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Digital Payments Market By Component (Solutions, Services) By Deployment Type (On-premises, Cloud) By Organization Size (Small & Medium-sized Enterprises, Large Enterprises) By (Vertical, Banking, Financial Services, and Insurances, Retail and Ecommerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, Other Verticals) - Growth, Share, Opportunities & Competitive Analysis, 2016 - 2028

What Prominence Influencing Digital Payments Market Growth? 

Meaningful payment systems are now more widely used because of digitization. To raise the volume of digital transactions in their various nations, governments worldwide are taking steps to promote digital payments. Additionally, the Digital India Programme aims to give every person access to digital government and digital services to convert India into a society and knowledge economy enabled by technology. The Digital India program's digital payment ecosystem development is a crucial component that could completely change the Indian economy by offering inclusive financial services.

digital-payments-market

What is the Market Size of Digital Payments in terms of value?

The global Digital Payments Market is projected to increase at a significant CAGR of 15.10% in the coming years. In 2021, the global Digital Payments market was valued at USD 87.4 Billion and was projected to reach a value of USD 203.2185 Billion by 2028. The demand for Digital Payments is projected to increase substantially in the coming years. It is presumed to generate revenue opportunities for the key industry players worth USD 115.8185 million during the forecast period between 2022 and 2028.

Interesting Facts about Digital Payments Industry

  • The study projects revenue growth at the regional, international, and national levels and analyses the most recent market tendencies in each sub-segment from 2022 to 2028.
  • The biggest exporters of digital payments are the United States, Canada, Germany, the United Kingdom, China, India, Japan, and Brazil.
  • The expansion of the digital payment market is primarily driven by a rise in the number of e-commerce sectors, advancements in mobile payment technology, greater use of mobile wallets for payment, and the development of safe & secure payment gateways.
  • Over the predicted period, North America is expected to continue to rule. North America's largest revenue share was earned, which also dominated the global market.
  • The e-commerce and retail industries are expected to develop the fastest during the anticipated period. The growing acceptance of mobile-based payment solutions by consumers for retail payments is one of the main factors boosting the segment's growth.

Who are the leading players/companies in the Digital Payments market regarding value?

According to value, some of the leading companies in the world market for Digital Payments are Fiserv (US), PayPal (US), Global Payments (US), Stripe (US), Mastercard (US), VISA (US), Square (US), Adyen (Netherlands), Temenos (Switzerland), Worldline (France), Stax by FattMerchant (US), PayU (Netherlands), EBANX (Brazil), Apple (US), JPMorgan Chase (US), Aurus (US), 2Checkout now Verifone(US), PayTrace (US), Spreedly (US), Braintree (US), FIS (US), ACI Worldwide (US), WEX (US), FLEETCOR (US), Dwolla (US), Clover(US), OpenWay Group (Belgium). In November 2021, A brand-new cloud-based customer relationship management (CRM) system for financial institutions called EnteractSM has been introduced by Fiserv. Interact's Microsoft Azure-based integration architecture enables real-time process integration across core banking, enterprise content management, and digital channels. It also synchronizes client information with back-end systems. In September 2021, Virgin Money and Global Payments Inc. announced a contract to use Global Payments' distinctive two-sided network to give Virgin Money customers market-leading digital payment experiences worldwide.

Who are the Top leading Countries in the Digital Payments Market?

The leading countries in the Digital Payments market are the United States, Canada, Germany, the United Kingdom, China, India, Japan, and Brazil. One of the biggest markets for real-time payments is the United States. Over the predicted period, the country is anticipated to grow steadily. There are several significant local players in the international market. The increase in cross-border payments expected due to the expanding immigrant population is predicted to boost market expansion in these nations. Other essential variables that fuel the regional market expansion include increased digitization and rapid economic development.

Which is the Key Verticals Area in the Digital Payments Market?

In 2021, the Banking, Financial Services, and Insurances (Banking, Financial Services, and Insurance) category held a commanding market share. Banks are encouraged to embrace digital payment solutions by the increased demand for digital remittances for domestic and international transactions. Additionally, banks are improving their services to compete with companies like Google, Amazon, and Facebook, which offer digital payment options. For instance, to enhance convenience for its customers, Bank of America developed a digital debit card in June 2019.

Over the forecast timeline, it is anticipated that the retail and e-commerce industries will grow the fastest. The primary key driver fueling the segment's growth is the increasing adoption of mobile-based payment solutions by consumers for retail payments. The market is expanding concurrently with a rise in the number of unmanned retail locations around the world. 

What are the Major Growing Factors for Digital Payments Market?

Nations across the world employ ICT to advance their digital economies. A lot of government programs are digitizing the payment process. Adopting digital payments is one of a nation's primary growth-related imperatives. It can help to increase productivity and economic growth in addition to raising transparency, financial inclusion, tax revenue, and end-user access to new economic opportunities. The government of India has launched various programs to aid in developing digital payments. Programs like Digital India, the Unified Payments Interface (UPI) launch, and the 14444-helpline number all speed up the shift to digital payments. These initiatives promote digitization and educate the public about the advantages of utilizing cutting-edge technology.

The expansion of the digital payment market is primarily driven by an increase in the number of e-commerce sectors, advancements in mobile payment technology, greater use of mobile wallets for payment, and the safe and secure development of payment gateways. Additionally, the demand for businesses to provide better customer experiences and an increase in the marketing of digital payments fuel market expansion.

What are the Major Restraints for Digital Payments Market?

The main factors that are expected to impede the growth of the worldwide market for digital payments include as businesses purchase goods and services internationally, cross-border trade has grown year over year (YoY). Digital payment suppliers cannot take advantage of this potential, however, because there aren't any universal payment systems that are simple to use, there aren't any universal standards, and different governments in different nations have various restrictions. The laws governing payments and data storage compliance vary per nation. Cross-border payments are inefficient because of these rules and requirements. Additionally, cross-border payments are not supported by the domestic payment system.

Which Region Ruled the Global Market for Digital Payments?

Asia-Pacific is expected to dominate the digital payment industry, and India and Japan will acquire more traction throughout the projection period. Comparatively speaking, the adoption of digital wallets and mobile payments is projected to be higher in APAC. Due to their large populations and high smartphone penetration, China and India present the prosperous potential for the digital payment business.

Secondly, North America led the world market during the forecast period and generated the most significant revenue share. The regional market gains from elements including smart parking meters' expanding adoption and technological advancements. For instance, the facilities service provider EasyPark and the parking solution supplier ParkMobile announced their alliance in July 2020. Thanks to this partnership, the former business offered contactless payment options around Vancouver city. Additionally, the demand for digital payment solutions is being driven by the rise in unmanned storefronts in the United States.

Segmentation of Global Digital Payments Market-

Global Digital Payments Market – By Component

  • Solutions
  • Services

 Global Digital Payments Market – By Deployment Type

  • On-premises
  • Cloud

Global Digital Payments Market – By Organization Size

  • Small & Medium-sized Enterprises
  • Large Enterprises

 Global Digital Payments Market – By Vertical

  • Banking, Financial Services, and Insurances
  • Retail and Ecommerce
  • Healthcare
  • Travel and Hospitality
  • Transportation and Logistics
  • Media and Entertainment
  • Other Verticals

Frequently asked questions about the global Digital Payments industry

The market for digital payments is primarily driven by global initiatives to encourage them, the increasing prevalence of smartphones enabling mobile commerce growth, an increase in eCommerce sales, and an increase in internet access.

The major vendors in the digital payment market include FIS (US), Square (US), PayPal (US), Fiserv (US), and Global Payments (US).

Asia-Pacific is expected to hold the highest market share in the digital payment market.

The industrial verticals such as Banking, Financial Services, and Insurances, Retail, and media & entrainment are expected to gain traction in the digital market in the forecast period.

Digital Payments Market Scope

Report Attribute Details
Market Value in 2021 USD 87.4 Billion
Market Value in 2028 USD 203.2185 Billion
CAGR 15.10%
Benchmarking Year 2021
Past data 2016 – 2021
Forecast period 2022 – 2028
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Trusted By
Godaddy
Published Date:  Aug 2022
Category:  Banking & Financial Services
Report ID:   60600
Report Format:   PDF
Pages:   120
Rating:    4.3 (50)
Delivery Time: 24 Hours to 48 Hours   
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