Market Share of Digital Payments Industry
The Digital Payments Market is highly fragmented, with the presence of major players like PayPal Holdings Inc., Visa Inc., Mastercard Incorporated (Mastercard), Amazon Payments Inc. (Amazon.com Inc.), and Alphabet Inc. Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
In July 2023, Mastercard announced a collaboration with JazzCash, one of Pakistan's most prominent digital wallet providers, serving over 43 million accounts, to revolutionize digital payments by introducing affordable acceptance solutions. The partners launched QR code payments, Tap on Phone solutions, and Pay by Link to facilitate cost-effective and widespread acceptance for merchants at the bottom of the economic pyramid.
In December 2022, Payments technology giant Visa invested USD 1 billion in its business across Africa in the next five years to promote the adoption of digital payments in the region. The move is targeted to provide individuals and merchants with additional access to digital payments. The move is part of the company's strategy to strengthen its business in Africa and extend its alliance with strategic partners such as governments, financial institutions, mobile network operators, fintechs, and merchants.
Digital Payment Market Leaders
Paypal Holdings Inc.
Visa Inc.
Mastercard Incorporated (Mastercard)
Amazon Payments Inc. (Amazon.com Inc.)
Alphabet Inc.
*Disclaimer: Major Players sorted in no particular order
