The size of the global digital payment market was estimated at USD 89.4 billion in 2021, and by 2030, it is expected to reach approximately USD 374.7 billion.
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"The Global Digital Payment Market 2020-2030 (USD Billion)")
Summary
The global digital payment market is valued at USD 42 billion in 2018 and is anticipated to grow at a CAGR of ~ over the forecast period. The growing use of mobile devices and smartphones, along with high internet penetration, is likely to fuel the market growth in the next five years. Easy accessibility and user-friendly digital payment applications are further projected to drive the growth of the industry. Additionally, various governments throughout the globe are taking initiatives to endorse cashless transactions. For example, the Government of India introduced the Digital India initiative, which emphases encouraging cashless transactions and digital payment processes in the nation.
The advancement of global digitalization has influenced the digital payment services market substantially. The internet facilitates merchants to deliver their services within the digital payment market space. The rising need to facilitate improved customer support at the POS terminals is projected to drive the industry growth within the forecast period. The rising number of e-commerce players, various developments within the mobile payments technology, and rising use of mobile wallets for performing transactions are contributing to the industry growth.
The development of secure and safe payment gateway shall enable to boost digital payment methods by various sectors globally. The industry shall also be driven by advancements in payment technology using the internet of things (IoT), blockchain, artificial intelligence (AI), as well as real-time payments. Advancements in security technologies that include the tokenization of card information for eradicating fraudulent activities are likely to create growth prospects from 2019 to 2025.
Digital Payment Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 374.7 billion |
| Growth Rate | CAGR of NA% during 2020-2030 |
| Segment Covered | Offering, Deployment Model, Organization Size, Mode of Payment, Mode of Usage, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | ACI Worldwide (U.S.), PayPal, Inc. (U.S.), Novatti Group Ltd (Australia), Global Payments Inc. (U.S.), Visa (U.S.), Stripe, Inc. (Ireland), Google, LLC (U.S.), Finastra. (U.K.), SAMSUNG (South Korea), Amazon Web Services, Inc. (U.S.), Financial Software & Systems Pvt. Ltd. (U.S.), Aurus Inc. (U.S.), Adyen (Netherlands), Apple Inc. (U.S.), Fiserv, Inc. (U.S.), WEX Inc. (U.S.), wirecard (U.S.), Mastercard. (U.S.) among many others. |
Key Segment Of The Digital Payment Market
By Offering, (USD Million)
• Solutions
• Services
Deployment Model, (USD Million)
• On-Premise
• Cloud
Organization Size, (USD Million)
• SMEs
• Large Enterprises
Mode of Payment, (USD Million)
• Payment Cards
• Point of Sale
• Unified Payments Interface (UPI) Service
• Mobile Payment
• Online Payment
Mode of Usage, (USD Million)
• Mobile Application
• Desktop/Web Browser
Technology, (USD Million)
• Data Analytics and ML
• Digital Ledger Technology (DLT)
• AI and IoT
• Biometric Authentication
Regional Overview, (USD Million)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The Global digital payment market is Segmented on the basis of Offering, Deployment Model, Organization Size, Mode of Payment, Mode of Usage, Regions.
The market value of digital payment market in 2030 was USD 374.7 billion
Digital payment is a contemporary method of monetary operations to eliminate paper-based notes usages. Unlike the traditional paper-cash transactions, within the digital payment method, the remunerator need not carry banknotes. The end-to-end procedure performs digital electronic payment transactions via net banking, POS devices, mobile banking, etc. the economy is inclining towards digital payment so as to leverage the convenience and speed delivered. Debit cards, credit cards, NFC transactions via mobile devices or cards, digital Wallets, ATM cards, are some of the examples of digital payment methods.
Companies such as PayPal Holdings Inc., ACI Worldwide Inc., Wirecard AG, and more are investing heavily in their R&D infrastructure along with acquiring promising startups in the areas of industrial IoT, big data, artificial intelligence, machine learning, and more. In January 2020, Amazon infused over USD 193 million within its Indian payment business Amazon Pay India Pvt. Ltd., having a total investment of about USD 622 million investment in the online payment solutions.
Payment Method Segment
Based on the payment methods, the market is classified into Point of Sale (POS) devices, net banking, digital Wallets, mobile banking, and cryptocurrencies. The POS devices segment held the largest market share in 2018, due to various advantages such as ease of use, high efficiency, and increased precision. POS terminals promptly accept several transactions via EMV chip cards, contactless payments, and mobile wallets that include Android Pay, Apple Pay, and Samsung Pay. The POS terminals rationalize the accounting procedures, thus making it simple for merchants to track past transaction records. The digital wallet payments are anticipated to grow at a considerable rate from 2019 to 2025. The emergence of e-commerce and online purchases is likely to augment the growth of digital wallets in the next few years.
Application Segment
Based on the organization type, the market is been categorized into SMEs and large enterprises. Large enterprise is likely to hold the largest market share for digital payments since they reduce the payment execution time, enhance customer experience, and improve prominence in administration. The digital payment solutions enable a large enterprise to explore their business within the new markets, both internationally and domestic, which were previously isolated owing to a high prevalence of monetary transactions.
The SMEs are likely to witness a substantial growth rate in the next five years owing to the several government initiatives via different digital SME promotions throughout the world. For example, in May 2017, IMDA, in Singapore introduced the SMEs Go Digital initiative to enhance SMEs to access new technologies.
-2018-2025-(USD-Billion).png "Global Digital Payment Market, by Application (Healthcare) 2018-2025 (USD Billion)")
On the geographical front, North America dominated the global digital payment market in 2019 and is expected to do so over the forecast period 2019 – 2025. Since the region is home for various industry players, North America is likely to possess the largest market share in the coming five years. Canada has experienced substantial growth, particularly due to vigorous government investments in technology that support digital payment solutions.
.png "Asia-Pacific Digital Payment Market, by Region, 2018-2025 (USD Billion)")
The growth for the digital payment industry in the Asia Pacific region is expected to be the largest from 2019-2025. The growth in demand for cashless payment methods from BFSI, telecom & IT, healthcare, retail & e-commerce, and manufacturing industries shall drive the demand for the market substantially. On the other hand, government initiatives and regulations within the digital payment industry from nations such as India, China, Singapore, and Japan, are helping create growth prospects for established fintech companies as well as startups to build advanced payment solutions.
As of 2019, the market for digital payment providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded digital payment technologies that provide digital and automation solutions.