Global Surge in Digital Payments Market: Predicted Rise from $125.94bn to $137.43bn Amidst Expanding E-commerce and the Impact of COVID-19

A Detailed Analysis of the Escalating Growth and Influential Trends in the Global Digital Payments Market

What Is The Projected Market Size Of The Global Digital Payments Market And Its Growth Rate?
The global digital payments market has demonstrated significant growth in recent years and is projected to expand from:
•$125.94 billion in 2024 to $137.43 billion in 2025 with a compound annual growth rate (CAGR) of 9.1%
•In the forecast period, the market is expected to reach $198.99 billion in 2029 at a CAGR of 9.7%

This robust growth is spurred by several factors such as economic development in emerging markets, increased internet penetration, expansion of e-commerce, and government initiatives that promote digital payments. Furthermore, the challenges presented by the COVID-19 pandemic have further propelled the penetration and acceptance of digital payments.

What Is Driving The Growth In The Digital Payments Market?
The growth in the digital payments market is largely driven by the need for quick onboarding and the ease of use these platforms provide. The demand for frictionless and transparent payment methods has led to platforms such as Square and PayPal leveraging automation to reduce onboarding time significantly. Furthermore, the easy adoption and widespread availability of internet and mobile devices have made digital payments accessible to a larger demographic. The ease-of-use greatly contributes to the market growth, as demonstrated by Taiwan's government data showing nearly 10 million mobile payment users out of a population of about 23 million.

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Who Are the Key Players Driving Digital Payments Market Growth?
Major players in the digital payments market include:
• 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.

What Are The Key Trends In The Digital Payments Market?
Several major trends are driving the digital payments market, including:
• Offering digital wallet services to increase convenience for customers.
• Investing in AI solutions and blockchain technologies.
• Provision of wearable payment devices for quicker payments.
• Making robust contactless payment mechanisms.
• Development of QR based payment technologies.

What Are The Segments Of The Global Digital Payments Market?
The digital payments market is segmented by:
•Mode of Payment: Point of Sale, Online Sale
•End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Others
•Deployment: Cloud, On-Premises
•Enterprise: Large Enterprises, Small and Medium Enterprises

Which Region Leads The Digital Payments Market?
In 2024, Asia-Pacific was the largest market for digital payments, closely followed by Western Europe. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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What Is Covered In The Digital Payments Market Global Market Report?

- Market Size Analysis: Analyze the Digital Payments Market size by key regions, countries, product types, and applications.

- Market Segmentation Analysis: Identify various subsegments within the Digital Payments Market.

- Key Player Focus: Focus on key players and their value, share, and competitive landscape.

- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.

- Market Contribution: Evaluate contributions of different segments to the overall Digital Payments Market growth.

- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.

- Industry Challenges: Analyze challenges and risks affecting the Digital Payments Market.

- Competitive Developments: Analyze competitive developments, expansions, agreements, and new product launches.

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