Next Generation Payment Technology Market Worth USD 660.0 Billion by 2034

COVINA, Calif. - Sept. 25, 2024 - PRLog -- According to Prophecy Market Insights, the global next generation payment technology market size and share is projected to grow from USD 125.0 Billion in 2024 to reach USD 660.0 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 20.0% during the forecast period (2024 - 2034).

Next-generation payment technology is a new way of transmitting value, using mobile and digital technologies in the production of far easier, faster, and more secure transactions. Next-gen payments work on mobile devices, such as cell phones, as a means of payment, where electronic transactions are given precedence over their physical counterparts. Some of the prime characteristics include a digital-first approach, real-time processing, advanced security features, and ease of use. Examples may include tokenization, mobile wallets, biometric authentication, blockchain technology, cryptocurrencies, and contactless payments. Next-generation technologies have efficiency-oriented advantages, lower occurrences of fraud and data breaches, increased convenience, and new business opportunities. These technologies will alter how we pay by making transactions efficient, secure, and user-friendly.

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Some of the Key Market Players:

Adygen
Alipay
Cayan LLC
Citrus
Dwolla
Equinox
First Data Corporation
Gemalto
Google
Ingenico

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