USD 61.3 billion
Report ID: SQSG40G2001 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 69 | Figures: 75
Digital Payment Market size was valued at USD 61.3 billion in 2021 and is poised to grow from USD 74.08 billion in 2022 to USD 361.3 billion by 2030, growing at a CAGR of 20.8% in the forecast period (2023-2030).
The increasing inclination towards real-time payments among the customers is one of the key factors supporting the growth for digital payment market. More than 6 billion people in the world use digital payment options on a regular basis. The advantages associated with it such as easy access, faster payments, transparency, and security of the payment among others, contribute significantly to this rising popularity and adoption of digital payments across the globe.
According to the Times of India (TOI), more than 180 billion digital transactions were processed all over the world in 2021 and is expected to increase at a rapid rate in the upcoming years. Digital payments can be done through various modes such as debit/credit cards, net banking, mobile banking, Unified payments Interface (UPI) among others. This provides the customers with a variety of options to choose from. As an ongoing trend, the increasing number of transactions via digital payments has been upsurging.
India currently accounts for more than 40% of the digital transactions processed all over the world making it the leading country in the digital payment market. This is due to the increasing popularity and demand for remote payment options caused by the cumulative effect of increasing use of the internet, smartphones and e-commerce platforms.
US Digital Payment Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 61.3 billion
Point of Sale
Point of Sale
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The global digital payment market is segmented based on payment type, application and region. Based on payment type, the market is categorized into mobile payment, online banking, point of sale, and digital wallet. Based on application, the market is categorized into media & entertainment, retail, banking, finance services & insurance (BFSI), automotive, medical & healthcare, transportation, and consumer electronics. Based on region, Digital Payment Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Digital Payment Market Analysis by Payment Type
On the basis of payment type, the point of sales segment currently accounts for more than 52% of the total global market share, thus dominating the digital payment market. Retail shops execute transactions using point-of-sale systems. Benefits provided by these systems include quick checkout alternatives, a personalized customer experience, and a variety of payment methods. Retailers all over the world are implementing cloud-based point-of-sale systems to boost productivity and enhance customer satisfaction.
Digital Payment Market Analysis by Application
On the basis of application, the Banking, Financial services and Insurance (BFSI) segment is currently dominating accounting for the largest market share in 2021. Banks are encouraged to embrace digital payment solutions due to the increased demand for digital remittance for domestic and international transactions. Additionally, banks are improving their services to compete with companies like Google, Amazon, and Facebook who offer digital payment options. For instance, in order to improve convenience for its customers, Bank of America launched a digital debit card in June 2019 for its customers.
The retail & e-commerce industry is projected to expand at a rapid rate, over the forecast period. One of the key drivers fuelling the retail & e-commerce segment growth is the increasing adoption of mobile-based payment solutions by consumers for retail payments. The digital payment market is expanding concurrently with the rising number of unmanned retail locations around the world.
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Based on the region, North America currently dominates the digital payment market with respect to market share. Factors such as increased deployment and technological advancements in smart parking meters boost the regional market. For instance, the facilities service provider EasyPark and the parking solution supplier ParkMobile announced their alliance, that offers contactless payment options around Vancouver city through this partnership. Additionally, the demand for digital payment solutions is being driven by the rise in unmanned storefronts in the United States.
Europe is second growing region expected to grow significantly over the forecast period. The ongoing market development in the continent offers the goal of providing consumers and businesses with unified payments solution. New growth possibilities for the market are projected to result from such initiatives. Another factor driving the expansion of the regional industry is the digital campaign initiated by the Italian government to encourage electronic payments throughout regional markets.
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Digital Payment Market Drivers
Digital Payment Market Restraints
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The market's competitive environment is extremely fragmented. To strengthen their market positions, industry participants are concentrating on methods like alliances, joint ventures, product innovation, R&D, and regional growth. Due to security-related advantages including better security levels and thus higher levels of customer satisfaction, merchants choose to use on-premise digital payment solutions. Digital Payment Market participants are concentrating on improving their product offerings to effectively meet changing user wants and maintain competitiveness.
Digital Payment Market Top Players Company Profiles
Digital Payment Market Recent Developments
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According to the global digital payment market analysis report, the market is currently led by countries in the North America, due to an increased deployment and technological advancements in smart parking meters in this region. Along with this, the point-of-sale segment of digital payments holds the largest market share owing to its advantages such as quick checkout alternatives, a personalized customer experience, and a variety of payment methods, and it is projected to maintain its dominance over the forecast period.
|Market size value in 2021||USD 61.3 billion|
|Market size value in 2030||USD 74.08 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Digital Payment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Payment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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