Digital Payments Market size was valued at USD 98.2 Bn in 2023 and is expected to reach USD 436.1 Bn by 2031, and grow at a CAGR of 20.48 % over the forecast period 2024-2031.
Digital payments refer to transactions conducted electronically without the exchange of physical currency. which also includes net banking even if the payee does not have an account. This method offers flexibility and security, as users are not Depend on carrying cash. Various digital payment systems such as banking cards, UPI, mobile wallets, and online banking contribute to the global digital payment market. These solutions facilitate fund transfers and value exchanges without physical money. They include options such as mobile wallets, online banking, card payments, P2P transfers, and cryptocurrencies, making them popular for shopping, bill payments, and more. digital payment solutions have revolutionized financial transactions, enhancing efficiency and safety.
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Contactless payments are helping to drive the growth of the digital payment market, with the technologies such as NFC, HCE, and RFID. Factors such as smartphone ubiquity, better internet access, pandemic-induced cashless trends, and government support for digital payments are also contributing. These advancements, coupled with various payment options and increased internet connectivity, are encouraging the widespread adoption of digital transactions.
Market Dynamics
KEY DRIVERS:
The rise of e-commerce and the widespread adoption of embedded payment platforms have revolutionized the retail industry.
The global surge in customer demand for real-time payments is a significant catalyst behind the market's expansion.
Various steps are being taken by governments to automate the payment process.
ICT technologies are being used by countries all over the world to develop digital economies.
The surge in online shopping has led to a high demand for digital payment solutions, prized for their convenience, efficiency, and security in online transactions. Digital payments streamline checkout processes, benefiting customers with a seamless experience. They also empower businesses to expand globally by overcoming geographical barriers. In an age marked by cyber threats, digital payments play a vital role in enhancing security through advanced encryption and fraud detection measures. They are integral to the mobile commerce revolution, providing seamless and secure payment options for smartphone and tablet users. Besides convenience and security, digital payments offer valuable transaction data for businesses to analyze customer preferences and enhance marketing strategies for better customer experiences.
RESTRAINTS:
There is a dearth of global standards for cross-border payments.
Different government legislation in different nations, as well as a lack of worldwide standards
Cross-border payments are not supported by the domestic payment infrastructure.
OPPORTUNITY:
The rapid expansion of internet connectivity and smartphones has significantly impacted the global digital payments market.
Governments are launching numerous measures to connect to these remote people to promote financial inclusion.
Digital wallets are having a huge impact and are assisting in financial inclusion.
Globally, the number of unbanked people is reducing, creating a favorable climate.
CHALLENGES:
The surge of digital payments and cyber-attacks targeting these systems have also evolved.
The adoption of payment technology and its integration with enterprises has raised the dangers and concerns about privacy.
The growth of digital payments brings increased cyber threats, with hackers exploiting vulnerabilities for financial and identity theft risks. To address this, individuals and organizations must prioritize security by updating software, using strong passwords, and enabling multi-factor authentication. Caution in sharing personal info online and investment in advanced cybersecurity for businesses are crucial. Collaboration among financial institutions, payment providers, and cybersecurity experts is key to developing proactive strategies against cyber-attacks on digital payments and protecting consumers.
Impact of Russia-Ukraine War:
The geopolitical tensions could lead to fluctuations in currency values. This can affect cross-border transactions and impact the cost of goods and services purchased digitally across these countries. During times of instability or conflict, there might be a shift towards digital payments as people seek more secure and easily accessible financial options. Governments may implement or change regulations related to financial transactions, particularly in affected regions. These changes could impact the operations and expansion plans of digital payment companies. With heightened tensions, there might be an increase in cyber threats, including hacking attempts and cybersecurity risks targeting financial institutions and digital payment platforms. Companies may need to invest more in cybersecurity measures. Geopolitical instability can create an environment of uncertainty for businesses, which might impact investment decisions, partnerships, and expansion plans for digital payment providers.
Impact of Economic Downturn:
During economic downturns, the digital payment market faces challenges like reduced spending on non-essential items, impacting businesses dependent on digital transactions. there are growth opportunities as consumers favor convenient and contactless payment methods, driving demand for digital wallets and mobile banking apps. Businesses that adapt to flexible payment options can benefit by catering to changing consumer preferences and expanding their market share.
Market segmentation
By Component:
Solutions
Services
By Mode of Payment:
Bank Cards
Digital Currencies
Net Banking
Point of Sales
Others
By Deployment Type:
On-premise
Cloud
On the Basis of deployment, the on-premise segment dominates the market, with holding revenue share of more than 63.0%. This deployment method offers organizations complete control over their applications and systems, easily managed by their IT staff. Notably, the Increase in financial fraud.
The cloud segment is expected to experience the highest compound annual growth rate (CAGR) throughout the forecast period. This growth can be attributed to the ongoing implementation of smart city projects and the proliferation of unmanned retail stores. Additionally, payment companies are actively integrating artificial intelligence features into their systems, further bolstering the expansion of this segment.
By Organization Size:
Small and Medium-sized Enterprises
Large Enterprises
By Vertical:
Banking, Financial Services, And Insurance
Retail and E-commerce
Healthcare
Travel and Hospitality
Transportation and Logistics
Media and Entertainment
Other Verticals
On the basis of vertical the Banking, Financial Services, and Insurance (BFSI) sector dominated the market with a revenue share of more than 24.0%, driven by the increasing demand for digital remittance and competition from tech companies such as Google, Amazon, and Facebook. The media and entertainment industry are also growing rapidly globally due to increased mobile device usage for accessing content, fueled by affordable data services and a growing smartphone market. This shift is transforming how consumers access media content, with digital media content via mobile devices and the internet gaining significant traction alongside traditional methods.
Regional Analysis
The North American region dominated the global market with a contributing revenue share of more than 35%, driven by smart parking meters and advancements in technology. The US saw a increase in unmanned stores, boosting demand for digital payments. the Asia-Pacific region is expected to growing with the Rapid CAGR during the forecast period in digital payments, driven by countries such as China, Japan, and India. And the economic growth, smartphone adoption, e-commerce, and government initiatives are driving the surge in digital payment demand in APAC.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Key Players
The major key players are The major key players are Aurus Inc., PayPal Holdings Inc., WEX Inc., Total System Services Inc., Paysafe Holdings U.K. Limited, Global Payments Inc., YapStone Inc., Novatti Group Limited, Financial Software & Systems Pvt. Ltd., Fiserv Inc., and other key players mentioned in the final report.
| Report Attributes | Details |
| Market Size in 2024 | US$ 98.2 Bn |
| Market Size by 2031 | US$ 436.1 Bn |
| CAGR | CAGR of 20.48 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Solution and Service) • By Mode Of Payment (Bank Cards, Digital Currencies, Digital Wallets, Net Banking, Point Of Sales, Others) • By Deployment Type (On-Premises and Cloud), By Organization Size (Small And Medium-Sized Enterprises And Large Enterprises) • By Vertical (Banking, Financial Services, And Insurance, Retail, And ECommerce, Healthcare, Travel and Hospitality, Transportation And Logistics, Media And Entertainment, Other Verticals) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Aurus Inc., PayPal Holdings Inc., WEX Inc., Total System Services Inc., Paysafe Holdings U.K. Limited, Global Payments Inc., YapStone Inc., Novatti Group Limited, Financial Software & Systems Pvt. Ltd., Fiserv Inc. |
| Key Drivers | • The rise of e-commerce and the widespread adoption of embedded payment platforms have revolutionized the retail industry. • The global surge in customer demand for real-time payments is a significant catalyst behind the market's expansion. |
| Market Opportunities | • The rapid expansion of internet connectivity and smartphones has significantly impacted the global digital payments market. • Governments are launching numerous measures to connect to these remote people to promote financial inclusion. |
Ans. The Compound Annual Growth rate for the Digital Payments Market over the forecast period is 20.48%.
Ans. The projected market size for the Digital Payments Market is USD 436.1 Bn by 2031.
Ans: The Banking, Financial Services, And Insurance segment dominated the Digital Payments Market with the highest revenue share of about 24%.
Ans: The major key players are Aurus Inc., PayPal Holdings Inc., WEX Inc., Total System Services Inc., Paysafe Holdings U.K. Limited, Global Payments Inc., YapStone Inc., Novatti Group Limited, Mastercard, Worldpay, VISA, FIS, Apple, Worldline and other key players mentioned in the final report.
Ans: Yes, you can ask for the customization as per your business requirement.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Digital Payments Market Segmentation, By Component
9.1 Introduction
9.2 Trend Analysis
9.3 Solutions
9.3.1 Payment Gateway Solutions
9.3.2 Payment Processing Solutions
9.3.3 Payment Wallet Solutions
9.3.4 Payment Security and Fraud Management Solutions
9.3.5 Point of Sale (POS) Solutions
9.4 Services
9.4.1 Professional Services
9.4.1.1 Consulting
9.4.1.2 Implementation
9.4.1.3 Support and Maintenance
9.4.2 Managed Services
10. Digital Payments Market Segmentation, By Mode of Payment
10.1 Introduction
10.2 Trend Analysis
10.3 Bank Cards
10.4 Digital Currencies
10.5 Digital Wallets
10.6 Net Banking
10.7 Point of Sales
10.8 Others
11. Digital Payments Market Segmentation, By Deployment Type
11.1 Introduction
11.2 Trend Analysis
11.3 On-premise
11.4 Cloud
12. Digital Payments Market Segmentation, By Organization Size
12.1 Introduction
12.2 Trend Analysis
12.3 Small and Medium-sized Enterprises
12.4 Large Enterprises
13. Digital Payments Market Segmentation, By Vertical
13.1 Introduction
13.2 Trend Analysis
13.1 Banking, Financial Services, And Insurance
13.2 Retail and E-commerce
13.3 Healthcare
13.4 Travel and Hospitality
13.5 Transportation and Logistics
13.6 Media and Entertainment
13.7 Other Verticals
14. Regional Analysis
14.1 Introduction
14.2 North America
14.2.1 USA
14.2.2 Canada
14.2.3 Mexico
14.3 Europe
14.3.1 Eastern Europe
14.3.1.1 Poland
14.3.1.2 Romania
14.3.1.3 Hungary
14.3.1.4 Turkey
14.3.1.5 Rest of Eastern Europe
14.3.2 Western Europe
14.3.2.1 Germany
14.3.2.2 France
14.3.2.3 UK
14.3.2.4 Italy
14.3.2.5 Spain
14.3.2.6 Netherlands
14.3.2.7 Switzerland
14.3.2.8 Austria
14.3.2.9 Rest of Western Europe
14.4 Asia-Pacific
14.4.1 China
14.4.2 India
14.4.3 Japan
14.4.4 South Korea
14.4.5 Vietnam
14.4.6 Singapore
14.4.7 Australia
14.4.8 Rest of Asia Pacific
14.5 The Middle East & Africa
14.5.1 Middle East
14.5.1.1 UAE
14.5.1.2 Egypt
14.5.1.3 Saudi Arabia
14.5.1.4 Qatar
14.5.1.5 Rest of the Middle East
14.5.2 Africa
14.5.2.1 Nigeria
14.5.2.2 South Africa
14.5.2.3 Rest of Africa
14.6 Latin America
14.6.1 Brazil
14.6.2 Argentina
14.6.3 Colombia
14.6.4 Rest of Latin America
15. Company Profiles
15.1 Aurus Inc.
15.1.1 Company Overview
15.1.2 Financial
15.1.3 Products/ Services Offered
15.1.4 SWOT Analysis
15.1.5 The SNS View
15.2 PayPal Holdings Inc.
15.2.1 Company Overview
15.2.2 Financial
15.2.3 Products/ Services Offered
15.2.4 SWOT Analysis
15.2.5 The SNS View
15.3 WEX Inc.
15.3.1 Company Overview
15.3.2 Financial
15.3.3 Products/ Services Offered
15.3.4 SWOT Analysis
15.3.5 The SNS View
15.4 Total System Services Inc.
15.4.1 Company Overview
15.4.2 Financial
15.4.3 Products/ Services Offered
15.4.4 SWOT Analysis
15.4.5 The SNS View
15.5 Paysafe Holdings U.K. Limited.
15.5.1 Company Overview
15.5.2 Financial
15.5.3 Products/ Services Offered
15.5.4 SWOT Analysis
15.5.5 The SNS View
15.6 Global Payments Inc.
15.6.1 Company Overview
15.6.2 Financial
15.6.3 Products/ Services Offered
15.6.4 SWOT Analysis
15.6.5 The SNS View
15.7 YapStone Inc.
15.7.1 Company Overview
15.7.2 Financial
15.7.3 Products/ Services Offered
15.7.4 SWOT Analysis
15.7.5 The SNS View
15.8 Novatti Group Limited
15.8.1 Company Overview
15.8.2 Financial
15.8.3 Products/ Services Offered
15.8.4 SWOT Analysis
15.8.5 The SNS View
15.9 Mastercard
15.9.1 Company Overview
15.9.2 Financial
15.9.3 Products/ Services Offered
15.9.4 SWOT Analysis
15.9.5 The SNS View
15.10 Worldpay
15.10.1 Company Overview
15.10.2 Financial
15.10.3 Products/ Services Offered
15.10.4 SWOT Analysis
15.10.5 The SNS View
16. Competitive Landscape
16.1 Competitive Benchmarking
16.2 Market Share Analysis
16.3 Recent Developments
16.3.1 Industry News
16.3.2 Company News
16.3.3 Mergers & Acquisitions
17. USE Cases and Best Practices
18. Conclusion
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