Digital Payment Market Expected to Achieve 15.20% CAGR from 2023 to 2030 | Renub Research
15 Feb, 2024

Digital Payment Market will be worth roughly US $ 24.31 Trillion by 2030, driven by growing digital transactions, significant e-commerce adoption, and the continuous development of stable and user-friendly payment technologies.

In a document titled "Digital Payment Market: Global Industry Trends, Share, Growth, Size, Opportunity, and Forecast 2024-2030," posted recently through Renub Research, market percentage insights are included, as well as thorough enterprise analysis. The document also contains studies on areas, competition, and the recent growth of the Digital Payment Market.

The Digital Payment Market is poised to experience robust growth, with a projected CAGR of 15.20% from 2023 to 2030. The Digital payment market has advanced into a cornerstone of the digital economy, propelled by advancing technology that allows efficient, secure, and convenient transactions for individuals and companies. The pervasive adoption of e-commerce and the surge in digital transactions across various industries contribute to the market's growth. Also, mobile payments are gaining a reputation for their reliability and convenience, mainly in Africa, where rapid adoption exceeds a 50% penetration rate, driven by the improved availability of mobile financial services in the location. This transformative landscape underscores the global significance of Digital payments, shaping the way transactions are carried out and fostering economic inclusion throughout various regions.

Likewise, the global Digital payment market is remarkably evolving with the rise of omnichannel payments, allowing unified transactions across online, in-store, and mobile channels. Concurrently, real-time payments are gaining traction for fast cross-border and peer-to-peer transactions. The emergence of voice payments, using smart speakers and voice assistants, further transforms payment methods. This expansion is terrific in growing nations, wherein superior internet and mobile accessibility empowers clients, fuelling the continued transformation of the global digital payment landscape.

Moreover, digital wallets and buy now, pay later (BNPL) services are gaining substantial favor, meeting cutting-edge consumer needs with modern solutions. Digital wallets redefine payment convenience by securely storing user data for seamless transactions, providing heightened safety and comfort, and including loyalty programs. Simultaneously, BNPL services, embraced by younger generations, offer flexibility by allowing payment spreading without interest fees. Typically, these services enable installment-based purchases, enhancing affordability and reshaping modern-day payment possibilities with efficiency and consumer-friendly capabilities.

Report Details:

Digital commerce section within the Digital payment market is poised for continued growth in the upcoming years

The flourishing digital commerce section in the Digital payment market has significantly reshaped the general payment environment, imparting customers with seamless and handy payment reports at some stage in Digital purchasing. Businesses that include digital trade and diversify their payment options are experiencing heightened sales and revenue. This shift has also caused a reduction in cash transactions, fostering a more efficient and traceable monetary device. Moreover, the growth of digital trade has facilitated the emergence of progressive business trends, which include subscription-based services and micro-payments, contributing to the ongoing evolution of the payment panorama.

The adoption of e-wallets is expected to accelerate in the Digital payment market

E-wallets offer a seamless payment experience, reduce the need for physical cards, and provide enhanced security through tokenization and encryption. They also offer personalized services and combine alternative payment methods and BNPL services, driving their increasing adoption in the digital payment realm.

Banking and financial sectors are positioned to capture a significant share of the digital payment market

Banks and economic institutions adeptly manage online payments, utilizing their giant infrastructure and information in payment processing, change management, and fraud prevention. They instill consideration by adhering to rigorous regulatory compliance, positioning themselves as sought-after companions dedicated to ensuring robust statistics protection. They have an edge in the digital payment landscape due to their strong brand reputation and client trust. They are constantly expanding their services, including digital wallets and mobile payments. Engaging in fintech collaborations, they supply revolutionary solutions, investing substantially in technology like fraud detection, user interface upgrades, and integration with blockchain and AI, solidifying their pivotal position in shaping the future of Digital payments.

Marketplace platforms are poised to maintain their dominance in the Digital payment market

Marketplace structures are:

• The driving force behind the surge in digital transactions.
• Providing consumers with top-of-the-line protection through centralized payment processing and escrow services.
• Effectively mitigating the risk of fraud.

Continuously innovating, these systems are constantly developing new payment solutions to cater to the ever-evolving needs of their users, promoting economic inclusion by offering alternative payment options. At the forefront of shaping the future of payments, market structures leverage cutting-edge technologies such as blockchain and artificial intelligence to streamline and stabilize digital transactions, cementing their influential role in the ever-changing digital payments landscape.

The payment gateway sector is expected to continue its explosive growth trajectory

Payment gateways ensure secure digital transactions, reduce fraud and chargebacks, and offer diverse payment options. They also facilitate international e-commerce and drive continuous innovation in payment strategies.

India's Digital payment market is one of the fastest-growing segments in the global payments market

UPI commands over 70% of retail digital payments in India and is praised for its user-friendly interface and real-time competencies, using tremendous adoption by consumers and businesses. Mobile payments surge with smartphone ubiquity, permitting seamless digital and in-store transactions. Alternative strategies like BNPL services and digital wallets benefit traction, supplying flexibility for Digital purchases. The country prioritizes financial inclusion, using digital payments to combine underserved populations. Innovation thrives, with AI and blockchain technologies advancing security and personalization within the dynamic Indian Digital payment landscape.

Competitive Landscape

In the global Digital payment space, the top players include Apple Inc., Paypal Holdings Inc., Visa Inc., Mastercard Incorporated, Amazon.Com Inc., Alphabet Inc., ACI Worldwide, American Express Co., and Stripe Inc.

Market Summary

• Segments – A Renub Research report on the Digital Payment Market looks at segments from three angles (Digital Commerce, Digital Remittance, & Mobile POS Systems).
• Methods – The report analyses the digital payment market by methods of market analysis from five different angles (Credit Card, E-Wallet, Debit Card, Charge and Deferred Debit Card, and Bank Transfer).
• Application – A Renub Research report on the Digital Payment Market looks at applications from nine angles (Banking & Financial Sectors, Hotels & Restaurants, E-Commerce, Retail, Corporate Sectors, Public Sectors, Healthcare, Transportation & Telecommunication, and Others).
• Platform – A Renub Research report on the Digital Payment Market looks at platform from two angles (Proprietary Platform, Marketplace Platform), By Solution (Application Program Interface, Payment Gateway, Payment Processing, Payment Security & Fraud Management, Transaction Risk Management, Others).
• Solution – The report analyses the Digital Payment Market by solution market analysis from six different angles (Application Program Interface, Payment Gateway, Payment Processing, Payment Security & Fraud Management, Transaction Risk Management, and Others).
• Regions – The report analyses the Digital Payment Market by areas from six different angles ((North America (United States, Canada), Europe (United Kingdom, Russia, Germany, Spain, Italy, Netherlands, France, Norway, Sweden, Switzerland, Turkey), Asia Pacific (Israel, India, China, Japan, Indonesia, Korea, Australia), Middle East & Africa (Saudi Arabia, UAE, South Africa), South America (Argentina, Brazil, Mexico) and Rest of the World).
• Key Players – Every significant player in the Digital Payment Market has been discussed from three perspectives (Overview, Recent Developments, and Revenue): Apple Inc., Paypal Holdings Inc., Visa Inc., Mastercard Incorporated, Amazon.Com Inc., Alphabet Inc., ACI Worldwide, American Express Co., and Stripe Inc.

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