The payment processing section overwhelmed the market, attributable to rising activities for the advancement of online and digital transactions. These solutions are widely embraced in end-use industries as they help reduce the time required for payment processing and also minimize administration cost. Moreover, these solutions help streamline transactions and reduce the time required for completing the transaction. Increasing adoption of MasterCard, and Visa (EMV) cards across the globe is expected to contribute to segment growth.
The payment gateway segment is required to enroll the most elevated CAGR over the estimate time frame. Different factors, for example, development of money pooling, token framework, and cashless exchanges are required to drive the fragment. A passage arrangement empowers associations to gather cash through the bank favored by the client without bargaining touchy information. In addition, these passages use industry-standard encryption, which successfully shields purchaser and trader information from misrepresentation.
Mode of Payment Insights
Based on the mode of payment, the market has been segmented into bank cards, digital currencies, digital wallets, net banking, Point of Sales (POS), and others. The POS segment dominated the market, owing to benefits of high efficiency, ease of use, and increased accuracy. The point of sales terminals streamlines the accounting process, which makes it easy for merchants to keep a record of transactions.
The digital wallets segment is expected to register the highest CAGR over the forecast period. The emergence of online purchases and e-commerce is expected to propel the use of digital wallets over the forecast period. Digital wallets allow users to store various bank account numbers and credit card details in a secure environment. It also eliminates the need to enter details of account information during money transactions. This, in turn, is expected to fuel segment growth.
Based on deployment, the digital payment market has been segmented into cloud deployment and on-premise deployment. The on-premise deployment segment dominated the market, owing to easy customization of software as per a client’s business processes. Also, on-premise software is widely adopted as it does not require an internet connection. This, in turn, is expected to contribute to segment growth.
Cloud deployment is expected to register the highest growth over the forecast period owing to its provision of centralized configuration for digital transactions. By deploying solutions in the cloud, vendors can reduce their capital expenses and optimize their operating expenses. Organizations opt for this platform as it is hosted on the vendor’s server and can be accessed through a web browser. This feature eliminates the need to regularly upgrade the cloud-based business software system.
Enterprise Size Insights
Based on enterprise size, the market has been segmented into large enterprises and small and medium enterprises (SMEs). Large enterprises are widely adopting digital payment solutions as they reduces the time required for payment execution, improve visibility in administration, and improve customer experience. These solutions allow large enterprises to open up their business to new markets, both domestic and international, which were earlier inaccessible due to high prevalence of cash transactions. This, in turn, is expected to propel the large enterprises segment over the forecast period.
In light of end use, the market has been divided into BFSI, social insurance, IT and telecom, media and excitement, retail and internet business, transportation, and others. Electronic payment solutions are generally embraced in the BFSI business; as they offer secure cash exchanges. Expanding digitalization of banks and money related establishments is additionally expected to push section development throughout the following barely any years. Different inclines in advanced banking, for example, Mobile banking, individual fund the board, and digital wallet, are further adding to fragment development.
The retail and internet business fragment is required to rise as the quickest developing end-use portion over the figure time frame. Mobile wallet application empowers the retail dealer to disentangle the acquiring procedure for the client. It further spares client’s time at checkout and wipes out the problem of plastic payment cards. The wide availability of smart phones, coupled with increasing usage of mobile wallet apps, is also contributing to segment market growth.
As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.