Product Code: GVR-4-68038-021-7
Digital Payment Market Growth & Trends:
The global digital payment market size is anticipated to reach USD 361.30 billion by 2030, expanding at a CAGR of 21.1% during the forecast period, according to a new report published by Grand View Research, Inc. The market's growth can be attributed to the increasing number of non-cash transactions, alongside technological advancements within the fintech sector. Numerous fintech firms and banks are striving to enhance their digital services in order to align with evolving customer demands. For instance, in January 2021, Mogo Inc., a financial technology and digital payment company, announced the shareholder's approval for the acquisition of a digital payment company, Carta. This acquisition is expected to help the former company strengthen its market presence.
Biometric authentication in digital payments is expected to gain momentum in the coming years. It is a method used for authentication which involves the verification of biological characteristics related to particular person. The authentications include factors such as facial recognition, fingerprint scanning, heartrate analysis, and vein mapping. According to Payments Industry Intelligence, biometric authentication solutions are expected to be used to secure USD 2.5 trillion worth of mobile payment transactions by 2024.
The increase in the adoption of innovative technologies, such as assisted checkouts (ACOs) in the retail industry, is expected to push digital payment industry towards growth. In recent days, various companies have been making efforts to deploy assisted checkout systems in retail stores. For instance, in June 2020, Walmart, a popular retail company has recently announced that they were testing their assisted checkout retail stores at multiple locations in Arkansas and Fayetteville. The traditional cashier checkout lanes in these stores were replaced by self-checkout systems.
The COVID-19 pandemic and its impact on public life has favorably propelled the market towards unprecedented growth. The pandemic has led this industry to an increased number of mobile-based payment solutions and online sales, These factors have been recognized as the major driving forces behind increasing demand for digital payment solutions across the globe. According to the study conducted by Accenture, transactions worth $7 trillion are expected to shift from cash to card and digital payments by 2023.
In presence of events which are acting as a catalyst for growth, i.e. collaborative deals between top players, the market is most likely to witness significant growth. For instance, in December 2023, a collaboration between PayPal Holdings Inc. and SAP was unveiled, marking the introduction of an enhanced integration aimed at streamlining digital payments for SAP customers. This partnership entails the development of a digital payments plug-in designed for the PayPal Braintree platform, leveraging the capabilities of the SAP Business Technology Platform (SAP BTP). These initiatives are expected to drive the market's growth.
Digital Payment Market Report Highlights:
- In terms of solution, the payment processing segment is expected to retain its dominance over the forecast period. The introduction of payment networks such as Mastercard, Visa, and Rupay in multiple countries is anticipated to contribute to the growth
- In terms of mode of payment, the point of sales segment dominated in 2023 and is expected to witness significant growth over the forecast period. The growing preference for digital wallets while paying for e-commerce transactions and online purchases is expected to drive the segment growth
- In terms of deployment, the on-premise segment dominated with the largest revenue share in 2023. On-premise deployment of digital payment solutions facilitates secured transactions, which is expected to bode well for this segment's growth
- In terms of enterprise size, the large enterprises segment held the largest revenue share in 2023. Many large enterprises have adopted digital payment solutions to manage their payment transactions efficiently, improve the visibility of transactions, and enhance customer experience by reducing the time required to complete the payment
- In terms of end-use, the BFSI segment dominated the market in 2023. The continued digitalization of banks and other financial institutions is anticipated to drive this segment's growth
- Asia Pacific is anticipated to witness significant CAGR from 2024 to 2030. The increasing adoption of digital payment solutions in emerging economies such as China and India is expected to create growth opportunities in the region
- In presence of events which are acting as a catalyst for growth, i.e. collaborative deals between top market players, the market is most likely to reach the anticipated growth during the forecast period.
Table of Contents
Chapter 1. Digital Payment Market: Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Market Definitions
- 1.3. Research Methodology
- 1.3.1. Information Procurement
- 1.3.2. Information or Data Analysis
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Digital Payment Market: Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Digital Payment Market: Variables, Trends, and Scope
- 3.1. Market Introduction/Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Drivers Analysis
- 3.3.1.1. Increasing government initiatives for the promotion of digital payments
- 3.3.1.2. Growing penetration of smartphones
- 3.3.2. Market Challenge Analysis
- 3.3.2.1. Cyberattacks affecting digital payments
- 3.3.3. Market Opportunity Analysis
- 3.3.3.1. Growing demand for contactless payment solutions
- 3.4. Digital Payment Market Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.1.1. Bargaining power of the suppliers
- 3.4.1.2. Bargaining power of the buyers
- 3.4.1.3. Threats of substitution
- 3.4.1.4. Threats from new entrants
- 3.4.1.5. Competitive rivalry
- 3.4.2. PESTEL Analysis
- 3.4.2.1. Political landscape
- 3.4.2.2. Economic and Social Landscape
- 3.4.2.3. Social landscape
- 3.4.2.4. Technological landscape
- 3.4.2.5. Environmental Landscape
- 3.4.2.6. Legal Landscape
Chapter 4. Digital Payment Market: Solution Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Digital Payment Market: Solution Movement Analysis, 2023 & 2030 (USD Billion)
- 4.3. Application Program Interface
- 4.3.1. Application Program Interface Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 4.4. Payment Gateway
- 4.4.1. Payment Gateway Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 4.5. Payment Processing
- 4.5.1. Payment Processing Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 4.6. Payment Security & Fraud Management
- 4.6.1. Payment Security & Fraud Management Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 4.7. Transaction Risk Management
- 4.7.1. Transaction Risk Management Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 4.8. Others
- 4.8.1. Others Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 5. Digital Payment Market: Mode of Payment Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Digital Payment Market: Mode of Payment Movement Analysis, 2023 & 2030 (USD Billion)
- 5.3. Bank Cards
- 5.3.1. Bank Cards Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 5.4. Digital Currencies
- 5.4.1. Digital Currencies Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 5.5. Digital Wallets
- 5.5.1. Digital Wallets Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 5.6. Net Banking
- 5.6.1. Net Banking Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 5.7. Point of Sales
- 5.7.1. Point of Sales Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 5.8. Others
- 5.8.1. Others Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 6. Digital Payment Market: Deployment Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Digital Payment Market: Deployment Movement Analysis, 2023 & 2030 (USD Billion)
- 6.3. Cloud
- 6.3.1. Cloud Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 6.4. On-premise
- 6.4.1. On-premise Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 7. Digital Payment Market: Enterprise Size Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. Digital Payment Market: Enterprise Size Movement Analysis, 2023 & 2030 (USD Billion)
- 7.3. Large Enterprises
- 7.3.1. Large Enterprises Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 7.4. Small & Medium Enterprises
- 7.4.1. Small & Medium Enterprises Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 8. Digital Payment Market: End-use Estimates & Trend Analysis
- 8.1. Segment Dashboard
- 8.2. Digital Payment Market: End-use Movement Analysis, 2023 & 2030 (USD Billion)
- 8.3. BFSI
- 8.3.1. BFSI Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 8.4. Healthcare
- 8.4.1. Healthcare Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 8.5. IT & Telecom
- 8.5.1. IT & Telecom Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 8.6. Media & Entertainment
- 8.6.1. Media & Entertainment Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 8.7. Retail & E-commerce
- 8.7.1. Retail & E-commerce Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 8.8. Transportation
- 8.8.1. Transportation Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
- 8.9. Others
- 8.9.1. Others Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Billion)
Chapter 9. Digital Payment Market: Regional Estimates & Trend Analysis
- 9.1. Digital Payment Market Share, By Region, 2023 & 2030, USD Billion
- 9.2. North America
- 9.2.1. North America Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.2.2. U.S.
- 9.2.2.1. U.S. Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.2.3. Canada
- 9.2.3.1. Canada Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.3. Europe
- 9.3.1. Europe Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.3.2. UK
- 9.3.2.1. UK Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.3.3. Germany
- 9.3.3.1. Germany Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.3.4. France
- 9.3.4.1. France Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.4. Asia Pacific
- 9.4.1. Asia Pacific Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.4.2. China
- 9.4.2.1. China Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.4.3. India
- 9.4.3.1. India Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.4.4. Japan
- 9.4.4.1. Japan Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.4.5. South Korea
- 9.4.5.1. South Korea Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.4.6. Australia
- 9.4.6.1. Australia Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.5. Latin America
- 9.5.1. Latin America Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.5.2. Brazil
- 9.5.2.1. Brazil Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.5.3. Mexico
- 9.5.3.1. Mexico Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.6. Middle East & Africa
- 9.6.1. Middle East & Africa Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.6.2. Kingdom of Saudi Arabia (KSA)
- 9.6.2.1. Kingdom of Saudi Arabia (KSA) Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.6.3. UAE
- 9.6.3.1. UAE Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
- 9.6.4. South Arica
- 9.6.4.1. South Africa Digital Payment Market Estimates & Forecasts, 2017 - 2030 (USD Billion)
Chapter 10. Competitive Landscape
- 10.1. Recent Developments & Impact Analysis by Key Market Participants
- 10.2. Company Categorization
- 10.3. Company Market Positioning
- 10.4. Company Market Share Analysis
- 10.5. Company Heat Map Analysis
- 10.6. Strategy Mapping
- 10.6.1. Expansion
- 10.6.2. Mergers & Acquisition
- 10.6.3. Partnerships & Collaborations
- 10.6.4. New Product Launches
- 10.6.5. Research And Development
- 10.7. Company Profiles
- 10.7.1. Aliant Payments
- 10.7.1.1. Participant's Overview
- 10.7.1.2. Financial Performance
- 10.7.1.3. Product Benchmarking
- 10.7.1.4. Recent Developments
- 10.7.2. Aurus Inc.
- 10.7.2.1. Participant's Overview
- 10.7.2.2. Financial Performance
- 10.7.2.3. Product Benchmarking
- 10.7.2.4. Recent Developments
- 10.7.3. Adyen
- 10.7.3.1. Participant's Overview
- 10.7.3.2. Financial Performance
- 10.7.3.3. Product Benchmarking
- 10.7.3.4. Recent Developments
- 10.7.4. Financial Software & Systems Pvt. Ltd.
- 10.7.4.1. Participant's Overview
- 10.7.4.2. Financial Performance
- 10.7.4.3. Product Benchmarking
- 10.7.4.4. Recent Developments
- 10.7.5. PayPal Holdings Inc.
- 10.7.5.1. Participant's Overview
- 10.7.5.2. Financial Performance
- 10.7.5.3. Product Benchmarking
- 10.7.5.4. Recent Developments
- 10.7.6. Novatti Group Pty Ltd.
- 10.7.6.1. Participant's Overview
- 10.7.6.2. Financial Performance
- 10.7.6.3. Product Benchmarking
- 10.7.6.4. Recent Developments
- 10.7.7. ACI Worldwide, Inc.
- 10.7.7.1. Participant's Overview
- 10.7.7.2. Financial Performance
- 10.7.7.3. Product Benchmarking
- 10.7.7.4. Recent Developments
- 10.7.8. Global Payments Inc.
- 10.7.8.1. Participant's Overview
- 10.7.8.2. Financial Performance
- 10.7.8.3. Product Benchmarking
- 10.7.8.4. Recent Developments
- 10.7.9. Wirecard
- 10.7.9.1. Participant's Overview
- 10.7.9.2. Financial Performance
- 10.7.9.3. Product Benchmarking
- 10.7.9.4. Recent Developments
- 10.7.10. Authorize.Net
- 10.7.10.1. Participant's Overview
- 10.7.10.2. Financial Performance
- 10.7.10.3. Product Benchmarking
- 10.7.10.4. Recent Developments