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 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

Report ID: SQMIG40G2012 | Region: Global | Published Date: August, 2024
Pages: 165 | Tables: 69 | Figures: 75

Digital Payment Market News

In May 2024, NPCI International Payments Limited (NIPL) known as the global arm of India’s NPCI is collaborating with the Bank of Namibia to introduce a fast payment system which is similar to India’s UPI with an objective of improving Namibia’s financial infrastructure.
In February 2024, India’s digital payment systems UPI became popular across borders. By embracing UPI payments, such development brings about reduced expense involved when transferring funds abroad or even making remittance payments domestically. Oversea markets including Singapore, Malaysia, UAE, France, Nepal, UK Mauritius and Sri Lanka among others have taken up UPI.
In April 2023, the PayPal Payment Solution announced that they can now allow PayPal transactions through Apple’s payment system and facilitate saving methods of payment via PayPal’s vault as well as incorporate updating options on real-time basis for the accounts.

Digital Payment Market Report Snapshots

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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)'

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.

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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 News

Digital Payment Market Report Snapshots

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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?

What is the key market trend for Digital Payment Market?

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

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