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).  

There has been an increase in the number of digital payments in the last few years due to the increasing smartphone usage and contactless payments. Based on SkyQuest’s in-depth analysis, it was found that in year 2023, approximately 45% global transactions were made through digital payment methods, which indicates consumers’ preference for convenience. This tendency is highest in the countries with developed economies where the employment of mobile banking and e-shops is more prominent. The shift is also quickly taking shape in the emerging market more of which are adopting mobile wallet and payment applications. Some of the market participants that are present currently are the traditional market players like PayPal, Square, Alibaba, and other financial institutions that have adapted to the market shift. Security remains a key factor influencing the advancement of new techniques of encryption and authentication to guard the users ‘information as in the future, the market of digital payments is expected to sustain its growth with more companies and customers recognizing benefits offered by prompt and borderless payments over the digital media. Thus, consistent implementation of AI and blockchain technology will further enhance the skill development, efficiency and security of payments globally.