The North America Digital Payment Market would witness market growth of 18.1% CAGR during the forecast period (2020-2026). Digital wallets contain virtual cash which is used to do payment. It is divided into two groups i.e. open and closed-loop wallets. In point of sale (POS), transferring money, and purchasing goods or services, Open-loop wallets are utilized while for purchasing goods & services only from the wallet providers, closed-loop wallets are used.
Using payment wallet solutions, banks & financial institutions, Mobile Virtual Network Operators (MVNOs), and Mobile Network Operators (MNOs) become capable of introducing their own digital wallets. These solutions help customers in getting a safe, simple, and convenient form of payment. Various sectors like telecom, e-commerce, media & entertainment, and travel & tourism are increasingly utilizing the digital wallet solutions.
There are many large-size enterprises, who are adopting digital payment solutions to digitalize their payment methods, serves the latest customer trends, simplify business operations and improve the market competition. Large enterprises aim to enhance their customer experience and hence they are opting for the Omni-channel approach. To facilitate fast payment at PoS terminals and redeeming the loyalty points, large enterprises need to integrate digital payment solutions like digital wallets and payment processing with the existing payment methods.
The increasing penetration of smartphones in the developing countries is anticipated to boost the growth of the market. In addition, the adoption of digital payment services is expected to increase with the launch of mobile wallets around the world where a user needs to add money to the wallet for its further use.
Based on Component, the market is segmented into Solutions and Services. Solutions Segment is further bifurcated across Payment Processing, Payment Gateway, Application Program Interface, Transaction Risk Management, Payment Security & Fraud Management and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Retail & eCommerce, Transportation & Logistics, Healthcare, Telecom & IT, Media & Entertainment and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The US market dominated the North America Digital Payments Application Program Interface Market by Country 2019, and would continue to be a dominant market till 2026. The Canada market is experiencing a CAGR of 20.6% during (2020 - 2026). Additionally, The Mexico market would witness a CAGR of 19.6% during (2020 - 2026).
The On-premise market dominated the Canada Digital Payment Market by Deployment Type 2019, thereby, achieving a market value of $5,071.5 million by 2026. The Cloud market would showcase highest CAGR of 22.6% during (2020 - 2026).
Free Valuable Insights: Digital Payment Market in North America is expected to register a CAGR of 18.1% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fidelity Information Services (FIS), Inc., Fiserv, Inc., PayPal Holdings, Inc. (eBay), Visa, Inc., Mastercard, Inc., Apple, Inc., Naspers Limited (PayU Group), Adyen N.V., Square, Inc., and Global Payments, Inc.
By Component
By Deployment Type
By Enterprise Size
By End-User
By Country
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