The digital payment market is forecasted to grow at a CAGR rate of 18% between 2018–23, with a predicted market value of $86.7bn by 2023, according to a report by ReportLinker.
The report segmented the digital payment market based on type, deployment mode, organization size and region.
Of the growth, ReportLinker found that some of the driving factors include the promotion of digital payments, rapid developments of smartphones and the need to develop customer-centric POS terminals.
"The rise in the number of digital transactions in emerging economies is anticipated to increase industry demand for digital payment services," the report added.
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Conversely, the "lack of global standards for cross-border payments is a key factor expected to restrain the growth of the digital payment market", ReportLinker stated.
The digital payment market in the Asia-Pacific (APAC) region is expected to be the leading contender during the forecasted period. ReportLinker attributed the growth to the increased demand for digital payment services and developments in digital tech for stakeholders in the digital payments ecosystem in the APAC region.