Press release
Digital Payment Market Size, Share, Growth and Trends, and Report 2024-2031
Market Overview :Consumers can easily make payments online due to the increasing use of smartphones and the accessibility of high-speed internet.
North America witnessed the highest smartphone adoption rate, with a large portion of the population owning smartphones. This widespread use of mobile devices provides a strong foundation for the adoption of digital payment solutions leading the region to contribute nearly 28.3% globally. Big players in the region are investing heavily in the region to boost technology.
For instance, On 15 July 2023, Car IQ Inc. partnered with Visa to enable vehicles to make payments directly through the Car IQ Pay vehicle wallet. This collaboration allows vehicles to transact with Visa's global ecosystem of merchants and banks, which enables purchases of fuel, tolls, parking, insurance, service and repairs without the need for physical cards. The integration of Car IQ Pay with Visa expands its reach and taps into the growing connected vehicle payment market, which is projected to reach D 600 billion by 2030 according to Ptolemus.
Market Trends :
Worldwide Initiatives for the Promotion of Digital Payments
Governments and organizations globally promoting and launching digital payments as a means to enhance financial inclusion that improves efficiency and economic growth. For instance, On 3 Oct 2022, news launched by the National Payments Corporation of India, UPI enables instant and seamless transactions between different banks through mobile devices. It has gained significant popularity and has been instrumental in driving digital payment adoption in the country.
Furthermore, On 3 Sept 2022, Prime Minister Narendra Modi highlighted the significant growth of digital payments in India, emphasizing the country's innovations in this digital payment field, such as the BHIM-UPI. He mentioned that digital payments have reached historic levels and are gathering attention globally.
During an official event in Mangaluru, where he inaugurated various development projects, Modi emphasized the importance of fast and affordable internet connectivity, particularly in connecting gram panchayats through extensive network expansion. The government's focus on digital payments reflects its commitment to promoting a cashless economy and fostering financial inclusion.
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Market Segmentation :
The global digital payment market is segmented based on component, mode of payment, deployment, organization size, end-user and region.
Consumer Adoption of Digital Wallets
The digital payment industry witnessed tremendous growth in digital wallets making it cover more than 1/3rd share globally. Consumers increasingly adopting digital transactions and searching for comfort, safety and ease of use, digital wallets have emerged as a popular preference for making payments. These mobile-based applications allow users to keep their payment records, together with credit or debit card information and make transactions in just a few seconds on their smartphones.
For instance, On 13 Jul 2023, Digital wallets are not limiting money as these wallets provide users to store their transactions history on their mobile devices in digital form. The popularity of digital wallets increased the need for sustainable monetization. Consumers switch from cash to digital and these digital wallets played a major role, as these digital modes are steadily being adopted.
Geographical Share :
Government Support and the Rise of Real-Time Payments in North America
Governments in North America are supporting the use of digital payments, implementing various regulations and frameworks that encourage the growth of the digital payment market. They have also focused on promoting financial inclusion and consumer protection in the digital payment space. Countries like U.S., Canada and Mexico are the fastest growing in the region covering more than 77.3% share in the region.
Government initiatives played a major role in driving the adoption of real-time payments in various countries. U.S. federal reserve is set to launch FedNow service and the government aims to modernize the payment system in the nation. For instance, on 20 July 2023, the service enables citizens of America to send and receive funds in real time. This move will bring U.S. in line with other countries that already offer real-time payment systems. The FedNow service has been in development since 2019 and is expected to significantly improve the speed and efficiency of transactions for everyday Americans.
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Competitive Landscape
The major global players include MasterCard, Google, Amazon, Alipay, Visa, PayPal, ACI Worldwide, Aurus, Apple Pay and Paysafe.
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