Digital Payment Market Global Forecast Report by Type (Digital Commerce, Digital Remittances, Mobile POS Payments), Offering (Cards, ACH Transfer, Digital Wallet, Other Payment Modes), End User (BFSI, Retail & e-Commerce, Transportation & Logistics, Healthcare, Telecom & IT, Media & Entertainment, Others), Countries and Company Analysis, 2024-2032
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Global Digital Payment Market was US$ 8.97 Trillion in 2023 and will grow US$ 28.16 Trillion by 2032, with a CAGR of 13.55 % from 2024 to 2032. The market is expanding quickly due to a number of factors, including rising internet and mobile phone usage, the adoption of various government initiatives and policies, shifting consumer preferences for speed and convenience, a notable increase in e-commerce, and the continuous global efforts to promote financial inclusion.
Digital Payment Market Overview
The term "digital payment" describes the transfer of money using electronic devices including laptops, tablets, smartphones, and more. The last few years have seen a steady advancement in this technology. The digital payment system now includes a plethora of additional payment alternatives, such as internet transactions, card swapping, NFC card tapping, and code scanning. The adoption of digital payments is being aided by the ongoing upgrades and many payment choices. Additionally, the increasing availability of internet connections everywhere is driving up demand for digital payments. The increasing use of smartphones is also pushing people toward digital marketing.
The market is expected to see a significant increase in the use of mobile payments, followed by digital wallets and point of sale. Technologies that are popular right now include Quick Response (QR) codes and Near Field Communication (NFC). Direct transfers between prepaid or bank account accounts are possible with a digital wallet. Payment is made at the purchasing counter using the point of sale. Many businesses have recently made investments to provide NFC through cards, enabling immediate money transfers from prepaid accounts. The market for digital payments is expanding because to these numerous payment choices.
Digital payments have made it possible for businesses to interact with customers through a variety of channels. Customers can, for example, switch from an Omni channel retailing store and make purchases and payments using any method, including cards or digital wallets. Therefore, it is imperative for businesses to offer all payment channels to their customers. In addition, the merchant gives cashbacks, loyalty points, and rewards for utilizing gateways while making payments. As a result, the client is present across the majority of the channels. For the suppliers and companies operating in the digital payment space, all of this is opening up a variety of opportunities.
| Report Features | Details |
|
Base Year |
2023 |
|
Forecast Years |
2024 - 2032 |
|
Historical Years |
2019 - 2023 |
|
Market Size in 2023 |
US$ 8.97 Trillion |
|
Market Forecast in 2032 |
US$ 28.16 Trillion |
|
Market Growth Rate (2024-2032) |
13.55% |
Growth Factors in the Digital Payment Industry
Growing use of mobile phones and the internet
The key drivers propelling the market expansion are the growing global use of mobile phones and internet connectivity. Since mobile phones are so widely used, a plethora of payment apps and mobile wallets have emerged, making digital payments a practical choice for a variety of transactions. Aside from this, the industry is expanding due to the accessibility offered by mobile phones, which prompted small enterprises as well as individual consumers to embrace digital payment methods. The industry expansion is also being aided by the integration of payment systems with social media sites and other popular apps, which further expedited the procedure and integrated digital transactions into regular online contacts.
Introduction of a range of official programs and directives
The environment surrounding digital payments is being significantly shaped by government programs and laws. Numerous governments worldwide are acknowledging the advantages of digital payments for financial inclusion, transparency, and economic efficiency. Additionally, by creating infrastructure and regulatory frameworks that support digital payment services and offer incentives to consumers, they are initiating programs to promote the uptake of these payment methods. The market is expanding because governments are increasingly digitizing their own methods of payment for services and subsidies. These regulations foster public confidence in digital payment systems in addition to directly increasing the volume of digital transactions.
North America Digital Payment Market Overview:
One of the world's biggest marketplaces for digital payments is found in North America. The region's strong internet penetration rates, sophisticated technological infrastructure, and sizable population of tech-savvy consumers all support the market's expansion. As more companies and customers use digital payment solutions, the industry is expected to grow.
Solutions for mobile payments are quite important in the North American market. Mobile wallets such as Samsung Pay, Google Pay, and Apple Pay are now widely used. These wallets use NFC and QR code technology to allow consumers pay using their cellphones.
According to data projections from the US Census Bureau, sales of cellphones in the US increased by USD 1.7 billion last year, to a total of USD 74.7 billion. Thus, it is clear that the market for digital payments in the region will confront numerous growth prospects in the upcoming years given the rise in the overall number of smartphone users and the rise in the sales value of smartphones.
In North America, the growing e-commerce industry is tightly entwined with the digital payment market. Digital payment methods are offered by online merchants and e-commerce platforms to enable safe and easy transactions.
The region's digital payments are distinguished by ongoing innovation and cooperation amongst merchants, financial institutions, and technology businesses. Visa began testing Visa+ in April 2023 in collaboration with PayPal and Venmo. With the help of this cutting-edge technology, users will be able to safely transfer funds across various person-to-person (P2P) digital payment apps. Users in the US who use PayPal and Venmo will be able to transfer money between the two services easily later this year. With Visa+, users would not need to have a Visa card in order to send and receive money between Venmo and PayPal safely and swiftly. Instead, they would set up a personalized payment address that is connected to their account.
Digital Payment Market Company Overview
Some of the industry leaders seen in the Global Digital Payment Market Includes ACI Worldwide Inc., Aliant Payment Systems Inc., Amazon.com Inc., American Express Company, Apple Inc., Fiserv Inc., Mastercard Incorporated, Novetti Group Limited, Paypal Holdings Inc., Visa Inc.
Digital Payment Market News
In December 2023, in an effort to hasten the adoption of safe and creative digital payments in Mexico, Visa Inc. announced a final deal to acquire a controlling stake in Prosa, a well-known payments processor in that country. As a result of this partnership, Prosa will continue to operate independently and with its current technological infrastructure, while Visa will add cutting-edge digital solutions to expand Prosa's product line.
In November 2023, the leading Indian supplier of digital payment solutions, PayU, announced the release of three ground-breaking Software Development Kits (SDKs) for mobile apps. These innovations are designed to address the need for seamless payment experiences on mobile devices, hence increasing transaction success rates by as much as 56%.
In July 2023, Mastercard and JazzCash launched a partnership to transform digital payments in Pakistan by offering reasonably priced acceptance options.
In April 2023, A new version of PayPal's payment system was released, enabling Apple Pay users to receive PayPal payments.
Type – Market breakup in 3 viewpoints:
- Digital Commerce
- Digital Remittances
- Mobile POS Payments
Offering – Market breakup in 4 viewpoints:
- Cards
- ACH Transfer
- Digital Wallet
- Other Payment Modes
End User – Market breakup in 7 viewpoints:
- BFSI
- Retail & e-Commerce
- Transportation & Logistics
- Healthcare
- Telecom & IT
- Media & Entertainment
- Others
Country – Market breakup in 25 viewpoints:
North America
- United States
- Canada
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Belgium
- the Netherlands
- Turkey
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Thailand
- Malaysia
- Indonesia
- New Zealand
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
All the Key players have been covered from 4 Viewpoints:
- Overview
- Recent Development & Strategies
- Product Portfolio
- Financial Insights
Company Analysis:
- ACI Worldwide Inc.
- Aliant Payment Systems Inc.
- com Inc.
- American Express Company
- Apple Inc.
- Fiserv Inc.
- Mastercard Incorporated
- Novetti Group Limited
- Paypal Holdings Inc.
- Visa Inc.
Report Details:
| Report Features | Details |
| Base Year |
2023 |
| Historical Period |
2019 - 2023 |
| Forecast Period |
2024 - 2032 |
| Market |
US$ Trillion |
| Segment Covered |
Type, Offering, End User and Countries |
| Countries Covered |
|
| Companies Covered |
|
| Customization Scope |
20% Free Customization |
| Post-Sale Analyst Support |
1 Year (52 Weeks) |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on request) |
Key Questions Answered in This Report:
- How big is the Digital Payment industry?
- What is the Digital Payment industry growth rate?
- Who are the key players in Digital Payment industry?
- What are the factors driving the Digital Payment industry?
- Which Region held the largest market share in the Digital Payment industry?
- What segments are covered in Digital Payment Market report?
Customization Services available
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1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Digital Payment Market
6. Market Share
6.1 Type
6.2 Offering
6.3 End Use
6.4 Country
7. Type
7.1 Digital Commerce
7.2 Digital Remittances
7.3 Mobile POS Payments
8. Offering
8.1 Cards
8.2 ACH Transfer
8.3 Digital Wallet
8.4 Other Payment Modes
9. End User
9.1 BFSI
9.2 Retail & e-Commerce
9.3 Transportation & Logistics
9.4 Healthcare
9.5 Telecom & IT
9.6 Media & Entertainment
9.7 Others
10. Country
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Europe
10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherlands
10.2.8 Turkey
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 Australia
10.3.5 South Korea
10.3.6 Thailand
10.3.7 Malaysia
10.3.8 Indonesia
10.3.9 New Zealand
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina
10.5 Middle East & Africa
10.5.1 South Africa
10.5.2 Saudi Arabia
10.5.3 UAE
11. Porter’s Five Analysis
11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Rivalry
11.4 Threat of New Entrants
11.5 Threat of Substitutes
12. SWOT Analysis
12.1 Strength
12.2 Weakness
12.3 Opportunity
12.4 Threat
13. Key Players Analysis
13.1 ACI Worldwide Inc.
13.1.1 Overview
13.1.2 Recent Development
13.1.3 Product Portfolio
13.1.4 Financial Insight
13.2 Aliant Payment Systems Inc.
13.2.1 Overview
13.2.2 Recent Development
13.2.3 Product Portfolio
13.2.4 Financial Insight
13.3 Amazon.com Inc.
13.3.1 Overview
13.3.2 Recent Development
13.3.3 Product Portfolio
13.3.4 Financial Insight
13.4 American Express Company
13.4.1 Overview
13.4.2 Recent Development
13.4.3 Product Portfolio
13.4.4 Financial Insight
13.5 Apple Inc.
13.5.1 Overview
13.5.2 Recent Development
13.5.3 Product Portfolio
13.5.4 Financial Insight
13.6 Fiserv Inc.
13.6.1 Overview
13.6.2 Recent Development
13.6.3 Product Portfolio
13.6.4 Financial Insight
13.7 Mastercard Incorporated
13.7.1 Overview
13.7.2 Recent Development
13.7.3 Product Portfolio
13.7.4 Financial Insight
13.8 Novetti Group Limited
13.8.1 Overview
13.8.2 Recent Development
13.8.3 Product Portfolio
13.8.4 Financial Insight
13.9 Paypal Holdings Inc.
13.9.1 Overview
13.9.2 Recent Development
13.9.3 Product Portfolio
13.9.4 Financial Insight
13.10 Visa Inc.
13.10.1 Overview
13.10.2 Recent Development
13.10.3 Product Portfolio
13.10.4 Financial Insight
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