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With a CAGR of 25.4% between 2022 and 2030, the total transaction value of the worldwide digital payments market is expected to soar from $3.59 trillion in 2022 to $19.94 trillion in 2030.
The digital payment sector will be driven by the increasing popularity of contactless payments. Faster transactions are possible with the touch-and-go convenience of contactless payment technologies including Near-Field Communication (NFC), Host Card Emulation (HCE), and Radio-Frequency Identification (RFID). Consumers across the globe may now enjoy the ease, speed, and convenience of contactless payments for modest, frequent purchases utilizing mobiles, cards, rings, and wristbands. Reduced wait times and fewer complaints from customers are just two of the many benefits that merchants see from using contactless payment methods.
The term "digital payment" describes the practice of sending and receiving monetary transactions using digital devices. Over the past few years, this technology has undergone steady improvement. The digital payment system now supports a wide variety of payment mechanisms, including internet purchases, card swapping, NFC card tapping, and barcode scanning, to name a few. The widespread availability of updated payment methods and new services has contributed to the widespread acceptance of digital transactions. The increasing prevalence of internet access in all parts of the world is also contributing to the rise in popularity of digital transactions. The growing use of smartphones is also swaying consumers toward online advertising.
The market is expected to see explosive expansion in the use of mobile payment systems, digital wallets, and points of sale in that order. The market is currently favoring cutting-edge technologies like Near Field Communication (NFC) and Quick Response (QR) code. A digital wallet allows you to instantly send money from your prepaid or bank account to another account. Payment is processed at the register or cash register. Many businesses have recently put up the resources to introduce NFC-enabled cards, which allow for the rapid transfer of funds from a prepaid account. These varying methods of payment contribute to the expansion of the digital payment business.
Online retail and e-commerce growth is driving growing demand for digital payment solutions. These digital payment methods are crucial to the success of online purchasing because of the ease, safety, and productivity they provide. They are crucial to M-commerce because they facilitate faster checkouts, facilitate international transactions, and increase security. In addition, businesses can collect important transaction data from digital payments, which can then be used to tailor marketing efforts and enhance customers' online shopping experiences. In general, the rise of digital payment methods in the digital age is intrinsically tied to the expansion of online retail and e-commerce.
Increasing numbers of businesses are expanding their global sourcing strategies, contributing to the steady annual rise of cross-border trade. However, there are obstacles that digital payment providers must overcome before they can fully take advantage of this trend. The lack of standardized worldwide payment methods, inconsistent national rules, and the absence of international standards all provide obstacles. Inefficiencies in international financial transactions are caused by the fact that different countries have different payment legislation and data storage requirements. To add insult to injury, domestic payment infrastructures are frequently adapted for objectives other than easing international trade.
Issues arise in international finance due to the lack of a universally adopted standard for international money transfers. It leads to convoluted and wasteful procedures, inflated prices, erratic user experiences, compliance challenges, restricted access to credit, sluggish processing times, security threats, trade obstacles, stagnant innovation, and a lack of transparency. Various initiatives are working toward defining global standards to address these concerns, but reaching consensus and widespread adoption remains a complex and continuous process with the ultimate aim of making cross-border transactions more accessible, cost-effective, and secure worldwide.
Report Coverage
Global Digital Payment research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Payment report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Payment competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Payment market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Payment market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Payment market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Payment market based on the below-mentioned segments:
Global Digital Payment Market, By Transaction Type
Domestic
Cross Border
Global Digital Payment market, By Payment Mode
Cards
ACH Transfer
Digital Wallet
Other Payment Modes
Global Digital Payment Market, By Vertical
BFSI
Retail & E-commerce
IT & ITeS
Telecom
Healthcare
Travel & Hospitality
Transportation & Logistics
Media & Entertainment
Other Verticals
Global Digital Payment market, Regional Analysis
The digital payment sector will be driven by the increasing popularity of contactless payments. Faster transactions are possible with the touch-and-go convenience of contactless payment technologies including Near-Field Communication (NFC), Host Card Emulation (HCE), and Radio-Frequency Identification (RFID). Consumers across the globe may now enjoy the ease, speed, and convenience of contactless payments for modest, frequent purchases utilizing mobiles, cards, rings, and wristbands. Reduced wait times and fewer complaints from customers are just two of the many benefits that merchants see from using contactless payment methods.
The term "digital payment" describes the practice of sending and receiving monetary transactions using digital devices. Over the past few years, this technology has undergone steady improvement. The digital payment system now supports a wide variety of payment mechanisms, including internet purchases, card swapping, NFC card tapping, and barcode scanning, to name a few. The widespread availability of updated payment methods and new services has contributed to the widespread acceptance of digital transactions. The increasing prevalence of internet access in all parts of the world is also contributing to the rise in popularity of digital transactions. The growing use of smartphones is also swaying consumers toward online advertising.
The market is expected to see explosive expansion in the use of mobile payment systems, digital wallets, and points of sale in that order. The market is currently favoring cutting-edge technologies like Near Field Communication (NFC) and Quick Response (QR) code. A digital wallet allows you to instantly send money from your prepaid or bank account to another account. Payment is processed at the register or cash register. Many businesses have recently put up the resources to introduce NFC-enabled cards, which allow for the rapid transfer of funds from a prepaid account. These varying methods of payment contribute to the expansion of the digital payment business.
Online retail and e-commerce growth is driving growing demand for digital payment solutions. These digital payment methods are crucial to the success of online purchasing because of the ease, safety, and productivity they provide. They are crucial to M-commerce because they facilitate faster checkouts, facilitate international transactions, and increase security. In addition, businesses can collect important transaction data from digital payments, which can then be used to tailor marketing efforts and enhance customers' online shopping experiences. In general, the rise of digital payment methods in the digital age is intrinsically tied to the expansion of online retail and e-commerce.
Increasing numbers of businesses are expanding their global sourcing strategies, contributing to the steady annual rise of cross-border trade. However, there are obstacles that digital payment providers must overcome before they can fully take advantage of this trend. The lack of standardized worldwide payment methods, inconsistent national rules, and the absence of international standards all provide obstacles. Inefficiencies in international financial transactions are caused by the fact that different countries have different payment legislation and data storage requirements. To add insult to injury, domestic payment infrastructures are frequently adapted for objectives other than easing international trade.
Issues arise in international finance due to the lack of a universally adopted standard for international money transfers. It leads to convoluted and wasteful procedures, inflated prices, erratic user experiences, compliance challenges, restricted access to credit, sluggish processing times, security threats, trade obstacles, stagnant innovation, and a lack of transparency. Various initiatives are working toward defining global standards to address these concerns, but reaching consensus and widespread adoption remains a complex and continuous process with the ultimate aim of making cross-border transactions more accessible, cost-effective, and secure worldwide.
Report Coverage
Global Digital Payment research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Digital Payment report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Digital Payment competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Digital Payment market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Digital Payment Market from 2021 to 2030.
- Market Forecast for Digital Payment Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Digital Payment competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Digital Payment
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Digital Payment market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Digital Payment market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
PayPal (US), Fiserv (US), FIS (US), Global Payments (US), Square (US), Stripe (US), VISA (US), Mastercard (US), Worldline (France), Adyen (Netherlands), ACI Worldwide (US), Temenos (Switzerland), PayU (Netherlands), Apple (US), JPMorgan Chase (US), WEX (US), FLEETCOR (US), Aurus (US), PayTrace (US), Stax by FattMerchant (US), Verifone(US), Spreedly (US), Dwolla (US), BharatPe (India), Payset (UK), PaySend (UK), MatchMove (Singapore), Ripple (US), and EBANX (Brazil)
Primary Target Market
- Market Players of Digital Payment
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Digital Payment market based on the below-mentioned segments:
Global Digital Payment Market, By Transaction Type
Domestic
Cross Border
Global Digital Payment market, By Payment Mode
Cards
ACH Transfer
Digital Wallet
Other Payment Modes
Global Digital Payment Market, By Vertical
BFSI
Retail & E-commerce
IT & ITeS
Telecom
Healthcare
Travel & Hospitality
Transportation & Logistics
Media & Entertainment
Other Verticals
Global Digital Payment market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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