Digital Payments Market Size
Digital Payments Market in value terms was valued at USD 8.4 trillion in 2022 and is expected to exhibit a CAGR of 16.5% from 2023 to 2032. The growth of the market is fueled by various drivers, including the rise in smartphone and mobile device adoption, which offers a greater number of users to digital payment platforms. Convenience and access, as well as the facility to make Payments s anytime, anywhere, have also driven market growth.
To obtain major market trends
Download Sample Ask for Discount Request Customization
Growing e-commerce, contactless transactions & government schemes; improved security features; and the entry of fintech firms with innovative payments processing technologies are further fueling the digital payments industry. Furthermore, the need for financial inclusion, changing consumer behavior towards digital transactions, and increasing emerging markets contribute heavily towards market demand.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Digital Payments Market Size in 2022 | USD 8.4 Trillion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 16.7% |
| 2032 Value Projection | USD 37.1 Trillion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 300 |
| Tables, Charts & Figures | 246 |
| Segments covered | Type, End-user industry |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Digital payments is the transfer of funds or financial transactions done online without using cash or other types of payment in the form of checks or paper bills. It is the application of digital technology and the Internet to approve, verify, and settle transactions. Digital Payments include various methods & channels such as credit & debit cards, wallets, online banking, Peer-to-Peer (P2P) transfers, payments gateways, & other electronic payments systems. These technologies enable the secure & easy transfer of funds among individuals, businesses, & organizations.
A concern regarding data breaches, fraud, & identity theft challenges the adoption of digital payments. Businesses & consumers are concerned about security vulnerabilities. In some areas, inadequate internet connectivity and a lack of digital infrastructure may limit the use of digital payments. Changing regulatory requirements and compliance can add complexity & uncertainty to the operation and innovation of digital payments providers. There could also be barriers for some consumers in using digital payments from a lack of access to smartphones or technological literacy.
COVID-19 Impact
The pandemic has boosted the digital payment world big time. It all began when people became frightened of getting infected from touching surfaces. This prompted them to begin using contactless methods to pay, such as mobile wallets and online shopping. With the stores closed and people socially distancing themselves, people increasingly went for online shopping, making digital payments even more trendy. This mad time also taught us how crucial it is to have payment systems that are reliable and function properly. Thus, firms and individuals began using electronic payment methods to ensure their transactions were smooth and secure. In short, the pandemic has increased the significance of digital payments and has encouraged people to use them more.
Digital Payments Market Trends
Hello there! It appears that, in response to the demand for germ-free transaction, people are increasingly abandoning money and plastic and opting for contactless payments instead. Phone wallets and those sneaky scan-and-pay codes have become the epitome of "cool" for now. Since more and more of us have been shopping on the internet, digital payment opportunities have become bigger than ever before. And it's not only shopping; these choices are appearing all over the place - from the supermarket to the bus trip to the doctor. Advances in technology such as fingerprint and facial scans, and those nifty blockchain doohickeys, are securing these transactions and even accelerating them. And don't forget our trusty smartphones. With payment apps burgeoning, it's no surprise mobile Payments are gaining traction.
Digital Payments Market Analysis
Know more about the important segments defining this market
Download Sample Ask for Discount Request Customization
The digital commerce segment dominated more than 60% of the digital payment market share in 2022. People are quickly moving towards online buying due to the delivery of a hassle-free & convenient buying experience on digital commerce websites. To enable such payments, digital payment solutions are being integrated into e-commerce websites, so users can securely pay online. This amalgamation also facilitates speedy and hassle-free checkout processes, cutting down friction and increasing customer satisfaction. Digital commerce platforms also provide several payment modes such as credit/debit cards, mobile wallets, and digital currencies, enhancing the options available to consumers.
Discover more about the major segments influencing this market
Get Free Sample
The retail segment represented 27% of the market share of digital payments in 2022. The growing adoption of digital payments in the retail sector is driven primarily by the demand for seamless and enhanced customer experiences. Digital payment channels provide a seamless and streamlined means of making purchases by consumers, diminishing the use of physical cash or card transactions. The availability of smartphones and mobile apps on a large scale has enabled consumers to easily use digital wallets or mobile banking apps to make online and offline shopping a convenient experience.
Search region-specific information?
Free Sample Download
Asia Pacific led the digital payments market in 2022, with over half of total revenue. This growth was propelled by the explosive growth in internet and smartphone adoption in the region, providing an enormous pool of potential customers for digital payments. As more and more people in Asia Pacific accessed the internet and smartphones, they became increasingly adept at using digital payment methods because of their ease and convenience. The area also contains some of the world's most significant and most rapidly expanding e-commerce markets, such as China, India, and Southeast Asian nations. With the increasing adoption of online retailing and digital commerce, demand for safe and easy-to-use digital payments is skyrocketing.
Download Sample Ask for Discount Request Customization
Digital Payments Market Share
Major companies operating in the digital payment market are
- PayPal Holdings, Inc.
- Visa Inc
- Mastercard Incorporated
- American Express Company
- Square Inc.
- Apple Inc. (Apple Pay)
- Google LLC (Google Pay)
These companies are focused on strategic partnerships, new product launches, and commercialization efforts for market expansion. They are also heavily investing in research to introduce innovative products and garner the maximum market revenue.
Digital Payments Industry News
- In July 2023, Mastercard partnered with JazzCash, Pakistan's largest digital wallet provider with over 43 million accounts, to revolutionize digital payments in the country by introducing affordable acceptance solutions. The partners will launch QR code payments, Pay by Link, and Tap on Phone solutions to help merchants at the bottom of the economic pyramid gain cost-effective & widespread acceptance. These solutions will allow fast-growing segments, such as freelancers and gig workers, to accept digital payments as well as underserved segments such as Micro, Small, and Medium-sized Enterprises (MSMEs).
This digital payments market research report includes in-depth coverage of the industry with estimates & forecast in terms of transactional value (USD Billion) and transactional volume (Million) from 2018 to 2032, for the following segments
Click here to Buy Section of this Report
Market, By Type
- Digital Commerce
- Digital Remittances
- Mobile POS Payments s
Market, By End User Industry
- Retail
- BFSI
- IT & Telecommunication
- Healthcare
- Travel & Hospitality
- E-commerce
- Government
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Singapore
- Thailand
- Indonesia
- Philippines
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- UAE
- Saudi Arabia
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy