Digital Payment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Digital Payment Market

The Digital Payment Market size was valued at USD 3.53 billion in 2023, and the market is now projected tgrow t19.89 USD billion by 2032, exhibiting a CAGR of 24.4% during the forecast period of 2023-2030.

The pandemic has been anticipated tbe a bane for the entire industrial developments of various market and fields. This has affected the overall supply and demand chains of the particular market. As a result of the government's lockdown and other steps tstop the coronavirus from spreading, all supply activities were postponed, which decreased the amount of product related tthis domain. These factors affected the Digital Payment Market growth.

One of the main things driving the developments in the digital payment business is the rise of e-commerce and technology-led projects. Non-cash payment methods are being quickly embraced by consumers because they provide a more straightforward and practical means of transferring funds between bank accounts. As a result, it is anticipated that asset-lite mechanisms like QR codes and less expensive terminals would experience significant development in the years tcome. The primary cause of this growing trend in digital payments is millennials' quick embrace of digital payment services. Naturally, Generation Z is more likely tuse digital services. The most popular banking channel among young people is online banking. Generation Z, on the other hand, is increasingly demanding more tailored, adaptable, and highly relevant consumer experiences. These particular growth driving factors have been recorded tattribute the Digital Payment Market Share.

It is necessary for a product market twalk with the trends in order tincreases its lucracy and profits in shares and all over revenue. The market for mobile payments is expected tdevelop significantly, with digital wallets and point of sale following closely after. Payment is made at the point of sale at the purchase counter. Businesses can now interact with customers through a variety of methods thanks tdigital payments. A consumer may, for example, switch from an Omni channel retailing store and make purchases and payments using any method, including digital wallets or cards. Therefore, it is imperative that shops offer all payment channels ttheir customers. In addition, the shop provides cashbacks, loyalty points, and a reward for using gateways while making purchases. The client is therefore present on the majority of the channels that are accessible. All of this is opening up different options for companies and providers in the market for digital payments.

Comprehensive Analysis of Digital Payment Market

The segmentation of this particular market has been divided and then further subdivided intvarious categories. The payment type category is divided intfour categories: digital wallets, POS systems, online banking, and mobile payments. While the point of sale (POS) section is further subdivided intnear field communication via the card at POS, debit card at POS, and credit card at POS, the mobile payment segment is further subdivided intproximity payment and remote payment. With a digital wallet, the user can use electronic devices tconduct online transactions. Computers, tablets, laptops, and smartphones may all access digital wallets. The following industries are covered by digital payments: consumer electronics, retail, BFSI, media & entertainment, automotive, healthcare & medical, and others (e.g., education, IT & telecom). These particular segmentations have been categorized intsuch groups sthat their attribution tthe overall revenue systems are properly recorded studied sas tdetermine which is the leading and most beneficial segment of all.

India and Japan are expected tacquire significant traction during the projected period, with Asia-Pacific leading the digital payment market. The use of digital wallets and mobile payments is probably going tbe more widespread in APAC than in other areas. Due ttheir large populations and strong smartphone penetration, China and India offer the digital payment sector a number of profitable prospects. The region is expected tmaintain a significant proportion during the projected period.

Global markets are fiercely competitive and highly fragmented. Due ttheir creative packaging solutions, a few group of large market companies hold a fair amount of market share. Some of the major Companies includes Alipay.com CLtd (China), Amazon.com Inc. (U.S.), American Express Co. (U.S.), Facebook Inc. (U.S.), Google Inc. (U.S.), MasterCard International Inc. (U.S.), Microsoft Corporation (U.S.), PayPal Holdings Inc. (U.S.), Paytm (India), Samsung Electronics Co. Ltd. (South Korea), and Visa Inc. (U.S.).

In December 2021, This particular company has attributed the market growth in terms of revenue and shares system. ""Send"" is a money transfer service that Swiss Bankers Prepaid Services introduced on the MasterCard network. The company's primary focus is on offering safe international payments via gateways like bank accounts and digital wallets.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Historical Period 2015-2017

Unit Transaction Value (USD trillion)

Segmentation By Payment Type

Mobile Payment

Proximity Payment

Remote Payment

Online Banking

Point of Sale

Debit Card @POS

Credit Card @POS

NFC Card

Digital wallet

By Industry

Media & Entertainment

Retail

BFSI

Automotive

Medical & Healthcare

Transportation

Consumer Electronics

Others (Education, IT & Telecom, etc.)

By Region

North America (U.S. and Canada)

Europe (Germany, UK, France, and Rest of Europe)

Asia-Pacific (Japan, China, India, and Rest of Asia-Pacific)

Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

Latin America (Brazil, Argentina, Mexico, and Rest of Latin America)