The North America digital payment market is expected to grow from US$ 38,853.59 million in 2021 to US$ 107,351.18 million by 2028; it is estimated to grow at a CAGR of 15.6% from 2021 to 2028.
North America Digital Payment Market The way people access the internet has a direct impact on the growth of mobile commerce. Users prefer smartphones over PCs for internet surfing as smartphones are more affordable, and high-speed internet is no longer a premium infrastructure in many countries. North America Digital Payment Market Retailers develop shopping applications that have easy-to-browse catalogs and a simple checkout experience. Bankers and payment service providers are making significant use of the fact that customers are intrinsically tied to their mobile phones. North America Digital Payment Market Banks provide banking apps that allow transactions to be completed on mobile devices. Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments, owing to the growth of the digital payment market. North America Digital Payment Market For instance, Apple Pay, Samsung Pay, and Google Pay are among the leading competitors, where they compete with the market leaders in their respective countries. With a consistent rise in mobile payment in several countries, the North America digital payment market is growing at a significant pace.
North America Digital Payment Market While the first half of 2020 led to reduced sales revenue due to the lockdown and halted operations of several industries, the second half of 2020 witnessed a massive surge in online sales. Market players are investing in customer experience management technologies to boost sales and generate revenues. There is an increasing trend of using artificial intelligence, cloud technology, edge computing, machine learning, and IoT technology in North America. Further, the advent of 5G technology, combined with IoT, is expected to create lucrative opportunities for maximizing efficiency and minimizing wastage of resources across various industry verticals. North America Digital Payment Market Progress in vaccination programs and the reopening of businesses are anticipated to fuel the demand for digital payment solutions in the coming years, which is likely to boost the digital payment market in North America during the forecast period.
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ACI Worldwide, Inc.
Adyen
Block, Inc.
Financial Software & Systems Pvt. Ltd.
Fiserv, Inc.
Global Payments Inc.
Novatti Group Ltd
PayPal Holdings, Inc.
Paysafe Limited
PayU
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Segments Covered
By Component
- Solution
- Services
By Deployment
- Cloud-Based
- On-Premises
By Organization Size
- Large Enterprises
- SMEs
By Industry
- BFSI
- Retail and Ecommerce
- Healthcare
- Travel and Hospitality
- Media and Entertainment
- IT and Telecom
Key Drivers of the Digital Payment Market in North America
1.Technological Advancements- North America Digital Payment Market The adoption of new technologies such as Artificial Intelligence (AI), blockchain, and 5G networks are transforming digital payments. AI has significantly enhanced fraud detection systems, while blockchain technology is improving transparency and reducing transaction costs. The implementation of 5G connectivity promises faster and more secure transactions, making digital payments more seamless and efficient.
2.Shift Towards Cashless Transactions- North America Digital Payment Market Consumers in North America are increasingly favoring cashless transactions due to convenience, security, and efficiency. According to a report by the Federal Reserve, the usage of cash has been steadily declining in the U.S., with a significant shift toward debit and credit card payments, along with the growing adoption of mobile wallets such as Apple Pay, Google Pay, and Samsung Pay. The COVID-19 pandemic further accelerated this shift as people were looking for safer alternatives to physical cash, boosting the demand for digital payment solutions.
3.E-commerce Boom-E- North America Digital Payment Market commerce growth has been another major factor driving the digital payment market. The rise of online shopping, driven by consumer preference for convenience and variety, requires secure and efficient digital payment systems. The pandemic further contributed to the growth of e-commerce, with more consumers opting to shop online, thus requiring reliable digital payment mechanisms.
4.Increasing Smartphone Penetration- North America Digital Payment Market Smartphones have become ubiquitous in North America, acting as a key platform for digital payments. Mobile payments through apps and services have become a significant part of consumers’ daily lives. Digital wallets allow users to make purchases online and in-store, and they also facilitate peer-to-peer payments through apps like Venmo, PayPal, and Zelle. According to Statista, mobile payment volume in the U.S. alone is expected to exceed $500 billion in 2025.
The Role of Artificial Intelligence, Cloud Technology, and IoT in Enhancing the Digital Payment Experience
The integration of cutting-edge technologies like artificial intelligence (AI), machine learning, cloud computing, and the Internet of Things (IoT) has further improved the digital payment experience in North America. AI and machine learning, for instance, are being used extensively in fraud detection and risk management. These technologies analyze transaction patterns to detect unusual activity in real-time, helping to prevent fraudulent transactions before they occur. Additionally, AI is being leveraged to personalize customer experiences, offering tailored product recommendations and promotions based on individual consumer behavior.
Cloud technology also plays a crucial role in the digital payment ecosystem by enabling faster, more secure transactions. Cloud-based systems allow businesses to scale their operations quickly and efficiently, while also providing a secure and reliable environment for processing payments. This cloud infrastructure is particularly beneficial for small and medium-sized businesses (SMBs), as it allows them to access enterprise-level payment solutions without the need for significant capital investment.
The convergence of IoT and digital payment systems is also creating new opportunities for innovation. As more devices become connected to the internet, consumers are able to make payments seamlessly across various platforms. For example, IoT-enabled devices like smart refrigerators, wearables, and even vehicles are now capable of facilitating transactions. This integration of IoT into the digital payment space has the potential to further enhance the convenience of mobile commerce and create entirely new payment experiences for consumers.
The Advent of 5G and Its Role in the Digital Payment Market
One of the most anticipated developments in the digital payment space is the rollout of 5G technology. 5G networks promise to deliver ultra-fast speeds and ultra-low latency, which will have a profound impact on mobile commerce and digital payments. The increased bandwidth and faster processing times enabled by 5G will make transactions more efficient, particularly for consumers making mobile payments on the go.
The combination of 5G and IoT technologies is expected to unlock a wealth of new opportunities for digital payment solutions. With faster and more reliable internet connectivity, mobile payments will become even more seamless, with transactions being completed in milliseconds. This will be particularly beneficial for industries like retail, transportation, and hospitality, where quick, real-time payments are essential for customer satisfaction and operational efficiency.
5G technology will also improve the user experience by enabling richer, more interactive applications. For example, augmented reality (AR) shopping experiences, which allow consumers to visualize products in their environment before making a purchase, will be enhanced by the faster speeds and lower latency of 5G networks. As 5G infrastructure continues to expand across North America, its impact on the digital payment market is expected to be transformative, driving further growth in mobile commerce.
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