Digital Payment Market Size, Share, Growth Analysis, By Offering (Payment Gateways, Payment Wallet), By Transaction Type (Domestic, Cross Border), By Payment Mode (Cards, Digital Wallet), By Vertical (BFSI, Media & Entertainment), By Region - Industry Forecast 2024-2031

Digital Payment Market size was valued at USD 9.61 Trillion in 2022, USD 10.53 Trillion in 2023 and is projected to grow USD 21.83 Trillion by 2031, growing at a CAGR of 9.55% in the forecast period (2024-2031).  

Digital Payment Market Top Players 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)'

• 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 market growth in these regions.

Integration of Biometric Authentication: An important innovation in the digital payment market is connected to facial recognition. Biometric security including fingerprint scanning, facial recognition, and voice recognition are becoming more popular as opposed to normal codes or passwords. This trend helps in increasing security by giving out unique physiological identifiers which will be used to authenticate transactions thus decrease fakes and increase in the ease of the users. Biometric authentication is expected to be integrated into most digital payment systems around the world because as people increasingly trust biometric technology and as laws governing their use develop, more businesses utilize them.

Asia-Pacific holds the largest share in the global digital payments market because of the following reasons. The region has a large population with growing Internet and smartphone usage that can be observed in countries such as China, India, and SEA countries. The region along with a deeply rooted value on digital technology and government push of cashless societies mainly contribute to the general use of digital payment systems. Further, mobile wallets and payment applications are also inseparable and are widely used in various purchases, including grocery shopping and paying bills. It goes without saying that the development of online shopping enhances this trend since people always want to make easy and safe payments. In conclusion, Asia-Pacific region tops the other regions due to it being most prepared to adopt digital technologies in everyday use.