Global Digital Payments Market Projected to Surpass $198.99 Billion by 2029 with 9.7% Annual Growth

What combination of drivers is leading to accelerated growth in the digital payments market?
The digital payment market is expected to be propelled by quick onboarding and user-friendliness. People demand adaptability, transparency, and a smooth onboarding process. Consequently, people gravitate towards frictionless methods, prompting software pioneers like Square and PayPal to employ automation to cut down onboarding time to mere minutes. Digital payments, needing just a bank account or phone number and a smartphone with internet access, are significantly more straightforward to use compared to traditional means. For instance, the Taiwan government's recent data reveals that nearly 10 million out of a population of about 23 million are mobile payment users. This easy adoption process enhances the user base, thus promoting the digital payments market's expansion.

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What is the projected compound annual growth rate (CAGR) of the digital payments market from 2025 to 2034, and what factors influence it?
The value of the digital payments market has experienced a significant increase of late. The market, which is expected to climb from $125.94 billion in 2024, is projected to reach a hike of $137.43 billion in 2025, representing a compound annual growth rate (CAGR) of 9.1%. This growth during the historical period is due to robust economic improvement in newly emerging markets, enhanced internet access, governmental initiatives in developing economies, a burgeoning e-commerce sector, and a broader availability of mobile devices.

It is predicted that the digital payments market will experience notable expansion in the upcoming years. By 2029, it is set to escalate to a value of $198.99 billion, with a compound annual growth rate (CAGR) of 9.7%. This anticipated spike during the forecast period is accredited to advancements such as the rise of smart cities, government encouragement towards digital payments, the internet of things (IoT), the growing adoption of 5G networks, an upward trend in internet penetration, and the impact of COVID-19. The forecast period will also see key trends like introducing digital wallet services for enhanced user convenience, rolling out wearable payment devices for faster transactions, investing in QR-based payment technologies, implementing sturdy contactless payment systems, funding AI solutions, pouring money into blockchain technologies, and developing efficient, inexpensive, and easily accessible financial systems and payment solutions at fuel stations to cut down operational costs.

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How are the latest trends influencing the growth of the digital payments market?
The digital payment market is witnessing a significant surge in contactless payment technology. An increasing number of consumers are gravitating towards the use of contactless payment options like mobile wallets, contactless cards, and the like due to their enhanced security and convenience. These contactless payment methods rely on radio frequency identification (RFID) or near-field communication (NFC) for transmitting amounts between users. In 2023, the transaction volume of mobile payments skyrocketed to $1,402.5 billion, marking a 28.5% growth compared to 2022.

What are the major segments of the digital payments market and their role in driving growth?
The digital payments market covered in this report is segmented -

1) By Mode Of Payment: Point Of Sale, Online Sale
2) By End-User Industry: Retail, Banking And Financial Service, Telecommunication, Government, Transportation, Others
3) By Deployment: Cloud, On-Premise
4) By Enterprise: Large Enterprises, Small And Medium Enterprises

Subsegments:
1) By Point of Sale (POS): Card Payments, Contactless Payments, QR Code Payments, Digital Payment Terminals
2) By Online Sale: E-commerce Payments, Mobile App Payments, Payment Gateway Solutions, Subscription-based Payments, Digital Wallet Transactions

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Which regions are key players in the growth of the digital payments market?
Asia-Pacific was the largest region in the digital payments market in 2024. Western Europe was the second largest region in the digital payments market report. The regions covered in the digital payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the digital payments market?
Major companies operating 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., 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

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What Is Covered In The Digital Payments Global Market Report?

• Market Size Forecast: Examine the digital payments market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the digital payments market for a structured understanding.
• Key Players Overview: Analyze major players in the digital payments market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the digital payments market.
• Segment Contributions: Evaluate how different segments drive overall growth in the digital payments market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the digital payments market.
• Industry Challenges: Identify potential risks and obstacles affecting the digital payments market.
• Competitive Landscape: Review strategic developments in the digital payments market, including expansions, agreements, and new product launches.

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