Digital Payment Market Size Worth $236.10 Billion By 2028 | CAGR: 19.4%: Grand View Research, Inc.
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Read 150 page research report with ToC on "Digital Payment Market Size, Share & Trends Analysis Report By Solution, By Mode Of Payment (Point Of Sales, Digital Wallets, Net Banking), By Deployment, By Enterprise Size, By End-use, And Segment Forecasts, 2021 - 2028" at:https://www.grandviewresearch.com/industry-analysis/digital-payment-solutions-market
Biometric authentication in digital payments is expected to gain momentum in the coming years. It is a verification method that involves the biological characteristics of the person. The verifications include facial recognition, fingerprinting scanning, heartbeat analysis, and vein mapping. According to Payments Industry Intelligence, biometric authentication solutions are expected to be used to secure USD 2.5 trillion worth of mobile payment transactions by 2024.
The increase in the adoption of new technologies such as self-checkout systems in the retail industry is expected to drive market growth. In recent days, various companies are making efforts to deploy self-checkout systems in retail stores. For instance, in June 2020, Walmart, a retail company, announced the testing of its self-checkout retail stores at multiple locations in Arkansas, Fayetteville, during the pandemic. These stores will replace the traditional cashier checkout lanes with self-checkout systems.
The COVID-19 pandemic is anticipated to impact the market growth favorably in the near future. The pandemic has led to an increase in the use of mobile-based payment solutions and online sales, which are some of the major factors driving the demand for digital payment solutions globally. According to the study conducted by Accenture, transactions worth USD 7 trillion are expected to shift from cash to card and digital payments by 2023.
Grand View Research has segmented the global digital payment market based on solution, mode of payment, deployment, enterprise size, end-use, and region:
List of Key Players in the Digital Payment Market
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