SAN FRANCISCO, Sept. 19, 2022 /PRNewswire/ -- The global digital payment market is estimated to reach USD 361.30 billion by 2030 and the expected expansion is at a CAGR of 20.5% in the forecast period, according to a new report by Grand View Research, Inc. In 2021, the digital payment market was valued at USD 88.1 billion. The worldwide cashless transactions that are witnessing a hike over the years, look promising for the overall market growth. The global cashless transactions are likely to foresee significant growth amid the usage and preference for cashless transactions and by 2025, a growth of 1.9 trillion transactions is estimated.
Key Industry Insights & Findings from the report:
- Various initiatives have been adopted to make digital payments interface globally, along with increased support from the government.
- A rise in urbanization and industrialization, and the growing number of smartphone users among the global population have contributed highly to the overall market expansion.
- The introduction of payment networks, such as Master Card, Visa, and RuPay, in multiple countries across the globe, contributes to the segment growth.
- The increasing adoption of digital payment solutions in emerging economies, such as China and India, is expected to create growth opportunities for market players in the Asia Pacific The increasing demand for contactless payment methods by the customers is the reason for banks adopting digitalized solutions. This accentuates the expansion of the BFSI segment.
- In September 2021, Virgin Money and Global Payments, Inc. signed a contract to use Global Payments' distinctive two-sided network that gives Virgin Money consumers access to industry-leading digital payment experiences globally.
- Introduced in 2021, RealNet is a cloud-based software as a service (SaaS) platform that allows account-to-account (A2A) transactions for companies, individuals, and governments across real-time payment networks.
Read full 150-page market research report for more Insights, "Digital Payment Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-premise), By Solution (Payment Gateway, Payment Processing), By Mode of Payment, By Enterprise Size, By End Use, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Digital Payment Market Growth & Trends
Customer preference for real-time payments have increased worldwide in the recent times. The Indian economy registered real-time transactions of 25.6 billion in 2020, which marks a 70% growth. The COVID-19 pandemic has also brought a positive impact to the digital payment market with an increase in online shopping and the fear of virus transmission through physical monetary transactions.
The increasing preference for online shopping is a driving factor for the market. It offers the users a number of benefits such as fast checkout options, customized customer experience, and multiple payment options. In addition, companies are also designing enhanced smartwatches that are capable of making contactless payments, similar to the process used in smartphones. For instance, Xiaomi launched the brand new Mi Smart Band 6 in collaboration with Master Card in December 2021, which is capable of conducting contactless payments at Master Card terminals.
The smart city initiative adopted by the government is a significant component in the digital payment market growth, as digital payments are used throughout the various departments to cover multiple Citizen-to-Government (C2G), and Government-to-Citizen (G2C) payments. Accenture conducted a research study that shows transactions worth USD 7 trillion is expected to shift from cash to card and other digital payments by 2023, and grow to USD 48 trillion by 2030.
The introduction of digital wallets, and the decreasing number of worldwide unbanked population, seem favorable for the digital payment vendors to expand their customer base. Overall, the digital payment market is expected to witness a much higher rate of growth, owing to the driving factors like the promotion of digital payments, rise in internet penetration, high proliferation of smartphones that enables m-Commerce growth, and a hike in e-Commerce sales.
Digital Payment Market Segmentation
Grand View Research has segmented the global digital payment market on the basis of solution, mode of payment, deployment, enterprise size, end use, and region:
Digital Payment Market - Solution Outlook (Revenue, USD Billion, 2017 - 2030)
- Application Program Interface
- Payment Gateway
- Payment Processing
- Payment Security & Fraud Management
- Transaction Risk Management
- Others
Digital Payment Market - Mode of Payment Outlook (Revenue, USD Billion, 2017 - 2030)
- Bank Cards
- Digital Currencies
- Digital Wallets
- Net Banking
- Point of Sales
- Others
Digital Payment Market - Deployment Outlook (Revenue, USD Billion, 2017 - 2030)
- Cloud
- On-premise
Digital Payment Market - Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)
- Large Enterprises
- Small & Medium Enterprises
Digital Payment Market - End-use Outlook (Revenue, USD Billion, 2017 - 2030)
- BFSI
- Healthcare
- IT & Telecom
- Media & Entertainment
- Retail & E-commerce
- Transportation
- Others
Digital Payment Market - Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Middle East & Africa
List of Key Players of Digital Payment Market
- Aliant Payments
- Aurus Inc.
- Adyen
- Financial Software & Systems Pvt. Ltd.
- PayPal Holdings Inc.
- Novatti Group Pty Ltd.
- ACI Worldwide, Inc.
- Global Payments Inc.
- Wirecard
- Authorize.net
- Total System Services, Inc.
Check out more related studies published by Grand View Research:
- Contactless Payment Market - The global contactless payment market size is expected to reach USD 6.25 trillion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 20.3% from 2021 to 2028. Various benefits, such as improved service delivery and reduction in transaction time offered by contactless payments, are expected to propel the market growth over the forecast period.
- Mobile Payment Market - The global mobile payment market size is expected to reach USD 587.52 billion by 2030, expanding at a CAGR of 35.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing shift toward contactless payment amid the COVID-19 pandemic. Moreover, the increasing popularity of the e-commerce industry across the globe is expected to accelerate the adoption of mobile payment over the forecast period.
- Payment As A Service Market - The global payment as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report by Grand View Research, Inc. Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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