Digital Payment Market 2024 Growth, Industry Trend, Sales Revenue, Size by Regional Forecast to 2030

Digital Payment Market is poised to reshape the future of global commerce.

Digital Payment Market Overview:

In a significant development, the global digital payment market, valued at USD 92.67 billion in 2023, is projected to expand at a robust CAGR of 14.89% through 2030, potentially reaching close to USD 244.86 billion. This meteoric growth trajectory underscores the escalating preference for digital transactions across the globe.

Digital payments, facilitated through online platforms without physical currency exchange, have revolutionized financial transactions. This method, also known as electronic payments (e-payments), involves transferring value between accounts using digital devices like smartphones, computers, or cards. Key methods include UPI, NEFT, mobile wallets, and PoS terminals, with UPI emerging as the frontrunner with transactions surpassing USD 1 trillion. The shift towards digital payments offers compelling advantages, particularly in enhancing transaction speed, security, and efficiency for both consumers and businesses. Eliminating the need for cash mitigates risks associated with theft and reduces operational costs, bolstering market growth. Moreover, digital transactions promote transparency, streamline accounting processes, and facilitate tax compliance.

Market Dynamics

Initiatives Driving Market Growth: Governments worldwide are driving digital payment adoption through initiatives aimed at automating payment processes. In India, initiatives like Digital India and the Unified Payments Interface (UPI) have been pivotal in catalyzing market expansion. Similarly, countries such as Singapore and Australia are advancing digital payment projects to enhance financial inclusion and efficiency.

Expanding Financial Inclusion: Efforts to connect underserved populations, particularly in rural and remote areas, are significantly expanding financial inclusion. Government-led initiatives, such as India's push to increase bank account penetration, have successfully reduced the number of unbanked individuals. Globally, efforts to broaden access to financial services are enhancing market accessibility and driving adoption of digital wallets and payment solutions.

Challenges: Despite rapid growth, the digital payment market faces challenges, notably from cyber threats. The proliferation of digital transactions has escalated cyber risks, including theft and fraud. Cyber-attacks targeting digital payment systems pose significant financial risks, necessitating stringent security measures and regulatory compliance to safeguard transactions.

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Digital Payment Market Scope and Methodology:

This report aims to deliver a thorough understanding of the Digital Payment market, emphasizing market-centric strategies. It identifies key trends, growth drivers, challenges, and potential opportunities. Data is collected through both primary and secondary research methods. Primary data is gathered from interviews and surveys with key industry stakeholders such as manufacturers, suppliers, distributors, customers, and experts. Secondary data is sourced from industry reports, market analyses, corporate websites, annual reports, trade journals, government publications, and databases.

The report offers a detailed analysis of the business strategies of top companies, including partnerships, mergers, acquisitions, and collaborations. A SWOT analysis evaluates the market position of these companies, highlighting strengths, weaknesses, opportunities, and threats. The Digital Payment market is examined using feasibility studies, investment return analyses, and Porter's Five Forces framework. Global and regional Digital Payment market sizes are calculated using a bottom-up approach.

Digital Payment Market Regional Insights:

North America leads the global digital payment market, driven by technological advancements and widespread adoption in sectors like smart parking and unmanned retail establishments. Europe is poised for substantial growth, supported by initiatives for a unified payments system. The Asia-Pacific region, particularly China, dominates in digital wallet usage and mobile proximity payments, reflecting rapid market expansion and diverse consumer preferences.

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Market Segmentation:
Discover how the Digital Payment market is segmented and gain insights into each segment's performance and growth potential.

By Component

Solution
Service

By Deployment

Cloud
On-premise

By Vertical

BFSI
Media & Entertainment
IT & Telecommunication
Hospitality
Healthcare

In terms of end users, the BFSI sector dominated the market in 2023, accounting for more than 23.0% of worldwide revenue. Over the projection period, an increase in remittances to low- and middle-income countries is expected to be one of the key drivers of new market growth opportunities. Banks are expanding their capacity to compete with digital payment solution providers such as Google, Amazon, and Facebook. In June 2019, Bank of America, for example, introduced a digital debit card to make life easier for its customers.

Market Key Players:
Identify the leading companies and their portfolios in the Digital Payment market.

North America:
1. Total System Services, Inc.
2. PayPal Holdings Inc
3. ACI Worldwide Inc
4. Dwolla
5. FattMerchant

Europe:
1. Wirecard AG.
2. Novetti Group Limited
3. Adyen N.V.
4. Aurus
5. Worldline

Asia Pacific:
1. Lianta Payments
2. Alipay
3. PayU

Global:
1. Apple Pay
2. Paysafe
3. PayTrace
4. Spreedly
5. WEX

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Future Outlook:

The global digital payment market is on a trajectory of exponential growth, fueled by technological advancements, government initiatives, and evolving consumer preferences for convenient, secure, and efficient payment solutions. As the market expands, stakeholders must navigate regulatory landscapes, enhance cybersecurity measures, and innovate to capitalize on emerging opportunities in the digital economy.

Table of Content: Digital Payment Market

Part 01: Executive Summary
Part 02: Scope of the Transmission Sales Report
Part 03: Transmission Sales Landscape
Part 04: Transmission Sales Sizing
Part 05: Transmission Sales Segmentation by Type
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis

Key questions answered in the Digital Payment Market include:

• Who are the leading companies and what are their portfolios in the Digital Payment Market?
• What segments are covered in the Digital Payment Market?
• Who are the key players in the Digital Payment market?
• Which application holds the highest potential in the Digital Payment market?
• What are the key challenges and opportunities in the Digital Payment market?
• What is Digital Payment?
• What was the Digital Payment market size in 2023?
• What will be the CAGR at which the Digital Payment market will grow?
• What is the growth rate of the Digital Payment Market?
• Which factors are expected to drive the Digital Payment market growth?
• What are the different segments of the Digital Payment Market?
• What growth strategies are players considering to increase their presence in Digital Payment?
• What are the upcoming industry applications and trends for the Digital Payment Market?
• What recent industry trends can be implemented to generate additional revenue streams for the Digital Payment Market?

Key Offerings:

• Historical Market Size and Competitive Landscape (2018 to 2022)
• Historical Pricing and Price Trends by Region (2018 to 2022)
• Market Size, Share, and Forecast by Different Segments (2024-2030)
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - Detailed Analysis by Segment and Sub-Segment by Region
• Competitive Landscape - Profiles of Key Players by Region from a Strategic Perspective
• Competitive Landscape - Market Leaders, Market Followers, Regional Players
• Competitive Benchmarking of Key Players by Region
• PESTLE Analysis
• PORTER's Analysis
• Value Chain and Supply Chain Analysis
• Legal Aspects of Business by Region
• Lucrative Business Opportunities with SWOT Analysis
• Recommendations

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