Payments Industry Size to Reach USD 60.35 Trillion by 2031 with Growth in Digital Commerce and Contactless Payment Services

Mordor Intelligence has published a new report on the payments market, offering a comprehensive analysis of trends, growth drivers, and future projections.

Payments Market Overview

The global payments market size is expected to reach USD 46.85 trillion in 2026 and is forecast to grow to USD 60.35 trillion by 2031, registering a CAGR of 4.21% during the forecast period. Growth in e-commerce transactions, wider smartphone usage, increasing merchant acceptance of digital wallets, and rising demand for faster transaction processing are supporting market expansion across developed and emerging economies.

Payment providers are focusing on improving transaction security, convenience, and cross-border payment capabilities to meet changing customer expectations. Financial institutions, retailers, travel companies, healthcare providers, and government services are increasingly integrating digital payment systems into their operations. The payments industry is also witnessing steady demand for mobile wallets, account-to-account transfers, QR-based payments, and contactless card usage.

Report Overview: https://www.mordorintelligence.com/industry-reports/global-payments-market?utm_source=openpr

Payments Market Insights

Growing Adoption of Digital Wallets Across Retail and Online Commerce

Digital wallets continue gaining attention across the payments market as consumers look for faster and more convenient transaction methods. Mobile wallet platforms such as Apple Pay, Google Pay, and PayPal are seeing increased usage in both physical retail locations and e-commerce platforms. Retailers are expanding support for QR-code payments, NFC-enabled systems, and mobile checkout options to improve customer experience. In Asia-Pacific countries including China and India, digital wallets are becoming part of everyday payments for transportation, grocery shopping, entertainment, and utility services.

Rising E-commerce Transactions Supporting Payments Industry

The steady rise in online shopping and mobile commerce is contributing to the expansion of the payments industry. Consumers increasingly prefer card-not-present transactions, account-to-account payments, and buy now pay later options while purchasing products and services online. E-commerce platforms are also partnering with payment providers to reduce transaction failures and improve payment processing speed. Businesses operating in hospitality, travel, entertainment, and healthcare sectors are integrating multiple payment options to accommodate changing consumer preferences across global markets.

Boosting Cross-border and Remittance Transactions Worldwide

Cross-border payments and international remittances remain an important part of the global payments market forecast. Businesses engaged in international trade are demanding quicker settlement systems and lower transaction costs for business-to-business transactions. Consumers working abroad continue using digital remittance platforms to transfer funds to families in their home countries. Payment companies are also investing in partnerships and payment infrastructure upgrades to improve transaction transparency and reduce settlement delays across regions including North America, Europe, Asia-Pacific, the Middle East, and Africa.

Increasing Contactless and Point-of-Sale Payment Usage

Contactless card transactions and digital point-of-sale payments are becoming more common in retail stores, restaurants, transportation systems, and entertainment venues. Consumers are increasingly using debit cards, credit cards, prepaid cards, and wearable payment devices for daily purchases. Merchants are also expanding point-of-sale infrastructure to support faster checkout processes and multiple payment methods. This trend is particularly visible in developed markets where consumers prefer quick and secure payment experiences for low-value and recurring transactions.

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Payments Market Segmentation

By Mode of Payment

Point-of-Sale

Card (Debit, Credit, Pre-paid)

Digital Wallets (Apple Pay, Google Pay, Interac Flash)

Cash

Other POS (Gift-cards, QR, Wearables)

Online

Card (Card-Not-Present)

Digital Wallet & Account-to-Account (Interac e-Transfer, PayPal)

Other Online (COD, BNPL, Bank Transfer)

By Interaction Channel

Point-of-Sale

E-commerce/M-commerce

By Transaction Type

Person-to-Person (P2P)

Consumer-to-Business (C2B)

Business-to-Business (B2B)

Remittances & Cross-border

By End-user Industry

Retail

Entertainment & Digital Content

Healthcare

Hospitality & Travel

Government & Utilities

Other End-user Industries

By Geography

North America

United States

Canada

Mexico

Europe

Germany

United Kingdom

France

Nordics

Rest of Europe

Asia-Pacific

China

India

Japan

Rest of Asia-Pacific

South America

Brazil

Argentina

Rest of South America

Middle East

United Arab Emirates

Saudi Arabia

Rest of Middle East

Africa

South Africa

Nigeria

Rest of Africa

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Key Players in the Payments Market

The competitive landscape of the payments market includes global card networks, digital payment providers, and regional payment companies focusing on expanding transaction services and merchant partnerships.

Major companies operating in the payments industry include Mastercard Inc., Visa Inc., PayPal Holdings, Inc., China UnionPay Co., Ltd., and American Express Company. These companies continue expanding payment acceptance networks and strengthening partnerships with banks, merchants, and digital commerce platforms worldwide.

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Conclusion

The payments market is expected to maintain steady growth over the coming years as consumers and businesses continue shifting toward digital transaction methods. Growth in e-commerce activity, digital wallets, cross-border payments, and contactless transactions is supporting broader market demand across industries and regions. Payment providers are focusing on expanding transaction capabilities while improving convenience and security for merchants and consumers.

As online commerce and mobile payment adoption continue increasing, the payments industry is expected to see further demand for integrated payment platforms, account-to-account transfers, and real-time transaction systems. Regional markets across Asia-Pacific, North America, Europe, the Middle East, and Africa are likely to remain important contributors to global transaction growth during the forecast period.

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Industry Related Reports:

Mobile Payments Market

The mobile payments market size is projected to expand from USD 6.12 trillion in 2025 and USD 6.78 trillion in 2026 to USD 10.47 trillion by 2031, registering a CAGR of 9.08% during 2026-2031. Market growth is driven by increasing smartphone penetration, rising adoption of digital wallets, expanding e-commerce transactions, and growing preference for contactless and cashless payment methods worldwide.

Get more insights: https://www.mordorintelligence.com/industry-reports/mobile-payment-market?utm_source=openpr

Payment Gateway Market Size

The payment gateway market size was valued at USD 18.32 billion in 2025 and is estimated to grow from USD 20.96 billion in 2026 to reach USD 41.11 billion by 2031, at a CAGR of 14.42% during the forecast period. The market is benefiting from rapid digitalization of businesses, rising online shopping activity, and increasing demand for secure and seamless online transaction processing solutions.

Get more insights: https://www.mordorintelligence.com/industry-reports/payment-gateway-market?utm_source=openpr

Canada Real Time Payments Market Share

The Canada real time payments market size is expected to grow from USD 11.37 billion in 2025 to USD 13.99 billion in 2026 and is forecast to reach USD 39.47 billion by 2031 at a CAGR of 23.05% during 2026-2031. Growth in the market is supported by increasing demand for instant payment processing, expanding digital banking services, and rising adoption of real-time transaction systems among consumers and businesses.

Get more insights: https://www.mordorintelligence.com/industry-reports/canada-real-time-payments-market?utm_source=openpr

Tap into High-Growth Markets with JA Reports

Europe Payments Market
https://www.mordorintelligence.com/ja/industry-reports/europe-payments-market?utm_source=openpr

China Payments Market
https://www.mordorintelligence.com/ja/industry-reports/china-payments-market?utm_source=openpr

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This release was published on openPR.