and seamless transfer of payment information between a customer, a merchant, and the financial institution involved in a transaction. It acts as a virtual intermediary, facilitating the authorization, processing, and settlement of online or electronic payment transactions. The main types of payment gateways are hosted and non-hosted. A hosted payment gateway is a third-party payment solution that allows merchants to accept payments from customers without having to store any sensitive payment information on their servers. These are used by large enterprises and small and medium enterprises in industries such as travel and hospitality, banking, financial services, and insurance (BFSI), retail and e-commerce, media and entertainment, and other end-users. The global payment gateway market is segmented - 1) By Type: Hosted, Non-Hosted 2) By Enterprise Size: Large Enterprise, Small And Medium Enterprise 3) By End-User: Travel And Hospitality, Banking, Financial Services And Insurance (BFSI), Retail And E-Commerce, Media And Entertainment, Other End Users The global payment gateway market size is expected to grow from $27.32 billion in 2022 to $32.05 billion in 2023 at a compound annual growth rate (CAGR) of 17.31%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global payment gateway market size is expected to reach $60.00 billion in 2027 at a CAGR of 16.97%. The rise in digital payments is expected to propel the growth of the payment gateway market going forward. Digital payments are electronic transactions conducted without the use of cash or checks, utilizing methods like credit cards, debit cards, mobile wallets, and online payment systems. The increase in digital payments requires payment gateways that provide a secure connection between a business's website and a payment processing company, which handles the payment processing for the business through which the digital payment took place. For instance, in June 2022, according to the Global Findex Database report published by the World Bank, a US-based intergovernmental organization, the proportion of adult individuals engaged in conducting or receiving digital payments increased to 57% in 2021 from 35% in 2014. In addition, the prevalence of adult individuals involved in making or receiving digital payments reached 95% in high-income economies. Therefore, the rise in digital payments is driving the growth of the payment gateway market. Major players in the industrial wastewater treatment market are Aquatech International LLC, Veolia Water Technologies Inc, Creative Water Solutions, Sapphire Water Systems, Minerals Technologies Inc, M. W. Watermark, Culligan International, Water Professionals, Ecolab Inc., Solenis LLC, Cortec Corporation, Buckman Laboratories Inc., Evoqua Water Technologies LLC, Akzo Nobel N.V., and Lenntech B.V. Voice recognition technology in payment solutions is a key trend gaining popularity in the payment gateway market. Companies operating in the payment gateway market are adopting new technologies to sustain their position in the market. For instance, in February 2023, Ubona Technologies, an India-based speech recognition company, launched 123 UPI, a first-of-its-kind speech recognition technology-based payments solution that allows users to make digital payments in their preferred Indian language using any phone (feature phone or smartphone). This solution employs an automatic speech recognition engine to assist people in transacting in their preferred Indian language, allowing them to make digital payments in their native language. In October 2020, Stripe, an Ireland-based financial services company, acquired Paystack for $200 million. This acquisition will provide Paystack with resources to develop new products, support more businesses, and consolidate the hyper-fragmented African payments market. It will also aid in Stripe's geographic expansion by introducing more payment channels, value-added services, and deeper integrations with global platforms. Paystack is a Nigeria-based financial technology company that offers businesses payment processing services. North America was the largest region in the payment gateway market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global payment gateway market report during the forecast period. The regions covered in the global payment gateway market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the payment gateway market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The payment gateway market includes revenues earned by entities through on-site payments, redirected payment gateways, mobile payments, and payment security services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The payment gateway market consists of sales of payment card readers and point-of-sale (POS) terminals used in payment gateway services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The payment gateway market research report is one of a series of new reports from The Business Research Company that provides payment gateway market statistics, including payment gateway industry global market size, regional shares, competitors with a payment gateway market share, detailed payment gateway market segments, market trends and opportunities, and any further data you may need to thrive in the payment gateway industry. This payment gateway market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Payment monitoring is a process that includes reviewing, managing, and analyzing the monetary transactions that are processed during a business application. Payment monitoring is an essential process in a business as it reduces the risk of revenue and service disruption, increases operational efficiency, and reduces support costs. The main types of payment monitoring include case management, dashboard and reporting, KYC or customer onboarding and watch list screening. Case management is the practice of managing data relationships, documents, and processes for special instances, such as service requests, investigations, or occurrences that call for action and resolution. They are deployed over cloud or on-premise by large enterprises and small and medium enterprises for use in various applications including anti-money laundering, compliance management, fraud detection and prevention, and customer identity management. These are used by various end-user industries such as banking, financial services and insurance (BFSI), information technology (IT) and telecom, healthcare, retails and e-commerce, government and defense and others. The global payment monitoring market is segmented - 1) By Type: Case Management, Dashboard And Reporting, KYC Or Customer Onboarding, Watch List Screening 2) By Deployment: Cloud, On-premise 3) By Organization Size: Large Enterprises, Small And Medium Enterprises 4) By Application: Anti-Money Laundering, Compliance Management, Fraud Detection And Prevention, Customer Identity Management 5) By End User: Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecom, Healthcare, Retails And E-commerce, Government And Defense, Other End-Users The global payment monitoring market size is expected to grow from $13.74 billion in 2022 to $16.48 billion in 2023 at a compound annual growth rate (CAGR) of 19.90%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The global payment monitoring market size is expected to reach $33.47 billion in 2027 at a CAGR of 19.38%. The rising payment fraud and cyberattacks are driving the growth of the payment monitoring market going forward. Payment frauds include all the various types of illegal transactions completed by cybercriminals. Such payments are carried out by stealing a third person's payment credentials and completing unauthorized transactions. Payment monitoring systems constantly scan and monitor the transactions made for any illicit and suspicious behavior and take action to prevent losses for the victims. For instance, in April 2022, according to the AFP Payments Fraud and Control Survey by JP Morgan, a US-based investment banking, commercial banking, financial transaction processing, and asset management company, roughly 30% of companies in 2021 saw a rise in payments fraud while 71% of organizations reported to have been victims of payment fraud attacks. Furthermore, 55% of companies reported actual or attempted payment fraud because of business email compromise (BEC). Therefore, the rise in payment fraud is driving the growth of the payment monitoring market. Major players in the payment monitoring market are ACI Worldwide Inc., BAE Systems plc, FICO, Fidelity National Information Services Inc., Fiserv Inc., Nice Ltd., Oracle Corporation, SAS Institute, Inc., Software AG, Refinitiv Company, Bottomline Technologies Inc., Broadcom Inc., International Business Machines Corporation, and ThreatMetrix. Integration of advanced technologies such as machine learning (ML), artificial intelligence (AI), and big data is the key trend that is gaining popularity in the payment monitoring market. Major companies operating in the market are focused on the advancement of their infrastructures to sustain their position in the market. For instance, in August 2022, the Society for Worldwide Interbank Financial Telecommunication, a Belgium-based cooperative society that serves as a provider of a secure messaging system for financial transactions between banks, launched an artificial intelligence tool that utilizes its predictive data intelligence capability to determine potential problems with cross-borders before a transaction gets completed. This tool uses the data from previous successful transactions to pinpoint errors that may have occurred in the new transaction and thereby reducing failure rates. In December 2022, NMI, a US-based company that provides a payment enablement platform, acquired Agreement Express for an undisclosed amount. Through this acquisition, NMI aims to expand its full commerce enablement offering that includes underwriting and risk monitoring capabilities. Additionally, through this acquisition, the company can now provide customizable risk scoring, automated data collection, compliance monitoring, Know Your Customer (KYC), anti-money laundering (AML), and fraud screenings to its fintech partners. Agreement Express is a Canada-based company that focuses on the automation of onboarding and underwriting processes for financial services firms. North America was the largest region in the payment monitoring market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global payment monitoring market report during the forecast period. The regions covered in the global payment monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the payment monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The payment monitoring market includes revenues earned by entities by providing services that include ongoing monitoring, real-time alerts, fraud detection, and reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The payment monitoring market consists of sales of payment fraud detection systems, transaction monitoring software, and payment gateway monitoring tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The payment monitoring market research report is one of a series of new reports from The Business Research Company that provides payment monitoring market statistics, including payment monitoring industry global market size, regional shares, competitors with a payment monitoring market share, detailed payment monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the payment monitoring industry. This payment monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Digital payments are a payment mode that uses digital medium such as the internet, cell phones and automated devices to send and receive money. It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money. The main types of digital payments market are point of sale and online sales. Online sales refer to the sales of products and payments made online. The various deployments are cloud-based and on-premise. The services are used in retail, banking and financial services, telecommunications, government, transportation, and other digital payments. The global digital payments market is segmented - 1) By Mode Of Payment: Point Of Sale, Online Sale 2) By End-User Industry: Retail, Banking And Financial Service, Telecommunication, Government, Transportation, Other End Use Industries 3) By Deployment: Cloud, On-Premise 4) By Enterprise: Large Enterprises, Small And Medium Enterprises The global digital payments market size will grow from $96.19 billion in 2022 to $111.11 billion in 2023 at a compound annual growth rate (CAGR) of 15.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global digital payments is expected to grow to $197.87 billion in 2027 at a CAGR of 15.5%. Quick onboarding and ease of use are expected to drive the digital payments market. Individuals require flexibility, transparency, and friction-free onboarding. They are more attracted to such methods which are frictionless, and as a result, software innovators such as Square and PayPal are using automation to decrease the onboarding time to a few minutes. Digital payments are very easy to use compared to conventional methods as they only require a bank account or phone number and a smartphone with an internet facility. For instance, according to new data compiled by Taiwan's government, out of a population of about 23 million, nearly 10 million are mobile payment users. The ease of adoption increases the number of users, thereby contributing to the growth of the digital payments market. Major players in the digital payments market are Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc., and MasterCard. A breach in security is expected to hinder the digital payments market globally. The increase in the digitalization of payments has led to security breaches, incurring losses to merchants and customers as well. According to the 2022 AFP® Payments Fraud and Control Survey, 71% of the respondent organizations were victims of payment fraud or attempt. The threat of security thereby hinders the digital payment market. Contactless payment technology is soaring in the digital payments market. Many users are increasingly opting for contactless payment technologies such as mobile wallets, contactless cards, and others as they are more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near-field communication (NFC) for the transmission of amounts among users. Mobile payments transaction volume reached $1.7 billion in 2021 whicvh was a 27% increase as compared to 2020. In August 2022, Razorpay, a Bengaluru-based fintech startup, acquired 80% of Ezetap for an undisclosed amount. The acquisition would strengthen the digital payments infrastructure of Razorpay and help it better serve its customers. Ezetap is a Bengaluru-based digital payments startup. Asia-Pacific was the largest region in the digital payments market in 2022. Western Europe was the second largest region in the digital payments market report. The regions covered in the digital payments analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the digital payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The digital payments market consists of revenues earned by entities that are engaged in facilitating payment transfers through digital medium such as the internet, cell phones and automated devices. The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts. This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others. Revenue generated from the payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The digital payments market research report is one of a series of new reports from The Business Research Company that provides digital payments market statistics, including digital payments industry global market size, regional shares, competitors with digital payments market share, detailed digital payments market segments, market trends and opportunities, and any further data you may need to thrive in the digital payments industry. The digital payments market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Mobile payments refer to that technology or software in which payments are made within the framework of financial regulation and performed by mobile phones with NFC capabilities. The various type of solutions provided are point-of-sale (PoS), in-store payments, and remote payments. A point-of-sale, or POS, is the place where the customer makes a retail payment for products or services. The different types of PoS solutions are near-field communication (NFC) payments, sound-wave based payments, magnetic secure transmission (MST) payments, and in-store payment solutions such as mobile wallets, quick response (QR) code payments. The various types of remote payments are internet payments, SMS payments, direct carrier billing, and mobile banking. The applications of mobile payment technologies are in retail and e-commerce, healthcare, BFSI, and enterprise. The global mobile payment technologies market is segmented - 1) By Solutions: Point-Of Sale (POS), In-Store Payments, and Remote Payments 2) By Application: Retail & E-Commerce, Healthcare, BFSI, Enterprise 3) By POS Solutions: Near-Field Communication (NFC) Payments, Sound-Wave Based Payments, Magnetic Secure Transmission (MST) Payments 4) By In-Store Payments Solutions: Mobile Wallets, Quick Response (QR) Code Payments 5) By Remote Payments: Internet Payments, SMS Payments, Direct Carrier Billing, Mobile Banking The global mobile payment technologies market size will grow from $86.91 billion in 2022 to $109.06 billion in 2023 at a compound annual growth rate (CAGR) of 25.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global mobile payment technologies is expected to grow to $267.96 billion in 2027 at a CAGR of 25.2%. The initiatives taken by governments to promote a cashless economy is a major driver for the growth of the mobile payment technologies market. A cashless economy is the one in which financial transactions are not done with banknotes or physical currency but via digital modes of payment. In this regard, government across the world along with the central banks are taking several initiatives to move towards a cashless economy, which ultimately leads to the growth of the mobile payment technologies market. For instance, in August 2021, the Government of India launched a digital payment method e-RUPI, a cashless and contactless digital payment method. e-RUPI is essentially a digital voucher that a beneficiary receives by SMS or a QR code on his phone. It is a pre-paid coupon that can be used at any location that takes it. Major players in the mobile payment technologies market are PayPalInc., MasterCard, Bharti Airtel, GoogleInc., Apple Inc., First Data Corporation, American Express Co., Vodacom Group, Millicom International Cellular, Mahindra Comviva, Orange, DwollaInc., WorldPay, Paytm, AT & TInc., Safaricom Limited, MTN Group, Econet Wireless Zimbabwe, Visa, BlueSnap, PayU, Bank of America, Amazon, Citrus Payment Solutions, Stripe, Six Payment services, Paysafe, Wirecard, Novatti, Vodafone Ltd., and Microsoft Corporation. Security issues and threat of data breach is an important restraint on the mobile payment technologies market. This is mainly because lot of information and data is transferred in digital payments, which becomes a challenge for data security. There are multiple security issues like frauds & chargebacks, technical integration, malicious app clones, and mobile frauds that have an adverse impact on this market. For example, PayPal announced a security breach that put over 1.6 million customer's data at risk and as a compensation, the company had to offer free credit monitoring services for those who needed it. The integration of Internet of Things (IoT) with mobile payments is an emerging trend in the mobile payment technologies market. IoT is a system of interrelated computing devices, mechanical and digital machines, or people that can transfer data over a network without requiring any human-to-human or human-to-computer interaction. The integration of IoT in mobile payment technologies eases the payment experience of consumers and merchants, ensuring smooth and efficient payments on both ends. Due to increased convenience and safety provided by IoT-based mobile payments, many people are moving towards mobile payment technologies. For example, MasterCard integrated IoT for bringing payments to a wide range of consumer products for around 50 billion devices that are expected to be connected to the internet by 2020. The company is also planning to come up with the latest IoT-based devices to boost digital payments. The mobile payment technologies market is governed by the Payment Services Directives (PSD2) which regulates the payment service providers throughout the European Union (EU) and European Economic Area (EEA). This regulation primarily focuses on developing a more integrated payments market in Europe and encourages non-banks to participate in this industry to enhance competition. PSD2 also ensures safer and more secured payments to increase protection of the customers and their data. Hence, this regulation is expected to further drive the mobile payment technologies market by providing smooth and efficient payment experience for both customers and payment service providers. In March 2022, RAZORPAY, an India-based provider of full-stack financial solutions acquired IZealiant Technologies for an undisclosed amount. With the acquisition of IZealiant, RAZORPAY would be able to support banks with excellent technological infrastructure, enhancing the end-user payment experience. IZealiant Technologies is an India-based provider of software solutions to financial institutions. The Asia-Pacific was the largest region in the mobile payment technologies market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global mobile payment technologies industry report during the forecast period. The regions covered in the global Internet of Things (IoT) security market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the mobile payment technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The mobile payment technologies market includes revenues earned by entities by technologies, which can be used as a method of payment that does not involve cash or cheques but allows consumers to make immediate payments using portable electronic devices such as smartphones or tablets. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The mobile payment technologies market research report is one of a series of new reports from The Business Research Company that provides mobile payment technologies market statistics, including mobile payment technologies industry global market size, regional shares, competitors with a mobile payment technologies market share, detailed mobile payment technologies market segments, market trends and opportunities, and any further data you may need to thrive in the mobile payment technologies industry. This mobile payment technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Payment instruments are systems that enable funds held in accounts at credit, payment, or similar institutions to be transferred to a payee on receipt of a payment order. The main types of payments are credit transfer, direct debit, check payment, and cash deposit. Credit transfer refers to the payment method of transferring credit from one account to another. The various applications include those of banks, non-banking financial institutions, and others. These are used by retail, banking and financial services, telecommunications, the government, transportation, and other end users.d other end users. The global payments market is segmented - 1) By Type: Credit Transfer, Direct Debit, Check Payment, Cash Deposit 2) By Application: Banks, Non-Banking Financial Institutions, Other Applications 3) By End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Other End Users The global payments market size will grow from $561.77 billion in 2022 to $612.04 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global payments is expected to grow to $847.59 billion in 2027 at a CAGR of 8.5%. The outbreak of COVID-19 is expected to drive the growth of the payments market over the forecast period. Contactless payments are becoming a preferred payment method in the current pandemic situation because less human contact is required. Contactless payment systems at the point of service, such as facial recognition, Quick Response (QR) codes, or Near-field Communication (NFCs), will render the virus less likely to spread to others via payment exchanges. In the first quarter of 2020, the credit card giant Mastercard announced a 40% increase in contactless payments as the global pandemic deepened. Therefore, the widespread of the coronavirus is expected to propel the contactless growth of the payment market in the forecast period. Major players in the payments market are PayPal, Square Inc., Apple Inc., Amazon Payments, Flagship Merchant Services, GoCardless, Bitpay, Stripe, Payline Data, FIS., ACI Worldwide, MasterCard, Fiserv. The increasing fraud in payments has impacted the growth of the payments market. Payment fraud is a form of fraudulent or unlawful transaction carried out by a cybercriminal. Fraudsters use third-party platforms such as e-commerce portals to defraud consumers by charging for products or items that are never shipped. According to Merchant Savvy, global losses from payment fraud have tripled to $32.39 in 2020 and are expected to continue to cost $40.62 billion in 2027, which is 25% higher than in 2020. Therefore, the increase in fraud cases restrains the growth of the payments market. The integration of biometric authentication technology into payments is a key trend gaining popularity in the payments market. Biometric authentication is a specific and significant payment method that integrates and offers accuracy, effectiveness, and protection within a single package. The methods of authentication include fingerprint scanners, facial recognition, iris recognition, pulse tracking, and venous mapping. For example, In January 2022, Apple Inc., a company operating in payments based in the United States, introduced an iOS 15.4 beta periocular biometrics that allows Face ID to be used with a mask and without an Apple Watch for biometric authentication. In November 2020, Refinitiv, a London-based financial services company, acquired GIACT for an undisclosed amount. The acquisition of GIACT’s fraud prevention capabilities brings new offerings to Refinitiv’s customers by enhancing and broadening Refinitiv’s digital identity verification and document proofing solutions. GIACT is a US-based financial services company. Asia-Pacific was the largest region in the payments market in 2022. Western Europe was the second largest region in the global payments market share. The regions covered in the global payments market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the payments market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The payments market consists of revenues earned by entities that are engaged in facilitating payment transfers between individuals, companies, or both. The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts. This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others. Revenue generated from the payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The payments research report is one of a series of new reports from The Business Research Company that provides payments statistics, including payments industry global market size, regional shares, competitors with payments share, detailed payments segments, market trends and opportunities, and any further data you may need to thrive in the payments industry. This payments research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Cards are provided by a bank or other financial organization, which enables users to withdraw money or make purchases using a line of credit. Payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order. The main types of cards and payments are cards and payments. The cards refer to the debit and credit cards that are issued by a bank to manage financial transactions. The various institution types include banking institutions, non-banking institutions. The cards are used for food and groceries, health and pharmacy, restaurants and bars, consumer electronics, media and entertainment, travel and tourism, other applications. The global cards and payments market is segmented - 1) By Type: Cards, Payments 2) By Institution Type: Banking Institutions, Non-Banking Institutions 3) By Application: Food And Groceries, Health And Pharmacy, Restaurants And Bars, Consumer Electronics, Media And Entertainment, Travel And Tourism, Other Applications Subsegments Covered: Credit Card, Debit Card, Charge Card, Prepaid Card The global cards & payments market size grew from $833.27 billion in 2022 to $903.22 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global cards & payments market is expected to grow to $1238.14 billion in 2027 at a CAGR of 8.2%. Cards and payments companies are investing in technologies and formulating guidelines to prevent card and payment fraud. In this regard, payment service providers and merchants have implemented various solutions, including the Payment Card Industry Data Security Standard (PCI DSS) compliance, EMV technology, 3-D Secure services, tokenization, biometrics, and end-to-end encryption. To combat the constantly evolving card fraud methods, the National Retail Federation (NRF) also updates its security guidelines continuously. Major companies in the cards and payments market include American Express, Banco Santander, Visa, PayPal, MasterCard, Nippon Telegraph and Telephone Corp, Industrial and Commercial Bank of China, Apple, China Construction Bank, and Intesa Sanpaolo. Asia-Pacific was the largest region in the cards and payments market size in 2022. Western Europe was the second largest region in the card and payments market. The regions covered in the global cards and payments market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the cards and payments market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The cards and payments market consists of revenues earned by entities that are engaged in storing, processing and transmitting payment card data, and facilitating payment transfers between individuals, companies or both. The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts. This market covers issuing and acquiring banks, card processing and issuing companies and others. Revenue generated from the cards and payments market include all processing and service fees levied by banks and financial institutions for payments processing and for processing card based payments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The cards and payments research report is one of a series of new reports from The Business Research Company that provides cards and payments statistics, including cards and payments industry global market size, regional shares, competitors with cards and payments share, detailed cards and payments segments, market trends and opportunities, and any further data you may need to thrive in the cards and payments industry. This cards and payments research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.