Digital Payment Market by Offering (Services, Solutions), Transaction Type (Cross Border, Domestic), Mode of Payment, Deployment Type, Organization Size, Vertical - Global Forecast 2024-2030
The Digital Payment Market size was estimated at USD 125.67 billion in 2023 and expected to reach USD 149.98 billion in 2024, at a CAGR 19.94% to reach USD 448.95 billion by 2030.
Digital payment, or e-payment, is a financial transaction carried out electronically instead of using physical cash or checks. It involves transferring money from one party to another through digital means, facilitated through smartphones, tablets, computers, and wearables. The rapid increase in internet penetration has significantly boosted e-commerce activities worldwide. Moreover, the proliferation of smartphones has provided users with easy access to digital payment platforms. However, data privacy concerns may adversely impact the use of digital payment by the end-users. Besides, technological advancements and changing consumer preferences for convenience and security are expected to encourage the adoption of digital payments by the end-use sectors worldwide.
Regional Insights
The digital payment market is evolving in the Americas owing to robust infrastructure, high smartphone penetration rates, and increasing adoption of mobile wallets. Financial institutions in the Americas continue investing in fintech initiatives to improve user experience and security features. The European digital payment landscape is characterized by open banking initiatives across the EU and the growth of contactless digital payments. The EMEA region is witnessing rapid growth in digital payments driven by increasing internet penetration rates and an emphasis on developing cashless economies with government-backed digital payment initiatives. The APAC region's digital payment market is growing due to the rise in QR code-based mobile payments developing financial infrastructure. Moreover, the integration of innovative features and incentives within digital payment platforms is expected to encourage global usage among end-users.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Digital Payment Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Growing adoption of mobile-based payments and mobile wallets
- Government initiatives to encourage digital and online payments
- Proliferating e-commerce sector and cross-border transactions
- Market Restraints
- Potential issues related to transaction limits, use of multiple currencies, and system integration
- Market Opportunities
- Technological advancements and introduction of innovative features in digital payment platforms
- Potential adoption for crypto payments globally
- Market Challenges
- Concerns related to security and data privacy
- Market Segmentation Analysis
- Offering: Significant penetration of Point of Sale (POS) solutions across businesses
- Transaction Type: Expanding the use of digital payments for cross-border transactions
- Mode of Payment: Proliferation of digital currencies and digital wallets due to their inclusive, secure, and cost-efficient services
- Deployment Type: Growing preference for on-cloud digital payment deployment
- Organization Size: Significant adoption of digital payment solutions in large enterprises to streamline financial operations
- Vertical: Proliferation use of digital payment in the retail & e-commerce sector
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Digital Payment Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Digital Payment Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Hepsipay and Visa Join Forces to Expand Digital Payment Horizons
Digital Payment Hepsipay, a platform wallet by the Turkish e-commerce platform Hepsiburada, has formed a strategic partnership with Visa, enabling customers to conveniently use their digital prepaid cards for online and physical purchases worldwide. With Visa's extensive global reach and advanced security measures, Hepsipay cards can be accessed through users' accounts on Hepsiburada and can be topped up using various sources like credit/debit cards and bank transfers.
Peach Payments Secures USD 30 Million in Funding
Peach Payments secured a significant investment of USD 30 million in fintech funding. This substantial funding aimed to catalyze the expansion of their innovative digital payment solution.
Mastercard and Paysend Expand Global Collaboration To Enhance Cross-Border Payments for SMEs
Mastercard and Paysend have expanded their collaboration to better support small and medium enterprises (SMEs) with cross-border payments in digital payment. Mastercard and Paysend have jointly developed the Open Payment Network, an innovative solution that facilitates near real-time payments by leveraging connections with local networks and instant payment schemes.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Digital Payment Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Digital Payment Market, highlighting leading vendors and their innovative profiles. These include Absa Group Limited, ACI Worldwide, Inc., Adyen N.V., Altron Limited, Amazon.com, Inc., Amplifin (Pty) Ltd, Apple Inc., Aurus Inc., BharatPe, BitPay Inc., BlueSnap Inc., Capitec Bank Holdings Limited, Cardstream Limited, CCBill, LLC, CryptoBucks by Aliant Payments Inc., Digital Bharat Pay by FACT Fintech India Private Limited, Discovery Limited, Dwolla, Inc., Ecentric Payment Systems, Finastra, FirstRand Group, FIS, Inc., Fiserv, Inc., FLEETCOR TECHNOLOGIES, INC., Global Payments Inc., Google LLC by Alphabet Inc., iCombine, iKhokha, INGENICO, International Business Machines Corporation, Intuit Inc., JPMorgan Chase & Co., Mastercard International Incorporated, MatchMove Pay Pte Ltd., Microsoft Corporation, Mobicred (Pty) Ltd. by RCS Cards (Pty) Ltd., Nedbank Group, Netcash (Pty) Ltd., Ozow (Pty) Ltd., Payfast by Network International Holdings PLC, Payflex Proprietary Limited, PayM8, PayPal Holdings, Inc., Paysafe Limited, Paysend PLC, Paytm by One97 Communications Limited, PayU, Peach Payments Group, REALPAY Pty Ltd, Ripple Services Inc., Softy Comp (Pty) Ltd., Spreedly, Inc., Square, Inc. by Block, Inc., Standard Bank Group, Stax by Fattmerchant, Inc., Stripe, Inc., SureSystems, SwitchPay, Temenos AG, The Bidvest Group Limited, Ukheshe Technologies Pty Ltd., Visa Inc., WEX Inc., Worldline S.A., YOCO, and Zapper Marketing (Southern Africa) (Pty) Ltd..
Market Segmentation & Coverage
This research report categorizes the Digital Payment Market to forecast the revenues and analyze trends in each of the following sub-markets:- Offering
- Services
- Managed Services
- Professional Services
- Consulting
- Implementation
- Support & Maintenance
- Solutions
- Payment Gateway Solutions
- Payment Processor Solutions
- Payment Wallet Solutions
- Point of Sale (POS) Solutions
- Transaction Type
- Cross Border
- Domestic
- Mode of Payment
- Bank Cards
- Digital Currencies
- Digital Wallets
- Net Banking
- Deployment Type
- On-Cloud
- On-Premises
- Organization Size
- Large Enterprises
- Small & Medium-Sized Enterprises
- Vertical
- Banking, Financial Services, & Insurance
- Healthcare
- Media & Entertainment
- Retail & e-Commerce
- Telecommunication
- Transportation & Logistics
- Travel & Hospitality
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Services
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Growing adoption of mobile-based payments and mobile wallets
- 5.1.1.2. Government initiatives to encourage digital and online payments
- 5.1.1.3. Proliferating e-commerce sector and cross-border transactions
- 5.1.2. Restraints
- 5.1.2.1. Potential issues related to transaction limits, use of multiple currencies, and system integration
- 5.1.3. Opportunities
- 5.1.3.1. Technological advancements and introduction of innovative features in digital payment platforms
- 5.1.3.2. Potential adoption for crypto payments globally
- 5.1.4. Challenges
- 5.1.4.1. Concerns related to security and data privacy
- 5.2. Market Segmentation Analysis
- 5.2.1. Offering: Significant penetration of Point of Sale (POS) solutions across businesses
- 5.2.2. Transaction Type: Expanding the use of digital payments for cross-border transactions
- 5.2.3. Mode of Payment: Proliferation of digital currencies and digital wallets due to their inclusive, secure, and cost-efficient services
- 5.2.4. Deployment Type: Growing preference for on-cloud digital payment deployment
- 5.2.5. Organization Size: Significant adoption of digital payment solutions in large enterprises to streamline financial operations
- 5.2.6. Vertical: Proliferation use of digital payment in the retail & e-commerce sector
- 5.3. Porter’s Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
- 5.4. Value Chain & Critical Path Analysis
- 5.5. Regulatory Framework Analysis
- 6. Digital Payment Market, by Offering
- 6.1. Introduction
- 6.2. Services
- 6.3. Solutions
- 7. Digital Payment Market, by Transaction Type
- 7.1. Introduction
- 7.2. Cross Border
- 7.3. Domestic
- 8. Digital Payment Market, by Mode of Payment
- 8.1. Introduction
- 8.2. Bank Cards
- 8.3. Digital Currencies
- 8.4. Digital Wallets
- 8.5. Net Banking
- 9. Digital Payment Market, by Deployment Type
- 9.1. Introduction
- 9.2. On-Cloud
- 9.3. On-Premises
- 10. Digital Payment Market, by Organization Size
- 10.1. Introduction
- 10.2. Large Enterprises
- 10.3. Small & Medium-Sized Enterprises
- 11. Digital Payment Market, by Vertical
- 11.1. Introduction
- 11.2. Banking, Financial Services, & Insurance
- 11.3. Healthcare
- 11.4. Media & Entertainment
- 11.5. Retail & e-Commerce
- 11.6. Telecommunication
- 11.7. Transportation & Logistics
- 11.8. Travel & Hospitality
- 12. Americas Digital Payment Market
- 12.1. Introduction
- 12.2. Argentina
- 12.3. Brazil
- 12.4. Canada
- 12.5. Mexico
- 12.6. United States
- 13. Asia-Pacific Digital Payment Market
- 13.1. Introduction
- 13.2. Australia
- 13.3. China
- 13.4. India
- 13.5. Indonesia
- 13.6. Japan
- 13.7. Malaysia
- 13.8. Philippines
- 13.9. Singapore
- 13.10. South Korea
- 13.11. Taiwan
- 13.12. Thailand
- 13.13. Vietnam
- 14. Europe, Middle East & Africa Digital Payment Market
- 14.1. Introduction
- 14.2. Denmark
- 14.3. Egypt
- 14.4. Finland
- 14.5. France
- 14.6. Germany
- 14.7. Israel
- 14.8. Italy
- 14.9. Netherlands
- 14.10. Nigeria
- 14.11. Norway
- 14.12. Poland
- 14.13. Qatar
- 14.14. Russia
- 14.15. Saudi Arabia
- 14.16. South Africa
- 14.17. Spain
- 14.18. Sweden
- 14.19. Switzerland
- 14.20. Turkey
- 14.21. United Arab Emirates
- 14.22. United Kingdom
- 15. Competitive Landscape
- 15.1. Market Share Analysis, 2023
- 15.2. FPNV Positioning Matrix, 2023
- 15.3. Competitive Scenario Analysis
- 15.3.1. Hepsipay and Visa Join Forces to Expand Digital Payment Horizons
- 15.3.2. Peach Payments Secures USD 30 Million in Funding
- 15.3.3. Mastercard and Paysend Expand Global Collaboration To Enhance Cross-Border Payments for SMEs
- 15.3.4. BitPay Debuts Bill Pay, Enables Users to Pay Bills with Cryptocurrency
- 15.3.5. Dwolla Launches Dwolla Connect to Streamline Payment Operations for Enterprises
- 15.3.6. Security Bank Teams Up with ACI Worldwide to Revolutionize Real-Time Payment Customer Experience
- 15.3.7. Adyen Expands In-Person Payments Solutions with Tap to Pay on Android
- 15.3.8. Visa to Acquire Pismo
- 15.3.9. Hitachi Payments Launches its Digital Payments Innovation Hub in Partnership With Plug and Play
- 15.3.10. PayU, Visa, Yes Bank Launch New Payment Solution For Merchants to Cut Costs, Boost Cash Flow, Digitise SMBs
- 15.3.11. Digital Lending Start-Up Ring Partners With Cashfree Payments to Offer Easy Credit to Customers
- 15.3.12. Ingenico Acquires Phos, Extending its Offer for Merchant Payment Acceptance Via Smartphone
- 15.3.13. Spreedly Announces New Integration With PayPal Products
- 16. Competitive Portfolio
- 16.1. Key Company Profiles
- 16.2. Key Product Portfolio
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