What is the Global market size of the Digital Payment Market?

Global Digital Payment Market size was valued at USD 61.3 billion in 2021 and is poised to grow from USD 74.08 billion in 2022 to USD 361.3 billion by 2030, growing at a CAGR of 20.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Digital Payment Market?

Digital Payment Market Top Players Company Profiles 'PayPal', 'Alipay', 'WeChat Pay', 'Visa Inc.', 'Mastercard Inc.', 'American Express Co.', 'Apple Pay', 'Google Wallet', 'Samsung Pay', 'Square Inc.', 'Stripe Inc.', 'Paytm', 'Skrill', 'TransferWise', 'Dwolla Inc.', 'Venmo', 'Zelle', 'Amazon Pay', 'QuickPay', 'Klarna'

What is the key driver of the Global Digital Payment Market?

The development of e-commerce and technology-driven initiatives are significant trends for digital payments. The leading participants in the industry for digital payments now are Apple, Google, Samsung Pay, and Alipay.

What is the key market trend for the Global Digital Payment Market?

Innovation of Injection Molding Technologies: A huge portion of the world's population lives in rural and isolated areas, and they lack both digital literacy and connectivity. Governments, aid agencies, and businesses are now acknowledging the significance of financial services for the population residing in rural and distant areas and as a result, more individuals now have access to financial services.

Which region accounted for the largest share in the Global Digital Payment Market?

Based on the region, North America currently dominates the digital payment market with respect to market share. Factors such as increased deployment and technological advancements in smart parking meters boost the regional market. For instance, the facilities service provider EasyPark and the parking solution supplier ParkMobile announced their alliance, that offers contactless payment options around Vancouver city through this partnership. Additionally, the demand for digital payment solutions is being driven by the rise in unmanned storefronts in the United States.

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 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.

Digital Payment Market Report Snapshots

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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).

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. '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)'

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.

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.

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Digital Payment Market Regional Insights

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What is the global market size of Digital Payment Market?

Who are the key vendors in the Digital Payment Market?

What is the key driver of Digital Payment Market?

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Which region accounted for the largest share in Digital Payment Market?

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