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

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.