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

Global Digital Payment Market size was valued at around USD 102.1 Billion in 2022 and is expected to rise from USD 115.6 Billion in 2023 to reach a value of USD 311.6 Billion by 2031, at a CAGR of 13.2% during the forecast period (2024–2031).

The substantial growth in digital payment market statistics is an outcome of the growing e-commerce industry. The rising smartphone adoption and usage rate has also caused market expansion. The growing internet accessibility has also boosted online shopping, which is made easier with mobile payments and digital payment systems. Businesses are also looking to improve customer experience and are integrating mobile payment solutions in their platforms, leading to new market penetration.

Mobile payment methods are secure, convenient, quick, and seamless. These benefits are being noticed by consumers as well. They are more open to paying for products and services with mobile devices. This shift was accelerated in the COVID-19 pandemic. E-commerce companies and traditional businesses strived to adjust to this change in consumer behavior. Mobile devices were being widely used to make cashless payments. These factors will continue to drive digital payment market growth.

US Digital Payment Market is poised to grow at a sustainable CAGR for the next forecast year.