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With 24.4% CAGR, Digital Payment Market Size worth USD 19.89 Trillion in 2026

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Pune, India, Sept. 19, 2022 (GLOBE NEWSWIRE) — The Global Digital Payments Market is estimated to reach USD 19.89 trillion by 2026. The market stood at a revenue of USD 3.53 trillion in the year 2018, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 24.4%. Smartphones can be viewed as one of the greatest, if not the greatest, revolutions in the information and telecommunication industry in the last century. Today, any kind of information is available at your fingertips due to the omnipresence of smartphone technology and its usage is only growing.

For instance, a study conducted by the Pew Research Centre in early 2019 found that close to 5 billion people worldwide use mobile phones, with South Korea accounting for the highest percentage. The proliferation of smartphones has given rise to the concept of digital transactions wherein payments can be made using novel technologies such as Quick Response (QR) codes and m-wallets. The convenience of making transactions using just your phone has disrupted traditional modes of exchange and has spurred companies, banks, and governments to innovate, thereby driving the digital payment market trends.

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Report Coverage Details
Forecast Period 2022 to 2026
Forecast Period 2022 to 2026 CAGR 24.4 %
2026 Value Projection USD 19.89 Trillion
Base Year 2018
Digital Payment Market Size in 2018 USD 3.53 Trillion
Historical Data for 2015 to 2017

What is the future of digital payment?

Digital payments are on the rise as consumers shift away from traditional methods of payment. The future of digital payments looks bright, with more businesses and consumers embracing this convenient and secure way to pay.

There are many reasons why digital payments are becoming more popular. For businesses, digital payments can help to reduce costs associated with processing traditional methods of payment, such as credit cards and checks. Digital payments are also more secure than traditional methods, which can help to prevent fraud and other crimes.

Market Growth Driver:

High Vulnerability of Financial Information to Online Miscreants to Hinder Digital Payment Market Growth

Electronic payments are transactions between buyers and sellers that are facilitated by the internet. These transactions require filling of private financial information such as card details, which makes the user susceptible to cybercrimes. Credit card frauds have become commonplace today as your card details can be easily acquired through phishing and hacking activities.

Moreover, protection of financial information requires huge investments in building a robust digital infrastructure, which may not be possible in developing and underdeveloped countries. Lastly, digital payments heavily rely on a stable internet connection, which may not always be available, leading to disruption and confusion in the marketplace. However, the pros of digital transactions far outweigh the cons, auguring well for the digital payment market growth.

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Regional Analysis:

Maturing Consumer Behaviour to Boost the Market in Asia-Pacific

Asia-Pacific is likely to dominate the digital payment market in the coming decade on account of rapidly rising smartphone adoption in highly populated countries such as India and China. Consumer preferences are maturing and shifting towards digital and electronic means of transacting business, says one of our lead analysts. Furthermore, governments in the region are aggressively promoting digital payment methods, such as the Indian Government’s Digital India campaign.

In 2018, the market size of North America was USD 0.96 trillion in terms of transaction value, and the region is expected to grow remarkably owing to the presence of some of the biggest financial institutions and technology pioneers in the world. In Europe, a large chunk of people owns smartphones and the banking sector in EU member states is robust, which bodes well for the market in the region.

Market Segmentation:

By Payment Type: Payment Type is Divided into Mobile Payment, Online Banking, Point of Sale and Digital wallet.

By Industry: Digital Payment Industry Covered in Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics and Others (Education, IT & Telecom, etc.)

Competitive Landscape:

Ensuring Transactional Security to be the Central Focus of Key Players

With rising instances of cybercrimes, competitors are focusing on developing convenient yet secure services to minimize the possibility of fraudulent activities. Many companies are actively collaborating to come up with innovative solutions, some other companies are targeting niche sectors in emerging economies.

  • August 2021 – Amazon Inc. collaborated with Affirm Holdings to offer dedicated service buy now, pay later (BNPL) to some of the prominent e-commerce customers. The companies witnessed high demand for BNPL services during the pandemic.
  • August 2021 – Boku Inc. launched mobile first (M1ST) mobile payment network along with 330+ payment methods such as direct carrier billing, mobile wallets, and real-time payments schemes. This launch is available across 900 countries through a single integration.

Companies Covered in the Digital Payment Market Share Report:

  • Visa Inc.
  • Paytm
  • Microsoft Corporation
  • Google Inc.
  • Amazon.com, Inc.
  • Samsung Electronics Co. Ltd.
  • PayPal Holdings Inc.
  • MasterCard International Inc.
  • Facebook Inc.
  • Alipay.com Co Ltd

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Browse More Related Report:

Online Payment Market:

Global Online Payment Market Size, Share & COVID-19 Impact Analysis, By Payment, By Industry, and Regional Forecast, 2022-2027.” The report further states that the market size was USD 3,286.52 billion in 2019 and is projected to reach USD 17,643.35 billion by 2027, exhibiting a CAGR of 23.7% during the forecast period. The global online payment market is set to gain traction from the increasing deployment of artificial intelligence (AI) for improving payment processing, surging transactional volume, and detecting payment fraud.

Mobile Payment Market:

The global mobile payment market size was USD 1.54 trillion in 2020. The market is projected to grow from USD 1.97 trillion in 2021 to USD 11.83 trillion in 2028 at a CAGR of 29.1% in the 2021-2028 period. According to the expert analysts at Fortune Business Insights™, the digitalization of payment services and rising e-commerce businesses are responsible for the increasing market developments. This information is presented to you in the report, titled, “Mobile Payment Market Share, 2022-2028.” Moreover, the companies existing in the market are providing recompenses, cash points, and loyalty points among others to entice the customer for paying through mobile devices. This is amplifying the utilization of these payment means, thereby surging demand.

Smart payment systems market:

Smart payment systems are those that allow customers to pay their bills via Smart platforms rather than cash, check, or debit card. With the use of this technology, payment services that are governed by financial regulations can be conducted from a smartphone. Users can pay for a range of services and Smart items using their mobile phones instead of cash.

A key force propelling the global smart payment systems market ahead is the growing number of initiatives around the world to promote smart payments. A rise in smartphone demand, as well as an increase in internet users, is expected to move this business forward.

Major Points in Table of Content:

  • Introduction
    • Definition, By Segment
    • Research Approach
    • Sources
  • Executive Summary
  • Market Dynamics
    • Drivers, Restraints and Opportunities
    • Emerging Trends
  • Key Insights
    • Macro and Micro Economic Indicators
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Forces Analysis
  • Global Digital Payment Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Size Estimates and Forecasts
      • By Payment Type (Transaction Value)
        • Mobile Payment
          • Proximity Payment
          • Remote Payment
        • Online Banking
        • Point of Sale
          • Debit Card @POS
          • Credit Card @POS
        • NFC Card
        • Digital wallet
      • By Industry (Transaction Value)
        • Media & Entertainment
        • Retail
        • BFSI
        • Automotive
        • Medical & Healthcare
        • Transportation
        • Consumer Electronics
        • Others (Education, IT & Telecom, etc.)
      • By Geography (Transaction Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America
  • North America Digital Payment Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Size Estimates and Forecasts
      • By Payment Type (Transaction Value)
        • Mobile Payment
          • Proximity Payment
          • Remote Payment
        • Online Banking
        • Point of Sale
          • Debit Card @POS
          • Credit Card @POS
        • NFC Card
        • Digital wallet
      • By Industry (Transaction Value)
        • Media & Entertainment
        • Retail
        • BFSI
        • Automotive
        • Medical & Healthcare
        • Transportation
        • Consumer Electronics
        • Others (Education, IT & Telecom, etc.)
      • By Country (Transaction Value)
        • United States
        • Canada

TOC Continued…

FAQs:

How big is the digital payments market?

The Global Digital Payments Market is estimated to reach USD 19.89 trillion by 2026. The market stood at a revenue of USD 3.53 trillion in the year 2018, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 24.4%.

What is the digital payment?

Digital payment systems are systems that allow for the transfer of funds or payments electronically. This can be done via a computer, mobile phone, or other electronic device. There are many different types of digital payment systems, each with their own advantages and disadvantages. Some digital payment systems are designed for specific purposes, such as online shopping, while others can be used for a variety of purposes.

Which country is leading in digital payment?

Asia-Pacific is expected to hold the highest market share in the digital payment market

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.
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UK : +44 2071 939123
APAC : +91 744 740 1245
Email: [email protected]

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Artificial Intelligence

Metabolon Now Includes Spectral Data Files for All Global Discovery Panel Projects

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MORRISVILLE, N.C., May 28, 2024 /PRNewswire/ — Metabolon, Inc., the global leader in providing metabolomics solutions advancing a wide variety of life science research, diagnostic, therapeutic development, and precision medicine applications, today announced the availability of spectral data files as an option for Global Discovery Panel projects, providing clients with an enhanced level of detail and transparency in metabolomics analysis. The addition of spectral data further complements Metabolon’s robust suite of metabolomics offerings, including the largest Level 1 library of metabolites, an advanced bioinformatics platform, and expert scientific support.

Spectral data is the initial data generated during a mass spectrometry (MS)- based metabolomic analysis. Spectral data contains a wealth of information about the metabolites present in a sample, including their chemical structure, concentration, and interactions with other molecules. Metabolon facilitates further exploration of the dark metabolome and validation of findings by offering spectral data files as an option with Global Discovery Panel projects. These data should enable the discovery of unique metabolites and biomarkers.
“The availability of spectral data enhancement not only provides clients with a more comprehensive view of their metabolomics data but also reinforces our commitment to transparency and delivering unparalleled value to our clients,” said Ro Hastie, CEO at Metabolon.
This significant update underscores Metabolon’s commitment to providing comprehensive and actionable insights to empower scientific discoveries and drive advancements in healthcare and multiomics research. Visit https://www.metabolon.com/ to learn more about how Metabolon deciphers thousands of discrete chemical signals to discover biomarkers and reveal biological pathways.
About Metabolon Metabolon, Inc. is the global leader in metabolomics, with a mission to deliver biochemical data and insights that expand and accelerate the impact of life sciences research and complement other ‘omics’ technologies. With more than 20 years, 10,000+ projects, 3,000+ publications, and ISO 9001:2015, CLIA, and CAP certifications, Metabolon has developed industry-leading scientific, technology, and bioinformatics techniques.  Metabolon’s Global Discovery Panel is enabled by the world’s largest proprietary metabolomics reference library. Metabolon’s industry-leading data and translational science expertise help customers and partners address some of the most challenging and pressing questions in the life sciences, accelerating research and enhancing development success. The company offers scalable, customizable multiomics solutions, including metabolomics and lipidomics supporting customer needs from discovery through clinical trials and product life-cycle management. For more information, please visit www.metabolon.com and follow us on LinkedIn and Twitter.
About MetabolomicsMetabolomics, the large-scale study of all small molecules in a biological system, is the only ‘omics technology that provides a complete current-state functional readout of a biological system. Metabolomics helps researchers see beyond the genetic variation of individuals, capturing the combined impact of genetic as well as external factors such as the effect of drugs, diet, lifestyle, and the microbiome on human health. By measuring thousands of discrete chemical signals that form biological pathways in the body, metabolomics can reveal important biomarkers enabling a better understanding of a drug’s mechanism of action, pharmacodynamics, and safety profile, as well as individual responses to therapy.
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Caseware Introduces AiDA: The AI-Powered Digital Assistant Changing the Face of Accounting and Audit

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TORONTO, May 28, 2024 /PRNewswire/ — Caseware International, a global leader in cloud-enabled audit, financial reporting and data analytics solutions, is delighted to announce the pre-launch availability of Caseware AiDA, its Artificial Intelligence digital assistant. As the latest enhancement to the industry-leading Caseware Cloud platform, AiDA complements Caseware’s comprehensive suite of solutions created with accounting, audit and finance professionals in mind.

AiDA is designed to enhance efficiency, ensure compliance and provide precise, context-aware responses to profession-specific enquiries enabling accounting, audit and finance experts to work more efficiently, collaborate with greater effectiveness and gain deeper insights.
Whether providing timely responses to methodology or compliance questions, supporting the processing and analysis of audit evidence, or assisting with the production of key audit workpapers and deliverables, AiDA empowers professional users to achieve more with less effort. This will, in turn, drive practice growth and power the financial success of clients.
David Osborne, Chief Executive Officer at Caseware International remarked, “Caseware AiDA is the future. Our vision is to place powerful tools in the hands of our clients, enabling them to do their work better than they have ever done before. This release is just the beginning of a wave of innovation in AI and it demonstrates the focus we have on our accelerated roadmap to build out our offering on the Caseware Cloud platform. Caseware AiDA offers powerful digital assistance to accountants and is further proof of the ways in which Caseware is underpinning the relevance of the profession.”
Some of the benefits to be gained from Caseware AiDA include:
Enhanced workflow efficiency with precision and relevance – whether summarizing lengthy PDFs or providing informed answers about your documentation in the moment, AiDA helps you work smarter, not harder.Reassurance around security and compliance – with AiDA, no prompts are stored or fed back into the model. Users can trust AiDA to maintain the highest data security and compliance standards that Caseware has always delivered for the profession.Assistance with routine tasks – AiDA assists with mundane tasks, enabling professionals to focus on strategic decision-making.Focus on quality output – AiDA delivers a safe and fit-for-purpose resource which ensures efficient workflows for clients.Feedback on AiDA has underscored the demand for tailored, secure AI solutions in professional environments. Danielle Supkis Cheek, VP, Head of Analytics and AI at Caseware International commented, “We recently showcased AiDA to a number of clients beyond our beta phase community at Caseware’s 2024 North American User Group. The response was phenomenal and, in line with our roadmap, we’re excited to continue to enhance AiDA based on user feedback and technological advancements.”
Currently available to Caseware Cloud customers in the United States for early access, AiDA will ultimately be available across the globe and, specifically, in Australia, Canada and Europe later this year. Soon, AiDA will be a core component of all cloud-enabled solutions, across all regions. AiDA’s capabilities are constantly evolving, including better context awareness in document interactions and more extensive support for multilingual queries. AiDA is set to transform how professionals in the accounting and audit fields manage their tasks, offering unparalleled support and efficiency.
Caseware AiDA (pronounced AY-duh) draws inspiration from Ada Lovelace, whose impact on scientific computing continues to influence generations of technologists and mathematicians around the world.
Caseware encourages users to explore AiDA’s features and experience the future of digital assistance. To see AiDA in action, join us at ENGAGE at the ARIA Resort & Casino from June 3-6 or sign up to hear more from Danielle Supkis Cheek at the Streamlining Audits with AI: Efficiency and Quality Gains webinar taking place at 11:00 AM ET on July, 18.
About Caseware InternationalCaseware is the leading global provider of desktop and cloud-enabled solutions for audit, assurance, financial reporting and data analytics for accounting firms, corporations, and government regulators. Caseware’s innovative tools and platforms help more than half a million customers in 130 countries work smarter, dig deeper and see further as they transform insights into impact. For more information, visit www.caseware.com.
 
Notes to editorsIn the event of media enquiries, please contact:Jill QuinnDirector of Corporate CommunicationsCaseware [email protected]
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LONGi announces the “Lighthouse Project” to expand the agile intelligent manufacturing to more of its own production bases across the globe

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JIAXING, China, May 28, 2024 /PRNewswire/ — On May 23rd, LONGi Green Energy Technology Co., Ltd. (hereinafter referred to as “LONGi “), a global leader in solar technology, officially announced the “Lighthouse Project”, which will continue to rapidly expand the agile intelligent manufacturing model of LONGi’s Jiaxing Lighthouse Factory to more production and manufacturing bases, achieving a comprehensive upgrade of production intelligent manufacturing capabilities. This sets a digitalization benchmark for high-quality development in the PV industry and leads the way forward.

The first “Lighthouse Factory” in the global PV industry – LONGi’s Jiaxing Production Base, lifted the mysterious veil for the public. An experience group composed of industry experts, customer representatives, and media journalists became the first visitors to LONGi’s Jiaxing Lighthouse Factory, immersing themselves in the production line and experiencing the charm of “Lighthouse Factory” intelligent manufacturing.
Established in 2020, LONGi’s Jiaxing Production Base mainly produces LONGi’s BC (Back-Contact) series of high-efficiency solar modules. It has Phase I, II, and III factories, covering a total area of more than 1,300 acres, with 51 intelligent production lines and an overall module production capacity exceeding 35GW, making it one of the largest industrial clusters in the industry.
On December 14, 2023, the World Economic Forum (WEF) released a new batch of “Lighthouse Network” lists, and LONGi’s Jiaxing Production Base was the only factory in the global PV industry to be included. This signifies that LONGi’s achievements in intelligent manufacturing and digitalization are leading globally, becoming a representative of advanced manufacturing, and the first global “Lighthouse Factory” in the PV industry has attracted much attention.
During this close-up experience at LONGi’s Jiaxing Lighthouse Factory, all members of the experience group expressed their shock and unprecedentedly felt the disruptive upgrade of AI intelligence to traditional industry. The innovation of LONGi’s Jiaxing Lighthouse Factory is not only in the transformation of production line automation and intelligence but also in the reconstruction of production relations. AI intelligence has become the brain of production management, continuously innovating autonomously based on big data models, achieving a truly meaningful intelligent manufacturing upgrade and self-driving force, and safeguarding quality and efficiency.
LONGi’s Jiaxing Lighthouse Factory has built over 30 digital use cases, achieving a 43% increase in product quality reliability, an 84% reduction in product production and delivery cycle, and a 20% reduction in overall unit energy consumption at the base, becoming a model of high-quality development in the photovoltaic industry.
The most core aspect of LONGi’s Jiaxing Lighthouse Factory is the five major coolest technologies. AI intelligent distribution of solar cells realizes precise delivery of customer needs, ensuring efficient production by intelligently optimizing daily production plans. More flexible automation in production ensures the standardization of each link in the module production process, fully meeting the customized scene requirements of customers. AI quality inspection throughout the entire life cycle of product production leaves no place for quality hazards, ensuring the quality of the product is as solid as a rock. The end-to-end delivery system has reconstructed the intelligent management of order production and delivery cycles, achieving rapid and high-quality satisfaction of customer product needs. Intelligent human resource management has greatly improved production efficiency while enhancing the innovation of employees, transforming each excellent skill and experience into data, continuously optimizing skills and management autonomously, ensuring the optimal arrangement of order demands and human resources, and effectively guaranteeing high-quality product output.
The combination of artificial intelligence, big data, cloud platforms, and industrial muscles is the four elements that make LONGi’s Jiaxing Lighthouse Factory successful, and also the core of LONGi’s intelligent manufacturing. LONGi’s BC (Back-Contact) full-scene products have also reached a new level under the support of LONGi’s intelligent manufacturing. The reason why TaiRay silicon wafers, HPBC2.0, Hi-MO 9, Hi-MO X6 Max, and other major products have concentrated on explosions this year is due to LONGi’s intelligent manufacturing’s absolute satisfaction in understanding customer needs.
LONGi’s Vice President Zhang Haimeng said in his keynote speech: Since the official announcement of BC (Back-Contact) technology last September, LONGi has released multiple new scene-based module products. Whether it is anti-dust accumulation or heat and humidity resistance, the core purpose is to meet the customized needs of customers through differentiated innovation. All of this is inseparable from the confidence in production strength brought by LONGi’s intelligent manufacturing, and it is also the strong support of LONGi’s intelligent manufacturing that has truly implemented “customer-centric.”
During the panel session of the day, Hu Zhifeng, Head of Intelligent Manufacturing Department, Module Manufacturing Center of LONGi, revealed that the newly launched Hi-MO X6 Max modules will be officially put into production at LONGi’s Jiaxing Lighthouse Factory in the near future. With the help of digital and intelligent means, product quality is improved, and energy consumption is reduced. “Use the most advanced production technology to achieve the highest level of technical products and create higher value for customers.”
LONGi has always adhered to the core value of customer value, providing customers with high-value and reliable products as its own responsibility, continuously exploring new paths for the clean energy industry, from efficiency research and development to product and solution scenario, from traditional manufacturing to intelligent manufacturing driven by digitalization, step by step towards a green energy world, leading the global energy transition with LONGi’s intelligent manufacturing.
About LONGi
Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.
Under its mission of ‘making the best of solar energy to build a green world’, LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com 
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