Emerging Trends to Drive Digital Payments Market Growth at 9.7% CAGR Through 2029

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Digital Payments Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the digital payments market has been registering impressive growth in recent years. It's expected to enhance from $125.94 billion in 2024, mounting to $137.43 billion in 2025 with a Compound Annual Growth Rate (CAGR) of 9.1%. Factors leading to this dynamic growth during the historic period can be credited to notable economic progress in emerging markets, heightened internet usage, policy initiatives by government bodies in developing economies, the influx of e-commerce, and the widespread availability of mobile devices.

Digital Payments Market Size Forecast: What's the Projected Valuation by 2029?
The digital payments sector is projected to witness a robust expansion in the upcoming years with a size expected to touch $198.99 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.7%. The growth during the prediction period can be associated with factors such as the rise of smart cities, government-driven digital payment initiatives, integration of Internet of Things (IoT), the expanding adoption of 5G networks, increased internet accessibility and the impact of COVID-19. Notable trends for the forecast period include provision of digital wallet services for enhanced customer convenience, introduction of wearable payment devices for faster transactions, investment in QR-based payment methods, evolution of strong contactless payment initiatives, deployment of AI solutions, investment in blockchain technology, effective, affordable and broadly available financial systems, and the introduction of payment solutions at fuel stations to cut down operational expenses.

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What Are the Drivers Transforming the Digital Payments Market?
The digital payment market is predicted to be fueled by straightforward onboarding and user-friendliness. Flexibility, transparency, and a smooth onboarding process are necessities for individuals. They prefer techniques that eliminate friction, and in response, software pioneers like Square and PayPal are leveraging automation to reduce the onboarding duration to mere minutes. Digital payments, requiring only a bank account or phone number and a smartphone with internet access, are much simpler to utilize than traditional methods. As an example, the Taiwanese government has reported that nearly 10 million out of a population approximating 23 million are using mobile payments. This easy acceptance of the technology helps increase the user base and ultimately boosts the expansion of the digital payments market.

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What Long-Term Trends Will Define the Future of the Digital Payments Market?
The digital payment market is witnessing a surge in contactless payment technology. Numerous users are gravitating towards this payment method, which includes mobile wallets, contactless cards, and more, as they offer improved security and convenience. This technology makes use of radio frequency identification (RFID) or near-field communication (NFC) to facilitate the transfer of funds among users. The transaction volume for mobile payments hit $1,402.5 billion in 2023, marking a 28.5% growth rate compared to 2022.

Which Segments in the Digital Payments Market Offer the Most Profit Potential?
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 Firms Dominate the Digital Payments Market by Market Share and Revenue in 2025?
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

Which Regions Offer the Highest Growth Potential in 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

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