Visa, PayPal Holdings, Inc. and Mastercard are Dominating the Global Digital Payment Market in 2019

Global Digital Payment Market is expected to grow with the CAGR of 18.9% in the forecast period of 2020 to 2027. The years considered for study are as mentioned below.

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Global digital payment market is a highly fragmented market, which includes number of key players as well as local players. The market has witnessed increased strategic developments owing to favourable market scenario.

The major players dealing in global digital payment market are introducing strong range of products provider along with launching new products and adopting strategic initiative such as acquisition, agreement into the market. This helped companies to maximize the sales with enhanced product portfolio. For instance, in May 2020, FIS launched automated portal integrated by FIS Real-Time Payment which streamlines and automates the PPP loan forgiveness process for small businesses. The new portal will enhance the customer base of the company.

Visa is the dominating player in global digital payment market. The other key players existing in the digital payment market includes ACI Worldwide, Inc., PayPal Holdings, Inc., Novatti Group Pty Ltd, Global Payments Inc., Stripe, Google (A Subsidiary of Alphabet Inc.), Finastra, SAMSUNG, Amazon Web Services, Inc. (a subsidiary of Amazon.com, Inc.), Financial Software & Systems Pvt. Ltd., Aurus Inc., Sage Pay Europe Limited, Adyen, Apple Inc., Fiserv, Inc., FIS, WEX Inc., Wirecard, Mastercard among others.

Digital Payment MarketVisa:

Visa is headquartered in California, U.S. and was founded in year 1958. The company focuses in providing digital payment solutions to various businesses, governments, banks, and consumers. The company offers wide range of products under various categories such as cards + perks, travel support, business tools, and partner solutions in which cards + perks is the market focused category.

For instance,

  • In June 2020, Visa announced partnership with CPI Card Group Inc., a provider of prepaid, debit and credit solutions. This new partnership will provide eco-friendly made of 98 percent upcycled plastic, this partnered product will attract more customers increasing the market share of the company.

The company has wide global presence across Americas, Europe, Asia-Pacific, and Middle East and Africa with its various subsidiaries such as Plaid (U.S.), CyberSource (U.S.), Authorize.Net (U.S.), Verifi (U.S.), Plus (U.S.) among others.

PayPal Holdings, Inc.:

PayPal Holdings, Inc. is headquartered in California, U.S. and was founded in 1998. The company focuses in providing digital payments platform for both online and mobile payments which are used by various merchants and consumers globally. The company offers wide range of products under various categories such as personal, and business.

For instance,

  • In May 2020, PayPal Holdings, Inc. launched QR codes purchase of goods, which is integrated in PayPal app and is introduced during the pandemic for hands free, safe and secure payments. The new product will increase the awareness and market share of the company.

The company has wide global presence across Americas, Africa, Europe, and Asia-Pacific and generates revenue from subsidiaries such as Venmo (U.S.), Xoom Corporation (U.S.), Honey (U.S.), Braintree (U.S.), iZettle (Sweden), PayPal Singapore Private ltd (Singapore) among others.

Mastercard:

Mastercard is headquartered in New York, U.S. and was founded in 1966. The company focuses in providing electronic forms of payment to governments, merchants, financial institutions and consumers. The company offers wide range of products under various categories such as mastercard for you, and mastercard for business.

For instance,

  • In May 2020, Mastercard announces partnership with Samsung Electronics America, Inc. in order to provide debit card options for Samsung Pay. This partnership will allow payments via MasterCard debit card through Samsung pay app. The new partnership will enhance the customer base of the company. 

The company has presence across the globe in Asia-Pacific, Europe, Latin America, Caribbean, Middle East & Africa, and North America. In addition to it, the company also generates its revenue from the various subsidiary companies such as Cirrus (U.S.), Ethoca Limited (Canada), Transfast (U.S.), RiskRecon Inc. (U.S.), DataCash (U.K.) among others.