Global Digital Payment Market

Global Digital Payment Market Size, Share, Growth Analysis, By Payment Type(Mobile Payment, Online Banking), By Application(Media & Entertainment, Retail) - Industry Forecast 2023-2030


Report ID: SQMIG40G2012 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 69 | Figures: 75

Global Digital Payment Market Insights

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.

Market snapshot - 2024-2031

Global Market Size

USD 61.3 billion

Largest Segment

Mobile Payment

Fastest Growth

Mobile Payment

Growth Rate

20.8% CAGR

Global Digital Payment Market ($ Bn)
Country Share for North America Region (%)
Global Digital Payment Market By Payment Type ($ Bn)
Global Digital Payment Market By Payment Type (%)

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Global Digital Payment Market Segmental Analysis

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.

Global Digital Payment Market By Payment Type, 2023 (%)

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Global Digital Payment Market Regional Insights

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.

Global Digital Payment Market By Region, 2024-2031
  • Largest
  • Fastest

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Global Digital Payment Market Dynamics

Digital Payment Market Drivers

Growing Technology-Led Initiatives and E-Commerce to Support Market Growth

  • The development of e-commerce and technology-driven initiatives are significant trends for digital payments. The leading participants in the industry for digital payments now are Apple, Google, Samsung Pay, and Alipay.
  • These players have made large investments in cutting-edge technology and have grown their operations in the field of electronic payments. Additionally, the implementation of Distributed Ledger Technology (DLT) has many advantages, including scalable and decentralized business continuity. For example, Civic, a company that provides the e-KYC platform, provides protected digital identification for a lower price. Similar to that, cloud technology has also influenced the study and creation of digital payment options. One such cloud-based solution is Paygilant, which employs a cutting-edge mobile payment application to detect fraud at the point of payment. These technological developments are expected to fuel the expansion of the digital payment industry at global scale

Digital Payment Market Restraints

Lack of international norms for cross-border payments is projected to limit the market expansion

  • As more businesses purchase goods and services internationally, cross-border trade has grown year over year (YoY). However, digital payment vendors are unable to leverage this opportunity due to a lack of standardization in global payment systems that provide ease of use, and varying government restrictions in various nations.
  • The laws governing payments and data storage compliance vary per nation. Cross-border payments at times are incompatible due to stringent norms and regulations. Additionally, cross-border payments lack extended supported in the domestic payment system for several countries.

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Global Digital Payment Market Competitive Landscape

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

  • PayPal
  • Alipay
  • WeChat Pay
  • Visa Inc.
  • Mastercard Inc.
  • American Express Co.
  • Apple Pay
  • Google Wallet
  • Samsung Pay
  • Square Inc.
  • Stripe Inc.
  • Paytm
  • Skrill
  • TransferWise
  • Dwolla Inc.
  • Venmo
  • Zelle
  • Amazon Pay
  • QuickPay
  • Klarna

Digital Payment Market Recent Developments

  • In November 2021, Fiserv, one of the key players in the market, launched EnteractSM, a new, cloud-based customer relationship management (CRM) platform for financial institutions. Enteract features a Microsoft Azure-based integration framework that synchronizes customer data with back-end systems and enables real-time process integration across core banking, enterprise content management and digital channels.
  • In September 2021, Global Payments Inc and Virgin Money signed an agreement to leverage Global Payments’ unique two-sided network to empower Virgin Money customers with market leading digital payments experiences globally.

Global Digital Payment Key Market Trends

  • Innovation of Injection Molding Technologies: A huge portion of the world's population lives in rural and isolated areas, and they lack both digital literacy and connectivity. Governments, aid agencies, and businesses are now acknowledging the significance of financial services for the population residing in rural and distant areas and as a result, more individuals now have access to financial services.
  • Increase in Governance and Government efforts: Governments have launched a number of initiatives to include these populations to provide financial governance and increase their financial inclusion. As a result, there is a huge awareness about the benefits of digital payments which has also created a good environment for digital payment companies to grow their customer base.

Global Digital Payment Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

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.

Report Metric Details
Market size value in 2023 USD 61.3 billion
Market size value in 2031 USD 361.3 billion
Growth Rate 20.8%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Payment Type
    • Mobile Payment, Online Banking, Point of Sale, Digital Wallet, Payment Cards
  • Application
    • Media & Entertainment, Retail, BSFI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics
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)
Companies covered
  • PayPal
  • Alipay
  • WeChat Pay
  • Visa Inc.
  • Mastercard Inc.
  • American Express Co.
  • Apple Pay
  • Google Wallet
  • Samsung Pay
  • Square Inc.
  • Stripe Inc.
  • Paytm
  • Skrill
  • TransferWise
  • Dwolla Inc.
  • Venmo
  • Zelle
  • Amazon Pay
  • QuickPay
  • Klarna
Customization scope

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  • Segments by type, application, etc
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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Digital Payment Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Digital Payment Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Payment Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Digital Payment Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

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).

Digital Payment Market Top Players Company Profiles 'PayPal', 'Alipay', 'WeChat Pay', 'Visa Inc.', 'Mastercard Inc.', 'American Express Co.', 'Apple Pay', 'Google Wallet', 'Samsung Pay', 'Square Inc.', 'Stripe Inc.', 'Paytm', 'Skrill', 'TransferWise', 'Dwolla Inc.', 'Venmo', 'Zelle', 'Amazon Pay', 'QuickPay', 'Klarna'

The development of e-commerce and technology-driven initiatives are significant trends for digital payments. The leading participants in the industry for digital payments now are Apple, Google, Samsung Pay, and Alipay.

Innovation of Injection Molding Technologies: A huge portion of the world's population lives in rural and isolated areas, and they lack both digital literacy and connectivity. Governments, aid agencies, and businesses are now acknowledging the significance of financial services for the population residing in rural and distant areas and as a result, more individuals now have access to financial services.

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.

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Global Digital Payment Market

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