Digital Payment Market

Digital Payment Market was valued at USD 103.4 billion in 2022 and is anticipated to reach USD 299.1 Billion in 2030 and is expected to register a CAGR of 14.2% during the forecast period.

Digital Payments Market Overview

Digital payment is a transaction that takes place through digital or online modes and does not include the physical exchange of money involved. This means that the parties, including the payer and the payee, use electronic mediums to exchange money. Digital payments can take place through different methods such as banking cards, mobile wallets, and other systems. The global digital payments market mainly two types of deployment, including on-premises and cloud.

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Major Digital Payments Market Drivers

One of the key drivers that is contributing to the growth of the global digital payments market size includes the increasing adoption of contactless payments. The contactless payments decrease the customer queues and hassles and offer better results in the form of profits for the retailers. The contactless transactions on average, takes 12.5 seconds as compared to 26.7 seconds to around 1 minute for a conventional card transaction to take place. As per the Visa database, the increasing adoption of contactless smart cards is mainly surging as the transaction process is simple and easy.

Government bodies around the world are focusing on supporting the adoption of digital payments. In November 2020, Judopay, one of the mobile-centric payment solution providers, entered in a partnership with the UK government to increase the adoption of digital payments in the public sector. Facial recognition technology is further increasing in the market. Several companies are providing facial recognition-based payment. In 2019, SnapPay, Inc., a payment solution provider, launched its facial recognition-based payment technology for merchants based in North American region. Thus, the increasing adoption of technology is further enabling the merchants to reduce the customer’s checkout time at the retail stores. In addition to this, the rising e-commerce sales around the world is further driving the market growth. As per a study conducted by FIS, an information technology & service provider in the UL, 45% of the debit card transactions and 32% of the credit card transactions are done mostly through contactless cards for the purchase of goods & services online.

Restraint in the Digital Payments Market

However, the lack of global standards for cross-border payments is a major factor that is hampering the digital payments market growth.

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Component – Segment Analysis

Based on the component, the solutions is projected to grow at a higher CAGR during the forecast period. The digital payment wallet is a secure virtual container of cash that is used for transferring the money and making payments. The Mobile Virtual Network Operators (MVNOs), banks, and various financial institutions are introducing their digital wallets. These solutions offer a secure, intuitive, simple, and convenient payment experience. Thus, the surging demand for digital wallet solutions for different verticals, including eCommerce, media and entertainment, travel and tourism, and others, is further propelling the market growth.

Organization Size – Segment Analysis

Based on the organization size, the large enterprises segment is expected to dominate the market during the forecast period. This is mainly due to the rising requirement to digitize their payment landscape in order to capture the changing customer trends and to improve the market competitiveness. Moreover, the integration of digital payment solutions, including digital wallets and payment processing, with the existing landscape of large companies is necessary for the redemption of the loyalty points and the facilitation of quick payment at PoS terminals.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is projected to dominate the market over the coming years. Digital payments is becoming a trend in this region. The high smartphone adoption followed by the launch of affordable phones by the Chinese brands that have various grade features and capabilities is a key driver that is surging the market growth. The government of various economies is focusing on supporting the adoption of digital payments. The Indian government introduced the Digital India program, which is a flagship program with a vision to transform India into a digitally empowered society. Thus, all the factors are contributing to the regional market growth.

Top Market Players

Various notable players operating in the market include ACI Worldwide, Adyen, Aurus Inc., Aliant Payments, Apple Pay, Dwolla, FattMerchant, FIS, Fiserv, PayPal, among others. 

Key Developments:

• • In 2020, PayPal introduced the QR code-based payment method to enable its target audience to buy and sell goods in 28 markets around the world.
  • In 2020, Fiserv launched the unique product offering, Authorization Lift, to decrease the number of legitimate debit card transactions that are wrongly identified and unnecessarily declined as fraudulent.

Segments covered in the Report:

The global Digital Payments market has been segmented on the basis of Component, Deployment Type, Organization Size, Vertical and regions. Based on Component, the market is segmented into solutions and services. Based on Deployment Type, the market is segmented into On-Premises and Cloud. Based on Organization Size, the market is segmented into Small and Medium-sized Enterprises and Large Enterprises. Based on Vertical the market is segmented into Banking, Financial Services, and Insurance, Retail and Ecommerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, and Others. 

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Market Segmentation

Global Digital Payments Market by Component

• • Solutions
  • Services

Global Digital Payments Market by Deployment Type

• • On-Premises
  • Cloud

Global Digital Payments Market by Organization Size

• • Small and Medium-sized Enterprises
  • Large Enterprises

Global Digital Payments Market by Vertical

• • Banking, Financial Services, and Insurance
  • Retail and Ecommerce
  • Healthcare
  • Travel and Hospitality
  • Transportation and Logistics
  • Media and Entertainment
  • Others

Global Digital Payments Market by Region

• • North America Digital Payments Market (Option 1: As a part of the free 25% customization)

    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up

  • Europe Digital Payments Market (Option 2: As a part of the free 25% customization)

    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Digital Payments Market (Option 3: As a part of the free 25% customization)

    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Digital Payments Market (Option 4: As a part of the free 25% customization)

    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Digital Payments (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ACI Worldwide
  • Adyen
  • Aurus Inc.
  • Aliant Payments
  • Apple Pay
  • Dwolla
  • FattMerchant
  • FIS
  • Fiserv
  • PayPal