Global Digital Payment Market, By Offering (Solutions, Services), Deployment Model (On Premises, Cloud), Organization Size (Large Enterprises, Small & Medium Enterprises (SMEs)), Mode of Payment (Payment Cards, Point of Sale, Unified Payments Interface (UPI) Service, Mobile Payment, Online Payment), Mode of Usage (Mobile Application, Desktop/Web Browser), Technology (Application Programming Interface (API), Data Analytics and ML, Digital Ledger Technology (DLT), AI and IoT, Biometric Authentication), Use Case (Person (P/C), Merchant/ Business, Government), End User (Commercial, Consumer) – Industry Trends and Forecast to 2029.
Digital Payment Market Analysis and Size
In 2020, India register more than 25.6 billion real time digital transactions. This was a 70% increase than 2019. Mobile wallets, digital wallets and e-wallets are all gaining popularity in the era of rapid digitization. Rapid integration and interconnection between the countries has resulted into the large scale attraction of digital payments.
Global digital payment market was valued at USD 81.07 billion in 2021 and is expected to reach USD 272.64 billion by 2029, registering a CAGR of 16.37% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Digital Payment Market Scope and Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Offering (Solutions, Services), Deployment Model (On Premises, Cloud), Organization Size (Large Enterprises, Small & Medium Enterprises (SMEs)), Mode of Payment (Payment Cards, Point of Sale, Unified Payments Interface (UPI) Service, Mobile Payment, Online Payment), Mode of Usage (Mobile Application, Desktop/Web Browser), Technology (Application Programming Interface (API), Data Analytics and ML, Digital Ledger Technology (DLT), AI and IoT, Biometric Authentication), Use Case (Person (P/C), Merchant/ Business, Government), End User (Commercial, Consumer)
U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
Market Players Covered
ACI Worldwide (U.S.), PayPal, Inc. (U.S.), Novatti Group Ltd (Australia), Global Payments Inc. (U.S.), Visa (U.S.), Stripe, Inc. (Ireland), Google, LLC (U.S.), Finastra. (U.K.), SAMSUNG (South Korea), Amazon Web Services, Inc. (U.S.), Financial Software & Systems Pvt. Ltd. (U.S.), Aurus Inc. (U.S.), Adyen (Netherlands), Apple Inc. (U.S.), Fiserv, Inc. (U.S.), WEX Inc. (U.S.), wirecard (U.S.), Mastercard. (U.S.) among many others.
A digital payment is an electronic payment made by one party to the other for purchasing goods and services. A digital payment results in debited the amount from the payer’s account and crediting the same amount to the payee’s account.
Digital Payment Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- Emerging initiatives to adopt digital payments interface globally
The global efforts to adopt unified payments interface in combination with escalating rate of digitization especially in Asia-Pacific region is bolstering the growth of the market. Further, growing awareness about these interfaces' safety and security will drive the market growth. Additionally, the increasing trend of digitalization further offers numerous growth opportunities within the market.
- Increased support by the government
Rising number of government initiatives and supportive policies by the central and state government in regards to promoting the growth of the market especially in APAC region will widen the scope of growth to a great extent. Digital payment is one of the primary growth imperatives for countries in this region. Therefore, increased focus by the government will create numerous opportunities.
Furthermore, the factors such as rising urbanization, industrialization and growing number of smartphone users globally have further contributed to the overall market expansion during the forecast period. Additionally, growing number of payment interfaces on a daily basis and rising personal disposable income are anticipated to drive the market's growth rate.
- Rising trend of e-commerce shopping
Growing number of e-commerce channels, changing customers fashion tastes and preferences and rising westernization will positively influence the market growth rate. The increasing proliferation of major e-commerce channels, especially Amazon, is fueling the growth rate.
- Increasing internet adoption
Growing access to high speed internet and improving internet infrastructure in the developing economies will yet again propel the market growth rate. Penetration of 4G and 5G internet services will widen the scope of growth and expansion globally.
- Hesitance and fear
Hesitance and fear among the people in underdeveloped territories globally in regards to the safety and security of such interfaces will impede the growth rate. Also, lack of awareness and education among the people in culmination with weak banking infrastructure in these regions will narrow down the scope of growth.
- Lack of technical expertise
Dearth of expert knowledge and technical expertise especially in the developed and developing economies and lack of global standards for cross-border payments will create hurdles for the market in regards to the smooth growth in the market value. Further, lack of skilled professionals combined with low experience quotient will hamper the market growth rate.
This digital payment market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital payment market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Digital Payment Market
The COVID-19 pandemic has benefited the expansion of the market and the post-pandemic period will continue to push forward the market growth rate. The pandemic phase has led to the widespread adoption of contactless payment systems, particularly e-wallets. Though the manufacturing industry was hit badly, the market for digital payments saw a rise in bill payments, Peer to Peer (P2P) transfers, and Customer to Business (C2B) payments during the lockdown period.
- Fiserv will introduce EnteractSM, a brand-new cloud-based customer relationship management (CRM) platform for financial institutions, in November 2021. A Microsoft Azure-based integration framework offered by Enteract allows for real-time process integration across core banking, enterprise content management, and digital channels. It also synchronises consumer data with back-end systems.
- Virgin Money and Global Payments Inc. signed a contract in September 2021 to use Global Payments' distinctive two-sided network to give Virgin Money consumers access to industry-leading digital payment experiences worldwide.
- RealNet is a new cloud-based software as a service (SaaS) platform that will enable account-to-account (A2A) transactions for companies, individuals, and governments across real-time payment networks. RealNet was introduced by FIS in April 2021.
Digital Payment Market Scope
The digital payment market is segmented on the basis of offering, deployment model, organization size, mode of payment, mode of usage, technology, use case and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Payment Gateway Solutions
- Payment Processing Solutions
- Payment Wallet Solutions
- Payment Security and Fraud Management Solutions
- Point of Sale (POS) Solutions
- Professional Services
- Support and Maintenance
- Managed Services
- On Premises
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Mode of Payment
- Payment Cards
- Point of Sale
- Unified Payments Interface (UPI) Service
- Mobile Payment
- Online Payment
Mode of Usage
- Mobile Application
- Desktop/Web Browser
- Application Programming Interface (API)
- Data Analytics and ML
- Digital Ledger Technology (DLT)
- AI and IoT
- Biometric Authentication
- Person (P/C)
- Merchant/ Business
Digital Payment Market Regional Analysis/Insights
The digital payment market is analyzed and market size insights and trends are provided by country, offering, deployment model, organization size, mode of payment, mode of usage, technology, use case and end user as referenced above.
The countries covered in the digital payment market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the digital payment market due to the presence of major players in this region such as Visa, PayPal Holdings, Inc. and MasterCard. Prevalence of advanced infrastructure in in the region is another important factor determining the dominance of this region.
Asia-Pacific region is showing a promising potential and therefore, is set to grow with the highest growth rate during the forecast period. This is because of the emerging UPI platforms and increased number of smartphone users.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Digital Payment Market Share Analysis
The digital payment market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to digital payment market.
Some of the major players operating in the digital payment market are
- ACI Worldwide (U.S.)
- PayPal, Inc. (U.S.)
- Novatti Group Ltd (Australia)
- Global Payments Inc. (U.S.)
- Visa (U.S.)
- Stripe, Inc. (Ireland)
- Google, LLC (U.S.)
- Finastra. (U.K.)
- SAMSUNG (South Korea)
- Amazon Web Services, Inc. (U.S.)
- Financial Software & Systems Pvt. Ltd. (U.S.)
- Aurus Inc. (U.S.)
- Adyen (Netherlands)
- Apple Inc. (U.S.)
- Fiserv, Inc. (U.S.)
- WEX Inc. (U.S.)
- wirecard (U.S.)
- Mastercard. (U.S.)