Digital Payments Market Report Scope & Overview:

The 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.

Digital Payments Market Revenue Analysis

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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


  • 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.


  • 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.


  • 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.


  • 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

    • Payment Gateway Solutions

    • Payment Processing Solutions

    • Payment Wallet Solutions

    • Payment Security and Fraud Management Solutions

    • Point of Sale (POS) Solutions

  • Services

  • Professional Services

    • Consulting      

    • Implementation            

    • Support and Maintenance

  • Managed Services

By Mode of Payment:

  • Bank Cards

  • Digital Currencies

  • Digital Wallets

  • 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.


North America

  • US

  • Canada

  • Mexico


  • 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.

PayPal Holdings -Company Financial Analysis

Company Landscape Analysis

Recent Development:

  • In April 2023, Square introduced Tap to Pay functionality for Android users, specifically targeting sellers in the United Kingdom. This innovative technology enables sellers to securely accept contactless payments using a compatible Android device, without incurring any additional costs or requiring extra hardware.

  • In April 2023, PayPal introduced an upgraded version of its Payment Solution, which now allows users to accept PayPal payments through Apple Pay. Additionally, this new version includes the feature of saving payment methods with PayPal Vault, as well as a real-time account updater.

  • In September 2022, the introduction of Worldpay for Platforms marked a significant milestone for FIS. This integration combined FIS's extensive merchant and banking solutions into a unified platform, which also incorporated embedded payments technology.

  • In February 2022, FIS acquired Payrix, a strategic move that aimed to enhance FIS's capabilities in embedded payments and finance experiences. This acquisition specifically targeted small- and medium-sized businesses across various industries.

Digital Payments Market Report Scope:

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.

Frequently Asked Questions

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.


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 Consulting Implementation     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 Poland Romania Hungary Turkey Rest of Eastern Europe

14.3.2 Western Europe Germany France UK Italy Spain Netherlands Switzerland Austria 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 UAE Egypt Saudi Arabia Qatar Rest of the Middle East

14.5.2 Africa Nigeria South Africa 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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Secondary Research

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Primary Research

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Data Bank Validation

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