Digital Payment Market Size, & Share, by Solution (Payment Gateway, Payment Processing, Payment Security & Fraud Management), Services (Professional, Managed), Mode of Payment (Bank Cards, Digital Wallets, Point-of-Sales, Net Banking), Enterprises (Small & Medium, Large), Deployment Mode (Cloud. On-premise), End-use (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation), Regional Forecast, Industry players, Growth Statistics 2024-2033

Market Outlook:

Digital Payment Market size exceeded USD 8.82 Trillion in 2023 and is anticipated to cross USD 42.78 Trillion by 2033, registering a CAGR of more than 18.15 % during the forecast period. The demand for more rapid more effective payment options, changing customer preferences, and technological improvements have all contributed to the considerable expansion and transformation of the digital payment market in recent years.

Globally, digital payment options have grown to serve both developed and developing economies. Digital payments are now a vital instrument for extending financial inclusion in many developing nations, allowing those without access to conventional banking services to participate in the economy. With ongoing advancements and partnerships among several stakeholders, including financial institutions, technology firms, fintech startups, and payment processors, the digital payment market is extremely dynamic. The global financial ecosystem is predicted to develop and continue to be driven by the digital payment market as customer demand for simple and secure payment options increases.

• Base Year Value (2023): USD 8.82 Trillion
• CAGR (2024-2033): 18.15%
• Forecast Year Value (2033): USD 42.78 Trillion
• Historical Data Period: 2019-2022
• Largest Region: North America
• Forecast Period: 2024-2033

Market Dynamics:

Growth Drivers & Opportunities:

Implementation of latest technologies and e-ccomerce are driving the market

With ongoing advancements and partnerships among several stakeholders, including financial institutions, technology firms, fintech startups, and payment processors, the digital payment market is extremely dynamic. The global financial ecosystem is predicted to develop and continue to be driven by the digital payment market as customer demand for simple and secure payment options increases. Ease-to-use payment gateways are integrated by e-commerce platforms to give customers a quick and safe checkout. Customers can select their preferred payment method from a variety of supported options, including bank transfers, digital wallets, and credit/debit cards. Ease-to-use payment gateways are integrated by e-commerce platforms to give customers a quick and safe checkout. Customers can select their preferred payment method from a variety of supported options, including bank transfers, digital wallets, and credit/debit cards.

Rise in the adoption of digital payment among young people to boost the market growth

Young people are increasingly using mobile wallet programmes like Apple Pay, Google Pay, and PayPal. They may effortlessly monitor their finances using these apps, link their credit and debit cards, and make contactless purchases using their smartphones. Young users who are tech-savvy prefer mobile wallets since they frequently come with extra features like rewards, discounts, and budgeting tools. e-Commerce are popular among young people. Because online shopping offers them a broader variety of products, competitive price, and the ease of doorstep delivery, they feel comfortable using digital payment methods.

Report Scope

Report Coverage	Details
Segments Covered	Solution, Service,Mode of Payment, Enterprises, Deployment Mode, End Use
Regions Covered	• North America (United States, Canada, Mexico)   • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe)   Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC)   • Latin America (Argentina, Brazil, Rest of South America)   • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	PayPal Holdings, Inc, Fiserv, Inc, Alipay, Apple Inc., Google, LLC, Visa, Mastercard, American Express, Amazon Pay, Aurus Inc., Adyen, Kakao Pay Corp, Grab, Paytm, SAMSUNG, UnionPay International, MercadoLibre S.R.L, WeChat Pay, Financial Software and Systems Pvt. Ltd., Novatti Group Ltd

 

Industry Restraints & Challenges

Lack of API standard in cross border payment to challenge the market growth

As there are currently no standardised APIs (Application Programming Interfaces) for cross-border payments, it is challenging for various payment systems and platforms to seamlessly share data. This lack of compatibility can cause delays, mistakes, and inefficiencies in cross-border transactions, preventing the development of the digital payment market. In order to promote innovation and competition in the digital payment market, API standards are essential. Standardised APIs make it simpler for developers to create new services, applications, and integrations, which promotes the creation of creative cross-border payment solutions. Without these norms, innovation may slack off, giving consumers less options and preventing the market from expanding overall.

Regional Forecast:

North American Market

North America is anticipated to dominate the Digital Payment market from 2024 to 2033. Blockchain and other cutting-edge technologies have been included into the ecosystem of digital payments in North America. Blockchain-based solutions are being investigated for boosting security, transparency, and cross-border transactions, and some firms and platforms already accept cryptocurrency payments.

Asia Pacific Market

The Asia Pacific region's digital payment market held a 49% revenue share in 2023. Due to rising internet availability and shifting customer habits, e-commerce is expanding quickly throughout the Asia Pacific region. Online transactions frequently use digital payment methods, such as bank transfers, mobile wallets, and credit/debit cards. Several nations in the APAC region have started programmes to promote cashless transactions, including China, India, and Singapore. These initiatives to lessen dependency on cash and encourage the adoption of digital payments include incentives, education campaigns, and infrastructure development.

Segmentation Analysis:

Insights by Solution

The Payment Gateway accounted the largest market share over the forecast period 2024 to 2033. Through the facilitation of efficient and secure transactions between businesses, consumers, and financial institutions, the payment gateway segment plays a significant role in the digital payment market. Payment gateway usage is increasing significantly along with the rise of the digital payment market.

Insights by Services

The professional services segment is expected the dominate the market from 2024 to 2033. Businesses frequently use consulting and advising services to get around the challenges of the evolving digital payment market. Professional service companies offer advice on how to choose the best payment systems, evaluate security and compliance needs, optimise payment procedures, and keep up with market changes and laws.

Insights by Mode of Payment

Point-of-sales segment holds the significant market share between 2024 to 2033. The demand for efficient, safe, and smooth payment acceptance is what is fueling the expansion of the point-of-sale segment in the digital payment market. Businesses in a wide range of industries are using cutting-edge point-of-sale systems to improve customer service, streamline operations, and take advantage of the advantages of digital payments.

Insights by Enterprises

Large enterprises segment is witnessing the fastest market growth over the forecast period 2024 to 2033. Large enterprises can save money by using digital payment solutions because they reduce paperwork, eliminate the need for manual processing, and reduce the likelihood of human error. Additionally, compared to conventional payment methods like checks or wire transfers, digital payments frequently offer cheaper transaction fees, which generates scaled cost benefits.

Insights by Deployment Mode

On-premise segment accounted the largest market share over the forecast period 2024 to 2033. Some companies place a great priority on keeping direct control over their payment infrastructure, especially those that deal with sensitive client data or operate in highly regulated industries. Businesses may impose unique security measures and adhere to standards specific to their industry with the help of on-premise solutions, which give them more ownership and control over their data.

Insights by End Use

The BFSI segment to dominate the market over the forecast period 2024 to 2033. Banks and other financial institutions are going through a digital revolution to improve customer service and operational effectiveness. Digital payment solutions play a crucial role in these activities because they facilitate easy banking system integration, automated payment procedures, and increased client interaction.

Competitive Landscape:

Major players in the market

• PayPal Holdings, Inc
• Fiserv, Inc
• Alipay
• Apple Inc.
• Google, LLC
• Visa
• Mastercard
• American Express
• Amazon Pay
• Aurus Inc.
• Adyen
• Kakao Pay Corp
• Grab
• Paytm
• SAMSUNG
• UnionPay International
• MercadoLibre S.R.L
• WeChat Pay
• Financial Software and Systems Pvt. Ltd.
• Novatti Group Ltd

Recent Industry Developments

• In October 2020, Aliant Payments announced that XRP, an open-source independent digital asset, has been added to its platform for use with the CryptoBucks mobile app for cryptocurrency payments.
• In December 2019, Swiss Bankers introduced their brand-new money-transfer service called "Send" on the Mastercard SendTM platform.