The Digital Payment Market report includes a global opportunity analysis and industry forecasts for the period 2023-2032. The global market was estimated at USD 82.12 Billion in 2022, registering a CAGR of 21.09% from 2023 to 2032. The base year considered for the study is 2022, and the forecast has been provided for the period 2023 to 2032.
Increasing digital transactions taking place via smartphones is expected to drive the growth of digital payment market during the forecast period. This has resulted some of the key developments by companies operating in the market to consolidate their market positions and look for further niche opportunities. Digital payment uses digital mode to complete the transaction. It is also commonly known as electronic payment. The global digital payment market has been segmented on the basis of mode of payment and end user.
On the basis of mode of payment, the market has been segmented into point of sale and online sale. The point of sale segment is further divided into contact payment, contactless payment, and bank cards. The online sale segment is further divided into digital wallets, digital currencies, net banking, and others. There has been a rise in the use of online sales, as it is convenient and user-friendly.
On the basis of end user, the market has been segmented into retail, banking, and financial service, telecommunication, government, transportation, and others.
Due to hassle-free experiences, ease of use, speed and integration, and secure gateways, the digital payment market is growing significantly.
Key Factors Impacting Market Growth:
- Increasing digital transactions taking place via smartphones
- Rapid digitalization and advancements in technology
- In May 2018, PayPal entered a partnership with Synchrony and significantly expanded its strategic consumer credit relationship
- In 2018, Visa unveiled the world’s first wallet card with features, such as the capacity to access multiple cards and contactless mode of payment
By region, the digital payment market is estimated to be dominated by North America, Western Europe, and Asia Pacific during the forecast period. With technological advancements and cluster of global companies operating in these regions, these regions hold key to the growth and development of digital payment market during the forecast period. Most of the leading companies have operations in these regions to cater the potential end users in the respective region.
The North America digital payment market is further segmented by US, Canada, and Mexico, whereas Germany, UK, France, Italy are estimated to be some of the major markets in Western Europe. Asia Pacific region is segmented by China, Japan, South Korea, India and Australia. Middle East and Eastern Europe are estimated to be potential markets with growing demand during the forecast period. Major countries in these regions include Russia, UAE, Saudi Arabia, Israel, and others.
Companies Covered: Google LLC., Amazon.com, Inc., Apple Inc., Mastercard Incorporated, Visa Inc., Paypal, Wirecard, Fiserv, Chetu, Total System Services (TSYS), Novatti, ACI Worldwide
By Mode of Payment:
- Point of Sale
- Contact Payment
- Contactless Payment
- Bank Cards
- Online Sale
- Digital Wallets
- Digital Currencies
- Net Banking
By End User:
- Banking, Financial Service, and Insurance (BFSI)
- North America
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
Reasons to Buy This Report:
- Market size estimation of the global digital payment market on a regional and global basis
- The unique research design for market size estimation and forecast
- Profiling of major companies operating in the market with key developments
- Broad scope to cover all the possible segments helping every stakeholder in the market
We provide customization of the study to meet specific requirements:
- By Segment
- By Sub-segment
- By Region/Country