Top Companies in Digital Payments Market | Industry Top Players Overview by Vantage Market Research
Digital Payments Market to Reach Valuation of USD 204.1 Billion by 2028 - Surging Demand for Digital Payments across Various End-Use Industries to Bloom Market
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Upcoming Trends in Digital Payments Market
The Global Digital Payments Market is valued at USD 87.8 Billion in 2021 and is projected to reach a value of USD 204.1 Billion by 2028 at a Compound Annual Growth Rate (CAGR) of 15.10% over the forecast period from the year 2021 to 2028. The global spread and use of the internet and mobile phones have contributed to the development of Digital Payments. Despite its growth potential, until now there is a lack of research providing a comprehensive synthesis and analysis of factors affecting the use, adoption, and acceptance of Digital Payment methods. This study aims to address this gap by providing a comprehensive review of the related literature retrieved from Scopus and Web of Science databases. Following a systematic method, a final sample of 193 research articles was identified and analyzed.
The results highlight that a single theory has failed to comprehensively explain the complex nature of electronic payment adoption. The key limitation of the existing theories is their inability to consider the role of social and cultural facets in the adoption of new technology. While literature reviews are a widespread practice in business studies, there are scant reviews that use the systematic review methodology that aggregates knowledge using clearly defined processes and criteria. Thus, this reviews of electronic payment adoption structure the existing knowledge and provide directions for future research.
Some of the key players operating in the Digital Payments market are listed below:
|
Company Name |
Revenue in USD |
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$24 Billion |
|
$15 Billion |
|
$13 Billion |
|
$8 Billion |
|
$19 Billion |
|
$1 Billion |
|
$25 Billion |
|
$18 Billion |
|
$4 Billion |
|
$5 Billion |
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that supports online money transfers and serves as an electronic alternative to traditional paper methods such as checks and money orders. The company generated revenue of USD 25.37 billion in 2021. The company is listed as PYPL (NASDAQ) on the stock exchange. PayPal is headquartered in San Jose; California and its international headquarters is located in Singapore.
Fiserv, Inc. is an American multinational Fortune 500 company headquartered in Brookfield, Wisconsin that provides financial technology and financial services. The company's clients include banks, thrifts, credit unions, securities broker-dealers, leasing and finance companies, and retailers. The company is listed as FISV (NASDAQ) in the stock exchange market. In 2020, the company had 44,000 employees working and generated revenue of USD 166.2 billion.
FIS is an American multinational Fortune 500 corporation that offers a wide range of financial products and services. The company is listed as FIS (NYSE) in the New York stock exchange market. In 2020, the company had 55,000 employees working and generated revenue of USD 125.2 billion. FIS has a portfolio of products for the financial services sector, including both retail and investment banking
Global Payments Inc. is an American company that provides payment technology and services to merchants, issuers and consumers. The company processes payments made through credit cards, debit cards, and digital and contactless payments. In June 2021, the company was named to the Fortune 500. The company is listed as GPN (NYSE) in the stock exchange market. The company generates around USD 60.5 billion in 2019 and has 24,000 employees working globally.
Block, Inc., formerly Square, Inc., is an American financial services and Digital Payments company based in San Francisco, California. The company was founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first platform in 2010. The company is listed as SQ (NYSE) in the stock exchange market. In 2021, the company has 8,521 working. The company generated revenue of USD 17.6 billion in 2021.
Stripe, Inc. is an Irish-American financial service and software as a service company dual-headquartered in San Francisco, United States, and Dublin, Ireland. The company primarily offers payment processing software and application programming interfaces for e-commerce websites and mobile applications.
Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards, and prepaid cards. The company is listed on New York Stock exchange as V (NYSE). In 2021, the company generated a revenue of USD 241.1 billion.
Mastercard Inc. is an American multinational financial services corporation headquartered in the Mastercard International Global Headquarters in Purchase, New York. The Global Operations Headquarters is located in O'Fallon, Missouri, a municipality of St. Charles County, Missouri. In 2021, the company had 24,000 employees working across its major locations worldwide. The company has various subsidiaries such as Access Prepaid Australia Pty Ltd., Cirrus, Transfast, and various others.
Worldline is a French multinational payment and transactional services company founded in 1974. It is the European leader in the payments and transactional services industry and the #4 player worldwide with over 20,000 employees in more than 50 countries. The company is listed as WLN (EPA) on the stock exchange.
Adyen is a Dutch payment company that allows businesses to accept e-commerce, mobile, and point-of-sale payments. It is listed on the stock exchange Euronext. The company is listed as ADYEN (AMS) in the stock exchange market. In 2020, the company generated revenue of USD 75.31 million and had 2,300 employees working across the globe.
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