The global digital payment category size was valued at USD 81.03 billion in 2022. Overall, the increasing popularity of online shopping and smartphones is driving the demand for digital payment services. The rapid use of digital payment systems by young people, particularly Generation Z, is what is driving the trend in digital payments. This generation prefers online banking over other banking methods, and they seek personalized, adaptable, and relevant customer experiences. Because payment services are developing and delivering better customer experiences, there is a demand for improved user experiences that supports business growth. The increasing popularity of online shopping is driving the demand for digital payment services, as online shoppers prefer convenience and security. Smartphones make it easy to make payments online and in-store, while contactless payments are becoming more popular due to their convenience and hygienic nature. The security of digital payment services is improving, making consumers more comfortable using these services. For instance, Civic is an e-KYC platform providing secure digital identity at reduced cost provides secure digital identity at reduced costs, while cloud technology drives research and development in digital payment offerings.
Companies are continuously focusing on developing technologies or partnering and collaborating with tech-based firms to prevent fraud and increase security. For instance,
• In November 2022, Mastercard partnered with Vesta to offer a fraud management platform to merchants in Latin America and the Caribbean. The partnership aimed to improve the consumer's digital experience and bolster trust in e-commerce by addressing the increasing need for online shopping and addressing evolving fraud threats in real time.
• In March 2022, LexisNexis Risk Solutions acquired BehavioSec, a Swedish company specializing in behavioral biometrics tech, to enhance its device and digital identity-focused offerings. BehavioSec's predictive biometrics solution uses behavior analysis for continuous authentication, establishing identity trust, and preventing fraud. The acquisition became part of LexisNexis Risk Solutions' Business Services group.
Information is secured using cryptography, a method that converts it into a format that is difficult for unauthorized parties to read or understand. It is utilized in digital payments to safeguard sensitive data, including passwords and credit card details. Payment Card Industry Data Security Standard (PCI DSS) is a collection of security standards created to protect sensitive payment information, whereas Secure Sockets Layer (SSL) is a security protocol used to encrypt data communicated over the internet. Two-factor authentication (2FA) is a security procedure that adds an additional layer of protection against fraud by requiring users to submit two forms of identity.
Order your copy of the Digital Payment Services Procurement Intelligence Report, 2023 - 2030 , published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Digital Payment Services Sourcing Intelligence Highlights
• The number of both large and small companies operating in different areas has caused the digital payment services category to become highly fragmented on a worldwide scale. Players compete aggressively with one another to grow their customer base and offer superior customer service.
• Technology cost, transaction cost, and labor account for the largest cost component of the digital payment services business.
• Most providers offer services such as fraud prevention, account management, customer support, and risk management.
Browse through Grand View Research’s collection of procurement intelligence studies:
• Payroll Outsourcing Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Digital Procurement Systems Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
List of Key Suppliers
• Visa
• Mastercard
• PayPal
• Alipay
• China UnionPay
• Amazon Pay
• Stripe
• PayU
• Adyen
• Paytm
Digital Payment Services Procurement Intelligence Report Scope
• Digital Payment Services Category Growth Rate: CAGR of 20.8% from 2023 to 2030
• Pricing Growth Outlook: 8% - 10%(Annual)
• Pricing Models: Subscription fee pricing model and transaction fees pricing model
• Supplier Selection Scope: Cost and pricing, past engagements, productivity, geographical presence
• Supplier Selection Criteria: Sustainability, price, quality, reliability, flexibility, technical specifications, operational capabilities, regulatory standards and mandates, category innovations, and others.
• Report Coverage: Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions