The Latin America, Middle East and Africa Digital Payment Market would witness market growth of 22.6% CAGR during the forecast period (2020-2026). Many countries around the globe adopt ICT technologies in order to promote digital economies. Various governments are taking initiative to digitalize the payment process. Digital payment solutions are among the primary growth essentials for any country’s economy. It helps in increasing productivity & economic growth, raise tax revenue, enhance transparency, extend financial inclusion and create new opportunities for the end-users. The Government of India has introduced numerous initiatives to support the promotion of digital payments. Initiatives like Digital India, the introduction of Unified Payments Interface (UPI), and the helpline number help in the shift towards digital payments.
The rising usage of smartphones in various activities and the increasing number of mobile users are contributing to the growth of the market. With the increasing digitalization across the world, people are opting for more digital ways of doing activities that earlier were done manually. The increasing penetration of the internet & digital literacy has together contributed to the increasing utilization of digital payment solutions. Smartphones are considered as one of the essential and common smart devices which can perform various functions.
Based on Component, the market is segmented into Solutions and Services. Solutions Segment is further bifurcated across Payment Processing, Payment Gateway, Application Program Interface, Transaction Risk Management, Payment Security & Fraud Management and Others. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, Retail & eCommerce, Transportation & Logistics, Healthcare, Telecom & IT, Media & Entertainment and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The Brazil market dominated the LAMEA Transportation & Logistics Digital Payment Market by Country 2019, and would continue to be a dominant market till 2026. The Argentina market would witness a CAGR of 24.5% during (2020 - 2026). Additionally, The UAE market is showcasing a CAGR of 23.4% during (2020 - 2026).
The Solutions market dominated the South Africa Digital Payment Market by Component 2019, thereby, achieving a market value of $1,722.6 million by 2026. The Services market would exhibit a CAGR of 25.9% during (2020 - 2026).
Free Valuable Insights: Digital Payment Market in LAMEA is expected to register a CAGR of 22.6% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Fidelity Information Services (FIS), Inc., Fiserv, Inc., PayPal Holdings, Inc. (eBay), Visa, Inc., Mastercard, Inc., Apple, Inc., Naspers Limited (PayU Group), Adyen N.V., Square, Inc., and Global Payments, Inc.
By Component
By Deployment Type
By Enterprise Size
By End-User
By Country
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