Robust Mobile Payment Adoption Boosts Growth In The Digital Payments Market: Key Factor Driving The Growth In The Digital Payments Market

The Digital Payments Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Digital Payments Market Size During the Forecast Period?
The growth of the digital payments market has been substantial in recent years. The market, which will escalate from a value of $125.94 billion in 2024 to $137.43 billion in 2025, is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.1%. Elements contributing to this historic period of growth include robust economic development in evolving markets, the rise in internet access, government programs in growing economies, the increased prevalence of e-commerce, and greater access to mobile devices.

In the upcoming years, a robust growth is projected for the digital payments market, with its size anticipated to surge to $198.99 billion in 2029, at a compound annual growth rate (CAGR) of 9.7%. This expected growth in the forecast period can be credited to several factors like the rise of smart cities, governmental push towards digital payments, the internet of things (IoT), the escalating adoption of 5G networks, an upsurge in internet usage, and the COVID-19 pandemic. Prominent trends predicted for this period include an increase in digital wallet services to enhance user convenience, the introduction of wearable payment devices for faster transactions, investments in QR based payments technologies, sturdy contactless payments, investments in AI technology, blockchain technologies, effective and accessible financial systems, and payment systems at fuel stations to cut down operational expenses.

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What Are the High-Growth Segments in the Digital Payments Market?
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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What Key Drivers Are Expected to Influence Future Digital Payments Market Growth?
The digital payment market is anticipated to surge due to simple onboarding and user-friendliness. People seek flexibility, transparency, and a hassle-free onboarding process. They gravitate towards more streamlined methods which is why software pioneers like Square and PayPal are leveraging automation to reduce the time spent on onboarding to mere minutes. In terms of convenience, digital payments trump traditional methods as users only need a bank account or phone number and a smartphone with internet access. For example, new statistics from Taiwan's government show that nearly 10 million out of a population of approximately 23 million use mobile payments. This ease of adoption amplifies the user base, consequently driving the growth of the digital payments market.

Which Companies Hold the Largest Share Across Different Digital Payments Market Segments?
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

What Trends Are Driving Growth in The Digital Payments Market?
The digital payment market is experiencing a surge in the use of contactless payment technology. A rising number of users are favoring technologies like mobile wallets and contactless cards due to their greater security and user convenience. The functioning of contactless payment technology involves the use of radio frequency identification (RFID) or near-field communication (NFC) to execute transactions among users. The volume of mobile payments transactions in 2023 stood at $1,402.5 billion, marking a 28.5% increase from 2022.

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What Are the Emerging Geographies for The Digital Payments Market Growth?
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

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Digital Payments Market?
2. What is the CAGR expected in the Digital Payments Market?
3. What Are the Key Innovations Transforming the Digital Payments Industry?
4. Which Region Is Leading the Digital Payments Market?

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