USD 61.3 billion
Digital Payment Market Size, Share, Growth Analysis, By Technology (Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS), By Payment Type (B2B, B2C, B2G, Others), By Location (Remote Payment, Proximity Payment), By End-use (BFSI, Healthcare, IT & Telecom, Media & Entertainment), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG40G2012 |
Region:
Global |
Published Date: August, 2024
Pages:
165
|Tables:
69
|Figures:
75
Digital Payment Market Insights
Global Digital Payment Market size was valued at around USD 102.1 Billion in 2022 and is expected to rise from USD 115.6 Billion in 2023 to reach a value of USD 311.6 Billion by 2031, at a CAGR of 13.2% during the forecast period (2024–2031).
The substantial growth in digital payment market statistics is an outcome of the growing e-commerce industry. The rising smartphone adoption and usage rate has also caused market expansion. The growing internet accessibility has also boosted online shopping, which is made easier with mobile payments and digital payment systems. Businesses are also looking to improve customer experience and are integrating mobile payment solutions in their platforms, leading to new market penetration.
Mobile payment methods are secure, convenient, quick, and seamless. These benefits are being noticed by consumers as well. They are more open to paying for products and services with mobile devices. This shift was accelerated in the COVID-19 pandemic. E-commerce companies and traditional businesses strived to adjust to this change in consumer behavior. Mobile devices were being widely used to make cashless payments. These factors will continue to drive digital payment market growth.
US Digital Payment Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Mobile Payment
Fastest Growth
Mobile Payment
Growth Rate
20.8% CAGR
Global Digital Payment Market ($ Bn)
Country Share for North America Region (%)
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Digital Payment Market Segmental Analysis
Digital Payment Market is segmented into Technology, Payment Type, Location, End-Use & Region. Based on Technology, the market is segmented into Near Field Communication, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response System, Mobile App, and Others. Based on Payment Type, the market is segmented into B2B, B2C, B2G, and others. Based on Location, the market is segmented into Remote Payment, and Proximity Payment. Based on End-use, the market is segmented into BFSI, Healthcare, IT & telecom, Media & Entertainment, Retail & E-commerce, Transportation, and Others. Based on region, the is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Digital Payment Market Analysis by End-Use
The BFSI segment witnessed the highest revenue digital payment market share in 2023. The growing demand for digital money transfers for domestic and cross-border transactions encourages banks to adopt digital payment solutions. Banks are also increasing their product offerings. For example, in October 2023, the U.S. Bank announced the launch of Avance, a point-of-sale multi-channel lending solution.
The retail & e-commerce segment is expected to expand at the highest CAGR from 2024 to 2031. The increasing number of unmanned retail stores across the globe is also driving the market growth. According to an article published by NXP Semiconductors, the number of unmanned shops worldwide is estimated to reach 44,138 in 2023. The increasing number of unmanned shops is driving demand for digital payment solutions.
Digital Payment Market Analysis by Payment Type
The B2B payment category led the market as it dominated over 60.0% of the digital payment market revenue. Rupifi is a B2B payment app provider. It raised USD 25 million in January 2022 through funding led by the partnering companies Bessemer Venture Partners and Tiger Global Management, LLC. This funding will also go forward to develop multichannel mobile-first B2B payments products that can be universally used by merchants and sellers. Additionally, this segment stabilizes its market position as banks increase adoption rates of these payment services.
B2C payments is the fastest growing segment in the digital payment market. These transactions are made by users when they procure a product or service for their personal use. This segment has grown due to the rising number of mobile payment methods in the e-commerce business. According to a survey, mobile users take up 60% of the e-commerce traffic in the world. This category will potentially continue growing with the global adoption and acceptance of digital wallets.
Global Digital Payment Market By Payment Type
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Digital Payment Market Regional Insights
North America dominated the digital payment market share and held 33.9% revenue in 2023. The regional market benefits from factors such as rising technological advancements in smart parking meters e.g. The City of Des Moines has introduced a new parking fee system in various parts of the city. A new system worth USD 3.5 million that will allow drivers to park anywhere and pay at a pavement pay station or an app. Such projects are expected to boost the region’s growth.
The Asia Pacific region is the fastest growing region. Throughout the forecast period, evolving lifestyles, growing smartphone usage, and recent internet buying habits should fuel regional market expansion. Fintech companies and banks have a new opportunity to offer mobile financial services to underserved and unbanked individuals in rural areas due to increasing use of mobile devices in emerging countries.
Global Digital Payment Market By Region
- Largest
- Fastest
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Digital Payment Market Dynamics
Digital Payment Market Drivers
Strategic Initiatives by Key Players
- Increasing focus on strategic moves by the leading players is driving digital payment market growth across the globe. For example, PayTM partnered with Citcon USA in November 2022. As a result, Citcon’s global payments network would be integrated by Paytm. This will help Citcon’s overseas merchants to accept and consolidate digital payments from Indian consumers.
Rising Focus on Product Mix
- The global digital payment market saw an opportunity for growth in the increased mix of product offerings. Leading participants are offering a blend of payment options on their platforms. These include UPI, QR Code, NFC, mobile wallet, and others. This in turn further expected to drive growth of the digital payment industry over the forecast period.
Digital Payment Market Restraints
Infrastructure Limitations
- Mobile payment systems require a well-established and connected telecommunications infrastructure. This includes cell networks and internet connectivity. Areas with low internet connectivity or spotty network coverage may not be able to use mobile payments, stunting digital payment market growth in these regions.
Security Concerns
- Despite all the innovations, there are still issues with the security of digital payment systems. This situation undermines consumer confidence, especially in environments where adequate cybersecurity measures are not fully incorporated. To mitigate these risks, continue to spend more on data encryption and better user identification methods to protect people and the economy.
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Digital Payment Market Competitive Landscape
There are several players engaged in intense rivalry in the market vying for digital payment industry share. Key players use product improvements, new feature releases, and tactical alliances to retain their market position. By partnering up with financial institutions, these companies access a wider base of users and improve overall experience. In April 2021, MoneyGram International joined hands with Sigue, a B2B and P2P payments startup based in the US. This partnership allowed Sigue client access to MoneyGram International's new MoneyGram as a Service product line. This also ensured other banks that operate on the Sigue platform could use MoneyGram International's latest API-driven payments technology.
Digital Payment Market Top Player’s Company Profiles
- PayPal (US)
- Alipay (China)
- WeChat Pay (China)
- Visa Inc. (US)
- Mastercard Inc. (US)
- American Express Co. (US)
- Apple Pay (US)
- Google Pay (US)
- Samsung Pay (South Korea)
- Square Inc. (US)
- Stripe Inc. (US)
- Paytm (India)
- Skrill (United Kingdom)
- TransferWise (Estonia)
- Dwolla Inc. (US)
- Venmo (US)
- Zelle (US)
- Amazon Pay (US)
- QuickPay (Denmark)
- Klarna (Sweden)
Digital Payment Market Recent Developments
- In December 2023, Visa Inc. announced a agreement to acquire a majority stake in leading Mexican payments company Prosa, aiming to accelerate the adoption of secure and design-enabled digital payments in introducing national initiatives and have been improved.
- In November 2023, PayU, the leading digital payment solution provider in India, unveiled the launch of its three revolutionary mobile app software development kits (SDKs). These developments require building a smooth payment platform especially in mobile gadgets to build it to handle it, effectively increasing communication success rates by 56%.
- In November 2022, Conduent Incorporated, a global technology company, introduced its latest integrated digital payment platform. This innovation is aimed at providing businesses and public agencies with safer, more efficient and faster ways to send, receive, or request payment.
Digital Payment Key Market Trends
- Expansion into Emerging Markets: Emerging economies have little to no access to traditional banking methods. Mobile payment solutions are now focusing on these regions for further expansion, reflecting a significant digital payment market trend. The individuals in this region can avail themselves of digital payment services without holding a traditional bank account. This financial inclusion will surely boost digital payment industry growth.
Digital Payment Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest analysis, the expanding e-commerce business and the increased global smartphone penetration can be linked to market growth. The market is predicted to maintain its trajectory as more people use the internet to procure online goods. The potential for digital payment industry's continued expansion looks promising. This is because more global businesses are creating more mobile-friendly payment methods. Developing economies where traditional banking methods fall short due to their limitations can be transformed with the emphasis and adoption of mobile payment solutions. Mobile payment even creates a safe space for financial transactions for those who have gone underserved. Individuals can use digital payment services without opening or having a traditional bank account.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 102.1 Billion |
| Market size value in 2031 | USD 311.6 Billion |
| Growth Rate | 13.2% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Digital Payment Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Digital Payment Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Digital Payment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Digital Payment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Digital Payment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Digital Payment Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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