Digital Payment Market Analysis, Type, Size, Trends, Key Players and Forecast 2023 to 2032

The global digital payment market size was valued at USD 81.03 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 20.8% from 2023 to 2030. The global digital payments transactions were valued at over USD 8 trillion in 2022.

Any payment or transaction made online is referred to as a digital payment. In this method, neither the payer nor the payee exchanges hard currency; instead, they both send and receive money via electronic means. In some circumstances, the payee's digital participation is not necessary for the transaction to be completed. By using net banking, users can send money to payee accounts without the recipient's needing a net banking account. People have benefited greatly from digital payment methods since they are more flexible and secure than any other form of exchange. Customers are not required to always carry cash on them. using a debit or credit card, USSD, UPI, mobile wallets, and online banking and mobile banking are two distinct digital payment options that are crucial to the expansion of the worldwide digital payment business.

The expansion of the digital payment market is primarily driven by an increase in the number of e-commerce sectors, advancements in mobile payment technology, greater use of mobile wallets for payment, and development of secure and safe payment gateways. Additionally, the need for businesses to provide better customer experiences and an increase in the promotion of digital payments fuel market expansion. The development of the digital payment market is hampered by a lack of global standards for cross-border payments and ignorance in emerging economies. Furthermore, the market is expected to benefit greatly from technological developments in e-wallets and mobile banking.

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Component, deployment mode, organisation size, industry vertical, and region are the market segments for digital payments. The market is divided into solution and services based on component. The payment gateway solutions, payment processing solutions, payment wallet solutions, payment security & fraud management solutions, and point of sale solutions make up the additional sub segments of the solution segment. System integration and deployment services, consulting services, and support and maintenance services make up the remainder of the service category. It is divided into on-premises and cloud deployment modes. It is divided into BFSI, retail & agriculture, IT & telecom, education, healthcare, and others depending on the industrial vertical. It is examined across North America, Europe, Asia-Pacific, and LAMEA based on region.

Report Highlights

On the basis of component, the solutions segment is the leading segment and is expected to make the largest contribution to the digital payment market. This segment comprises of solutions including, payment gateway, payment wallet, payment processing, payment security and fraud management, and PoS. Rapid adoption of technologies analytics, cloud computing, and big data among digital payment solution providers is projected to boost growth of this segment.
On the basis of industry vertical, the BFSI segment is the dominant player and is anticipated to have the biggest impact on digital payment market. However, retail & e-commerce segment is anticipated to witness highest CAGR during the forecast period. This growth is mainly attributed to rapid usage of mobile-based payment solutions by consumers for retail payments.

Segmentation:
By Transaction Mode
• Mobile Web Payments
• Near-Field Communication
• SMS Direct Carrier Billing
• Others

By Application
• Media & Entertainment
• Energy & Utilities
• Healthcare
• Retail
• Hospitality & Transportation
• Others

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Geography:
The dominance of a particular region in the digital payment market can vary depending on the specific segment of the market and the timeframe in question. However, currently, the Asia-Pacific region is one of the most dominant regions in the global digital payment market. Countries in the Asia-Pacific region such as China, India, and South Korea have seen rapid growth in their digital payment markets over the past few years. This growth is fueled by factors such as a large population, rising internet and smartphone penetration, government support, and a growing middle class with a higher disposable income. China is particularly noteworthy in this regard, with digital payment giants like Alipay and WeChat Pay dominating the domestic market. These companies have created a cashless society in China, with many consumers using mobile payments for everything from daily transactions to buying houses and cars. Overall, the digital payment market is expected to continue to grow globally, with the Asia-Pacific region playing a significant role in driving this growth.

Company Profiles:
• PayPal
• Stripe
• Square
• Adyen
• Alipay
• WeChat Pay
• Amazon Pay
• Apple Pay
• Google Pay
• Samsung Pay
• Mastercard
• Visa
• American Express
• Skrill
• Payoneer.

KEY BENEFITS FOR STAKEHOLDERS
The study provides an in-depth analysis of the global digital payment market trends & future estimations to elucidate the imminent investment pockets.
Information about the key drivers, restraints, and opportunities and their impact analysis on the digital payment market share is provided.
Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the global digital payment industry.
The quantitative analysis of the market size is provided to determine the global digital payment market potential.

Frequently Asked Questions About This Report
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