Digital Payment Market to Reach USD 244.86 Billion by 2030, Growing at a 14.89% CAGR

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 (𝐂𝐀𝐆𝐑):

The Digital Payment Market has witnessed significant growth over the past few years, with its valuation reaching USD 92.67 billion in 2023. Projections indicate that this market is poised for a robust expansion, with a compound annual growth rate (CAGR) of 14.89% from 2024 to 2030. By the end of this period, the market is expected to attain a staggering value of nearly USD 244.86 billion.

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐈𝐧𝐢𝐭𝐢𝐚𝐭𝐢𝐯𝐞𝐬 𝐏𝐫𝐨𝐦𝐨𝐭𝐢𝐧𝐠 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬

Governments around the world are actively working to enhance the Digital Payment Market by leveraging Information and Communication Technology (ICT). These efforts are seen as a crucial driver of economic growth, offering the potential to increase productivity, transparency, tax revenue, financial inclusion, and consumer choice. In India, for example, the government has launched several initiatives to promote digital payments, including the Digital India campaign, the introduction of the Unified Payments Interface (UPI), and the establishment of a helpline to support digital payment adoption. These initiatives have played a key role in advancing digitalization and raising awareness about the benefits of adopting new payment technologies.

Countries like Singapore and Australia are also making strides in this area. The Monetary Authority of Singapore (MAS) has been particularly active in encouraging consumers and businesses to adopt digital financial services and ePayments, a trend that gained momentum during the COVID-19 pandemic as part of broader efforts to enhance safety and reduce physical visits to financial institutions.

𝐓𝐡𝐞 𝐃𝐞𝐜𝐥𝐢𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐔𝐧𝐛𝐚𝐧𝐤𝐞𝐝 𝐏𝐨𝐩𝐮𝐥𝐚𝐭𝐢𝐨𝐧

A significant challenge in the Digital Payment Market has been the large unbanked population, particularly in rural and remote areas. However, concerted efforts by governments, development organizations, and private sector entities are now focusing on bridging this gap. As a result, more people in these underserved regions are gaining access to financial services, leading to a notable expansion of the market.

In India, for instance, the World Bank reported that approximately 190 million people lacked bank accounts in 2018. However, due to government initiatives, the percentage of banked individuals rose from 53% in 2014 to 80% in 2017. Similarly, global data indicates an increase in the percentage of adults with bank accounts, rising from 61% in 2014 to 69% in 2018. Digital payments have played a pivotal role in this expansion, enabling people in remote areas to create and manage bank accounts through mobile phones. This trend has significantly contributed to financial inclusion and reduced the number of unbanked individuals globally, creating new opportunities for digital payment companies to expand their customer base.

𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐋𝐢𝐧𝐤 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐂𝐥𝐢𝐜𝐤 𝐇𝐞𝐫𝐞: https://www.maximizemarketresearch.com/request-sample/16835/

𝐂𝐲𝐛𝐞𝐫𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬

Despite the growth of the Digital Payment Market, cybersecurity remains a significant challenge. The increasing adoption of digital payment systems has led to a rise in cyber threats, including theft and fraud. Businesses are particularly concerned about privacy, regulatory compliance, and the potential for cyber-attacks, which often involve mobile malware and other sophisticated methods to steal cardholder data. Emerging such as friendly fraud, affiliate fraud, botnets, phishing, and velocity attacks further exacerbate the risks.

According to the Central Statistics Office (CSO), the financial losses from cyber-attacks are projected to reach USD six trillion by 2022, up from USD three trillion in 2015. The Association for Financial Professionals (AFP) reported that over 81% of global firms experienced cyber-attacks in 2019, a figure that highlights the widespread nature of these threats. The increasing frequency of cyber assaults is expected to hinder the broader adoption of digital payment systems, as businesses and consumers alike grapple with the risks associated with these technologies.

𝐂𝐫𝐨𝐬𝐬-𝐁𝐨𝐫𝐝𝐞𝐫 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬

The growing volume of cross-border trade presents both opportunities and challenges for the Digital Payment Market. However, digital payment providers face significant hurdles due to the lack of standardized global payment systems and varying government regulations across different countries. These differences in payment rules and data storage requirements lead to inefficiencies and complicate cross-border transactions.

Over the past few decades, many countries have developed their own payment systems, each with proprietary communication and security standards. This lack of standardization poses challenges for banks and businesses engaged in cross-border transactions, often requiring direct intervention to resolve issues related to data collection and restoration. The absence of a unified global payment infrastructure has made it difficult for digital payment providers to fully capitalize on the potential of cross-border commerce.

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

Digital payments refer to transactions made via online or digital channels, eliminating the need for physical currency exchange. This form of payment, commonly referred to as electronic payment (e-payment), involves the transfer of value between two payment accounts. The payer and the payee utilize digital devices such as mobile phones, computers, or credit/debit cards to facilitate these transactions. For digital payments to occur, both parties must have access to a bank account, an online banking platform, and a digital device, and must be registered with a payment provider or intermediary like a bank or service provider. Common digital payment methods include UPI, NEFT, AEPS, mobile wallets, and PoS terminals, with UPI emerging as the most popular, boasting transactions exceeding USD 1 trillion in value.

𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐅𝐨𝐫𝐜𝐞𝐬 𝐁𝐞𝐡𝐢𝐧𝐝 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

The shift towards digital payments offers numerous advantages, especially for small businesses. Consumers and enterprises alike now expect faster, more secure payment methods without the risks and fees associated with cash transactions. Mobile devices equipped with biometric authentication further enhance security by reducing the potential for fraud. For businesses, going cashless not only simplifies transactions but also reduces the costs associated with cash management, such as theft prevention and storage. Additionally, digital payments streamline operations, improve tax compliance, and enhance the overall customer experience by minimizing transaction times and boosting in-store convenience.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 (𝐓𝐨 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐒𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 [𝐒𝐮𝐦𝐦𝐚𝐫𝐲 + 𝐓𝐎𝐂]) : https://www.maximizemarketresearch.com/request-sample/16835/

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

𝐛𝐲 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭

Solution
Service

𝐛𝐲 𝐃𝐞𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭

Cloud
On-premise

In 2023, the on-premise deployment segment dominated the Digital Payment Market, accounting for approximately 65% of global revenue. On-premise solutions offer businesses complete control over their applications and systems, which can be managed by their IT teams. These solutions also provide enhanced security against cyber threats. For example, in November 2019, Microsoft partnered with ACI Global, benefiting ACI's on-premise customers by offering lower capital expenditures and greater security.

𝐛𝐲 𝐕𝐞𝐫𝐭𝐢𝐜𝐚𝐥

BFSI
Media & Entertainment
IT & Telecommunication
Hospitality
Healthcare

The Banking, Financial Services, and Insurance (BFSI) sector also played a significant role in the market, accounting for over 23% of global revenue in 2023. The increase in remittances to low- and middle-income countries is expected to drive further growth in this sector. Banks are also enhancing their digital payment capabilities to compete with tech giants like Google, Amazon, and Facebook. For instance, in June 2019, Bank of America launched a digital debit card to provide more convenience to its customers.

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

North America:

1. Total System Services, Inc.
2. PayPal Holdings Inc
3. ACI Worldwide Inc
4. Dwolla
5. FattMerchant
6. FIS and Fiserv
7. Intuit
8. JPMorgan Chase
9. Square
10. Stripe
11. Visa and Mastercard

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

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

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

𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬

North America led the global Digital Payment Market in 2023, capturing over 34% of total sales. The region's growth was driven by increased deployment and technological advancements in areas like smart parking meters. A notable example is the partnership between ParkMobile and EasyPark in July 2020, which facilitated contactless payments across Vancouver, contributing to the regional market's growth. The rise of unmanned establishments in the United States further fueled the demand for digital payment solutions.

In Europe, banks are actively working on initiatives to establish a unified payments system for retailers and consumers across the region. This is expected to create new growth opportunities in the coming years. The Italian government's efforts to promote electronic payments are also driving regional market growth.

The Asia-Pacific region is expected to experience rapid growth during the forecast period, with digital wallets emerging as the most popular payment method for both e-commerce and point-of-sale (POS) transactions. China leads the region with the highest number of digital payment users and the greatest mobile payment penetration rate. Other significant markets in the region include Japan, South Korea, and India, each with unique payment preferences and adoption rates.

𝐂𝐡𝐞𝐜𝐤 𝐎𝐮𝐭 𝐚 𝐁𝐫𝐢𝐞𝐟 𝐒𝐮𝐦𝐦𝐚𝐫𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞: https://www.maximizemarketresearch.com/market-report/digital-payment-market/16835/

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧

The Digital Payment Market is on a trajectory of significant growth, driven by increasing adoption across various sectors and regions. While challenges such as cybersecurity threats and the lack of standardized global payment systems persist, the market's potential for expansion remains substantial. As governments and businesses continue to invest in digital payment infrastructure and solutions, the market is expected to reach new heights, offering unparalleled convenience and security to consumers and enterprises alike.

𝐊𝐞𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐬𝐰𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:

What is Digital Payment?
What was the Digital Payment market size in 2023?
What is the growth rate of the Digital Payment Market?
Who are the key players in the Digital Payment market?
Who are the leading companies and what are their portfolios in Digital Payment Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Digital Payment Market?
Which are the factors expected to drive the Digital Payment market growth?
What are the different segments of the Digital Payment Market?
What growth strategies are the players considering to increase their presence in Digital Payment?
What are the upcoming industry applications and trends for the Digital Payment Market?

𝐊𝐞𝐲 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬:

Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size & Forecast by Different Segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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𝐀𝐛𝐨𝐮𝐭 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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