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 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.  

Global Digital Payment Market size was valued at around USD 9.61 trillion in 2022 and is expected to rise from USD 10.53 trillion in 2023 to reach a value of USD 21.83 Billion by 2031, at a CAGR of 9.55% during the forecast period (2024–2031).

There are several players engaged in intense rivalry in the market vying for digital payment market 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 growth of the digital payment market 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. The individuals in this region can avail themselves of digital payment services without holding a traditional bank account. This financial inclusion will surely boost market growth.

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.