Digital Payment Market, By Solution (Payment Gateway, Application Program Interface, Payment Processing, Payment Security & Fraud Management, Transaction Risk Management, Others), By Mode of Payment (Digital Currencies, Bank Cards, Digital Wallets, Net Banking, Point of Sales, Others), By Deployment Outlook (Cloud, On-premise), By Enterprise (Large Enterprises, Small & Medium Enterprises), By End-use (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation, Others), By Region – Global Analysis Forecast Till 2030

The Global Digital Payment Market size is expected to reach USD 365.25 billion by 2030, expanding at a CAGR of 21.2% over the forecast period 2022-2030

Any payment done electronically is referred to as a digital payment. In this method, the payer and the payee can send and receive money electronically, and no cash is used. Sometimes it is not necessary for the payee to participate digitally to fulfill the transaction. Users can transfer money to a beneficiary's account through Net Banking, where the beneficiary does not need a Net Banking account to receive money. Digital payments have helped people in many ways by making payments more flexible and sufficiently secure than other transaction modes. Customers are not always required to carry cash. Bank cards, USSD, UPI, mobile wallets, internet banking, and mobile banking are various digital payment methods that play a key role in the growth of the global digital payment market.

The growth of the e-commerce industry, the advancement of mobile payment technology, the increasing use of mobile wallets for payments, and the development of secure and secure payment gateways are the main factors driving the growth of the digital payment market. In addition, businesses must provide a better customer experience, and the increase in digital payment facilitation drives the market’s growth. However, the lack of global standards for cross-border payments and the lack of knowledge in emerging economies are hampering the growth of the digital payment market. Additionally, technological advances in mobile banking and e-wallets are expected to provide significant opportunities for the market.

Digital wallets, also known as e-wallets or mobile wallets, have revolutionized the way we make transactions in the modern world. These innovative payment methods allow users to securely store their financial information and make digital payments seamlessly. With the rise of digital payments, electronic wallets have become a convenient and efficient way to manage our finances. Virtual payment cards and online wallets are now widely used, providing users with a hassle-free and secure way to make transactions. The integration of wallet payments has made online shopping and in-person transactions more convenient, enabling us to leave our physical wallets behind and embrace the digital era of payments.

Market Dynamics:

Drivers:

High proliferation of digital initiatives

Countries around the world are embracing ICT technologies to fuel the digital economy. The payment process is being digitized through a variety of government initiatives. Digital payments are one of the key growth essentials for the national economy. It can help boost productivity and economic growth, improve accountability, increase tax collection, strengthen financial inclusion, and create new economic opportunities for end users.

Restraints:

Lack of global standards for cross-border payments

The lack of a unified policy is expected to hinder businesses from purchasing digital payment policies, which may be a factor inhibiting the growth of the digital payment industry. The high cost of digital payments is one of the key factors hindering the development of the digital payment industry. Insurers have had to pay high premiums for ransomware attacks over the past two to three years. And if the digital payment provider doesn't pay the ransom, the cost of recovering an infected computer is high.

Key players:

• Aliant Payments

• Aurus Inc.

• Adyen

• Financial Software & Systems Pvt. Ltd.

• PayPal Holdings Inc.

• Novatti Group Pty Ltd.

• ACI Worldwide, Inc.

• Global Payments Inc.

• Wirecard

• Authorize.net

• Total System Services, Inc.

Market Segmentation:

Digital Payment Market, By Solution Outlook

• Application Program Interface

• Payment Gateway

• Payment Processing

• Payment Security & Fraud Management

• Transaction Risk Management

• Others

Digital Payment Market, By Payment Outlook

• Bank Cards

• Digital Currencies

• Digital Wallets

• Net Banking

• Point of Sales

• Others

Digital Payment Market, By Deployment Outlook

• Cloud

• On-premise

Digital Payment Market, By Enterprise Size Outlook

• Large Enterprises

• Small & Medium Enterprises

Digital Payment Market, By End-use Outlook

• BFSI

• Healthcare

• IT & Telecom

• Media & Entertainment

• Retail & E-commerce

• Transportation

• Others

Digital Payment Market, By Regional Outlook

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East & Africa

Regional Analysis:

In terms of revenue share, North America dominated the market in 2021. These regions include the United States and Canada. Consumers' continued adoption of digital wallets and mobile payments in the United States primarily drives the market growth in this region. For example, a recent survey shows more than 4 out of 5 Americans use digital payment methods, such as in-app or browser-based online purchases, person-to-person (P2P) payments, and in-store checkout using a mobile phone.

Technological advancements in the North American digital payments industry are expected to create lucrative growth opportunities for the market. The platform offers the ability to split payments for online purchases through credit and debit cards without interest or additional charges. In this way, the platform is expected to help users reduce the cost burden on individual cards, increase financial privacy and build credit scores.

Asia Pacific is the fastest-growing region in the digital payments market. These regions include China, India, Japan, Korea, and other countries. Initiatives undertaken by major regional countries to bolster the digital payments sector are one of the major factors driving the market growth. For example, the Indian government is pursuing a strategy to digitize the economy and financial sector. India recently introduced the Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), which has emerged as a preferred payment method for Indian citizens. Additionally, the tremendous growth of China's digital payments sector is driving growth in the Asia-Pacific region. More than 90% of Chinese urban consumers use Alipay or WeChat Pay, China's leading digital payment.

User

Tab Content