Digital Payments Market

A digital payment transaction can happen both online and in person with the payee. For example, if a buyer pays via UPI on an e-commerce website or buys from his local grocer and pays him through UPI while purchasing at the store, both are digital payment transactions. We are living in an era where the use of digital payments is on the rise. This is especially true for businesses that operate in markets where cash is not readily available. One such market is the food and beverage industry, where consumers have become more demanding of quality and transparency when it comes to their food choices.

The digital payments market is witnessing rapid growth owing to the increasing adoption of mobile and internet-based payment methods.Adoption of near-field communication (NFC) technology for making transactions: The use of NFC has helped accelerate the growth of the digital payments market as it provides an easy and ubiquitous way to make transactions. This is attributable to NFCs' ability to allow two devices, such as a phone and a bank card reader, to communicate with each other without having to be in physical contact.

The global digital payments market is estimated to be worth USD XX trillion by 2031, growing at a CAGR of over **% during the forecast period. The key players in the digital payments market are advancing their technological capabilities and expanding their reach to offer new payment solutions to consumers across geographies. In this report, we have profiled the top five players in the digital payments market based on their financials and, more importantly, their strategic moves that are expected to impact their respective market shares in the near future.

The key players in the digital payments market are Paypal Holdings Inc.; Ant Group; Amazon.com, Inc.; Visa Inc.; and Apple Inc.