Global Digital Payment Market to Reach USD 215.88 Billion by 2028, Growing at 13.3% CAGR

The global digital payment market is projected to reach USD 215.88 billion by 2028, registering a strong compound annual growth rate (CAGR) of 13.3% during the forecast period. The rapid shift toward cashless transactions and the rising preference for contactless payment methods are key factors driving this growth.

Digital payments are gaining momentum worldwide as they provide faster, more convenient, and safer alternatives to traditional cash transactions. Contactless payment technologies, such as Tap to Pay, offer speed and reliability while protecting customers against fraudulent purchases. The COVID-19 pandemic further accelerated the adoption of digital payment solutions, as both consumers and businesses sought safer ways to complete transactions while minimizing physical contact.

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Drivers of Market Growth

The rise in internet usage and expansion of e-commerce have been significant contributors to the growth of digital payments. According to the International Telecommunication Union, over 4 billion people, representing 51% of the global population, had internet access by 2019-an increase of more than 8% from the previous year. This growing digital connectivity has encouraged more people to shop online, boosting the demand for secure and easy-to-use payment methods.

Some prominent players operating in the digital payment market are:
Mastercard Inc.

Fiserv Inc.

Visa Inc.

JPMorgan Chase & Co.

PayPal Holdings Inc.

Intuit Inc.

Global Payments Inc.

Stripe

PayU

ACI Worldwide Inc.

Digital wallets have emerged as a leading choice for online transactions. They simplify the checkout process, reduce cart abandonment, and help build customer loyalty. Businesses are increasingly integrating digital wallet options to enhance customer experience and support sales growth.

Challenges in Market Expansion

Despite rapid progress, certain regions face obstacles due to inadequate digital infrastructure. Reliable internet access and efficient payment processing systems are essential for digital transactions, but in many developing countries, these remain limited. Such gaps restrict market penetration and slow the adoption of digital payment solutions in these areas.

Market Insights by Offering

The digital payment market is broadly divided into solutions and services. The solutions segment dominates and includes payment gateways, digital wallets, payment processing, security and fraud management, and point-of-sale systems. Security solutions such as biometric authentication and tokenization are increasingly important, as they help prevent and unauthorized transactions.

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Digital wallets, such as Alipay, are notable examples of advanced payment solutions using tokenization and authentication to ensure higher transaction approval rates. Similarly, seamless checkout options offered by digital payment gateways have become critical in e-commerce. Studies show that about 40% of online shoppers abandon purchases if the checkout process is complicated, while impulse buyers-who represent a significant share of e-commerce sales-prefer quick and easy payment options.

Digital Payment Market Market Segmentation Analysis
This report offers historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each segment from 2018 to 2028. The scope of the report can be defined as:

For the purpose of this report, Emergen Research has segmented the global digital payment market on the basis of offering, organization size, mode of deployment, industry vertical, and region:

Offering Outlook (Revenue, USD Billion; 2018-2028)
Solutions

Payment Gateway Solutions

Payment Wallet Solutions

Payment Processing Solutions

Payment Security & Fraud Management Solutions

Point of Sale Solutions

Services

Professional Services

Managed Services

Organization Size Outlook (Revenue, USD Billion; 2018-2028)
Large Enterprise

Small & Medium-sized Enterprises

Mode of Deployment Outlook (Revenue, USD Billion; 2018-2028)
On-Premises

Cloud

Industry Vertical Outlook (Revenue, USD Billion; 2018-2028)
BFSI

Healthcare

Retail

Transportation & Logistics

Travel & Hospitality

Media & Entertainment

Others

Outlook

The global digital payment market is poised for sustained growth, supported by internet proliferation, e-commerce expansion, and increasing consumer preference for cashless, secure, and hassle-free payment methods. While infrastructure limitations in some developing regions may present challenges, continued technological innovation and growing digital adoption worldwide are expected to fuel robust market expansion through 2028.

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