North America Digital Payment Market Trends, Size, Share, Growth, Analysis, Forecast to 2028

 

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.

📚 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲@ https://www.businessmarketinsights.com/sample/TIPRE00028688

𝐓𝐡𝐞 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬

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

📚𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐋𝐢𝐧𝐤 @ https://www.businessmarketinsights.com/reports/north-america-digital-payment-market

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 digital payment market in North America has seen explosive growth in recent years, driven by technological innovations, changing consumer behavior, and an increasing shift from traditional methods of payment such as cash and checks to digital alternatives. North America, particularly the United States and Canada, stands at the forefront of this revolution, with vast infrastructure, widespread internet connectivity, and a robust regulatory environment that fosters digital payment growth.

The digital payment ecosystem encompasses a range of methods including credit cards, digital wallets, mobile payments, contactless payments, peer-to-peer (P2P) transfers, and other electronic transactions that rely on technological infrastructure. With the onset of smartphones, cloud technologies, and advanced security measures, digital payments have evolved into a cornerstone of global commerce, including within North America.

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