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Digital Payments Revolution: Global Market Dynamics 2024
Digital Payments Market Research
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According to The Business Research Company's, The digital payments market size has grown strongly in recent years. It will grow from $115.93 billion in 2023 to $126.47 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased internet penetration, government initiatives in developing economies, rising penetration of e-commerce and increased availability of mobile devices.
The digital payments market size is expected to see strong growth in the next few years. It will grow to $180.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to the increasing smart cities, government initiatives for digital payments, internet of things (iot), increasing adoption of 5g networks, increase in internet penetration and covid-19. Major trends in the forecast period include offering digital wallet services to increase convenience for customers, offering wearable payment devices for quicker payments, investing in qr based payments technologies to cater to a wider audience, making robust contactless payment options for consumers, investing in ai solutions in order to improve the efficiency, investing in blockchain technologies to offer easily interoperable, efficient, affordable and accessible financial systems and payment solutions in fuel stations to reduce operational costs.
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Market Drivers and Trends:
Quick onboarding and ease of use are expected to drive the digital payment market. Individuals require flexibility, transparency, and friction-free onboarding. They are more attracted to methods that are frictionless, and as a result, software innovators such as Square and PayPal are using automation to decrease the onboarding time to a few minutes. Digital payments are very easy to use compared to conventional methods, as they only require a bank account or phone number and a smartphone with an internet facility. For instance, according to new data compiled by Taiwan's government, out of a population of about 23 million, nearly 10 million are mobile payment users. The ease of adoption increases the number of users, thereby contributing to the growth of the digital payments market.
Contactless payment technology is soaring in the digital payment market. Many users are increasingly opting for contactless payment technologies such as mobile wallets, contactless cards, and others, as they are more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near-field communication (NFC) for the transmission of amounts among users. Mobile payments transaction volume reached $1.7 billion in 2021, which was a 27% increase as compared to 2020.
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Major Key Players of the Market:
Paypal Holdings Inc., Ant Group, Amazon.com, Inc., Visa Inc., Apple Inc., Google Pay, Mastercard Incorporated, JP Morgan Chase & Co., Fiserv Inc., ACI Worldwide Inc., PayUmoney , Paytm , CCAvenue , Razorpay , Instamojo , Cashfree , Line Pay , Rakuten Pay , Origami Pay , D-barai , AliPay , WeChatPay , UnionPay , 99Bill , PayEase, Worldpay , Stripe , Shopify Payments , Opayo , Adyen , SystemPay International , Novalnet , Wirecard, Sberbank Online , Yandex Money , QIWI , WebMoney, Tinkoff Bank, Cielo , Rede , Getnet S, toneCo, GlobalCollect , Lyra Network , Paybox Services , CASHU , Trriple , Monami Tech , DPO Group, MTN Group Limited , Flutterwave , M-Pesa , Coruscate's Alexpay , Digipay , Software Group, Kineto
Digital Payments Market 2024 Key Insights:
• The digital payments market size is expected to see strong growth in the next few years. It will grow to $180.26 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Robust Mobile Payment Adoption Boosts Growth In The Digital Payments Market
• Contactless Payment Technology Reshapes The Digital Payments Market
• Asia-Pacific was the largest region in the digital payments market in 2023
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