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

► Global Digital Payment Market Set to Reach USD 1.23 Billion by 2030, Driven by High-Resolution Imaging Demand

The global digital payment market is experiencing significant growth, with its size valued at USD 92.67 billion in 2023. It is projected to expand at a compound annual growth rate (CAGR) of 14.89% from 2024 to 2030, reaching nearly USD 244.86 billion by 2030. This growth is driven by the increasing adoption of digital technologies, government initiatives promoting cashless economies, and the rising demand for secure and efficient payment solutions.

► Competitive Landscape:

The digital payment market is characterized by intense competition, with key players focusing on innovation, strategic partnerships, and mergers and acquisitions to strengthen their market positions. Notable companies in the sector include PayPal, Fiserv, FIS, Global Payments, Square, Stripe, Visa, Mastercard, Worldline, Adyen, ACI Worldwide, Temenos, PayU, Apple, JPMorgan Chase, WEX, FLEETCOR, Aurus, PayTrace, Stax by FattMerchant, Verifone, Spreedly, Dwolla, BharatPe, Payset, PaySend, MatchMove, Ripple, and EBANX

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► Digital Payment Market Regional Insights

United States: Growth and Consolidation

The United States remains a significant player in the digital payment market, with companies like PayPal, Square, Stripe, and Apple leading the way. The market is witnessing consolidation through strategic acquisitions, enhancing service offerings and expanding customer bases. For instance, private equity firm GTCR announced plans to acquire a 55% stake in Worldpay, a business unit of FIS, in a transaction valued at $18.5 billion, expected to finalize by 2024.

Asia-Pacific: Opportunities and Trends

The Asia-Pacific region holds the largest share of the digital payment market, driven by countries like China, India, and Japan. The region's rapid digital transformation and high mobile phone usage significantly impact the market. In China, mobile payment solutions, including Alipay and WeChat Pay, dominate the market. India's increasing shift towards cashless transactions, supported by government initiatives like Digital India, contributes to market expansion. The growing e-commerce sector and increasing internet penetration in emerging markets further strengthen its landscape in Asia-Pacific.

Europe: Trends and Updation

Europe exhibits steady demand, with the United Kingdom, Germany, and France leading the market. The region has seen widespread adoption of digital payment methods, including credit and debit cards, digital wallets, and contactless payments. The European Union's regulatory frameworks, such as PSD2, ensure secure transactions and promote digital payment market trends. In addition, the increasing popularity of mobile payment systems and e-commerce platforms in Europe enhances its adoption. Furthermore, the ongoing shift from cash to digital payments in many European countries supports market momentum.

► Key Recent Developments

The digital payment sector has witnessed significant mergers and acquisitions aimed at enhancing service offerings and expanding market reach. For example, GTCR's planned acquisition of a majority stake in Worldpay underscores the strategic moves companies are making to consolidate their positions in the market. Additionally, the integration of advanced technologies such as artificial intelligence and blockchain is transforming payment solutions, offering more secure and efficient transaction methods.​

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► Digital Payment Market Segmentation

by Component

Solution
Service

by Deployment

Cloud
On-premise

The market was dominated by the on-premise category in 2023, which generated over 65.0% of worldwide revenue. On-premises digital payment solutions allow companies total control over their systems and applications, which their IT staff can readily manage. On-premise digital payment solutions are also used by businesses to defend their systems and applications against dangerous attacks. For instance, in November 2019, Microsoft announced a collaboration with ACI Global. Benefits of the partnership for ACI World Wide's on-premises clients included increased security and decreased long-term capital expenditure.

by Vertical

BFSI
Media & Entertainment
IT & Telecommunication
Hospitality
Healthcare

With over 23.1 percent of global sales in 2023, the BFSI sector led the market. Increased remittances to low- and middle-income countries are anticipated to be one of the main drivers of new market growth opportunities over the projected period. Additionally, banks are improving their ability to compete with companies like Google, Amazon, and Facebook that offer digital payment solutions. To make things easier for its customers, Bank of America, for instance, introduced a digital debit card in June 2019.

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► 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

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