all report title image

Digital payment is a method of doing payments through the use of online or digital modes. In this case the payer and the payee both of them use the digital method to either send or receive the money. This type of payment is known as the electronic payment. According to the industry standards, digital payment is known as the only cashless transaction performed with the help of digital channels. Thus, here only the transactions performed by the consumer is taken into consideration.

Statistics:

The global digital payments market was valued at US$ 7,360 Bn in 2021 and is forecast to reach a value of US$ 22326.5 Bn by 2030 at a CAGR of 12.8% between 2022 and 2030.

Figure 1: Global Digital Payments Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030

Digital Payments  | Coherent Market Insights

Asia Pacific held a dominant position in the Global Digital Payments Market Share in 2021

Statistics:

Asia Pacific held dominant position in the global digital payments market in 2021, accounting for 39.0% share in terms of volume.

Figure 2: Global Digital Payments Market Share (%), By Region, 2021

Digital Payments  | Coherent Market Insights

Key Developments:

In September 2021, Master Card increased its ability deep into the sector of digital assets or profits with a deal to adopt CipherTrace, a dominant crypto currency company with the investments in around 900 cryptocurrencies. The collaboration provides CipherTrace’s suite of digital benefits and the cyber security of the Master Card to offer trade and commerce with the vast transparency to aid in detecting and understanding the threats and assist to manage their digital assets official and agreement requirements.

In November 2021, Amazon.com Inc., has invested INR 1,000 crore in Amazon Pay, the digital transactions and economical services unit of the Amazon India, amidst an increasing clash with Walmart adopted Flipkart in India’s leading online retail market. Moreover, the company's basic plan is to provide Amazon customers the capacity to purchase without making a new account or ingoing credit card data.

CMI table icon

Digital Payments Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 7360 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 12.8% 2030 Value Projection: US$ 22326.5 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By mode of payment: Point of Sale, Online Sale
  • By the End-user Industry: Retail, Entertainment, Healthcare, Hospitality, Other End-user Industries
Companies covered:

Wordplay Inc. (Fidelity National Information Services), PayPal Holdings Inc., MasterCard Incorporated (MasterCard), Stripe Inc., Alphabet Inc., Fiserv Inc., Visa Inc., Alipay.com Co. Ltd, Amazon Payments Inc. (Amazon.com Inc.), Paytm (One97 Communications limited), Apple Inc. and Mobiamo Inc.

Growth Drivers:
  • Rising proliferation of smart phones
  • Rising online transactions 
Restraints & Challenges:
  • Challenges linked with the cross border payments
  • Compliance with the standards and regulations

Market Drivers:

Driver 1:

The rising use of smart phones and the growth in the smart phone industry is expected to boost the growth of the global digital payments market. Moreover, the rising popularity of the OS such as Android and iOS. Google’s android is the popular smart phones OS worldwide. The accessibility of a varied features in the Android phones increase the Androids OS attractiveness amidst the customers.

Driver 2:

The rising demand and the approval of several Android smart phones is anticipated to fuel the growth of the market. For instance, as per Ericsson, the smartphone subscription count globally has crossed nearly 6 billion and is still projected to rise by 700 million in the upcoming years. China, India and U.S have the highest penetration of smartphone users. And the subscription is projected to reach 7516 million.

Market Restraints:

Restraint 1:

Cross border payments is anticipated to hinder the growth of the global digital payments market. Moreover, international business is rising worldwide as the companies and industries acquire trade globally. Many international transactions are held by correspondent banking collaborations, rising the operational expenses, rising trade volumes are increasing the acquisition of payment modes.

Restraint 2:

The rise in international trade, internationalization of the manufacture and the cross border e-commerce advice that need for the digital international transactions will rise globally. Anyhow, the mode of digital payments from one country to the other is forecast to be expensive, slower and low transparent that the domestic payments owing to the complications linked with this method. This is usually expected to hamper the growth of the global digital payments market.

Market Opportunities:

Opportunity 1:

The rising online payments and the transactions and real-time payment modes over the pandemic has increased the usage of the digital payment mode. Furthermore, several trades are rapidly converting towards the method of cashless transactions or the digital payment modes, such as MPOS transactions. The rules and regulations along with the collaborations made by the government globally is expected to provide lucrative growth opportunities to the digital payment market.

Opportunity 2:

The transformation towards the UPI payments in India is also providing several opportunities for the growth of the global digital payment market. For instance, as per the National Payments Corporation of India (NPCI), UPI payments reached a monthly record of 2.3 Lakh billion transactions, which was worth INR 4.3 Lakh crore in January 2021.

Market Trends/Takeaways:

Trend 1:

The need for anytime, anywhere transactions is being appreciated by the ever-growing industries of smart phone, internet connectivity, Artificial Intelligence (AI), Internet of Things (IoT) amidst other customers. Anyhow the global digital payment market has been the trend which is fueled by the e-commerce giants that established Amazonpay, Alipay amidst others.

Trend 2:

The increasing financial frauds have again affected the government officials, dominating to a continual inclusion of official frameworks to later secure the payment transactions, guaranteeing the customers secured and pliable digital payments. Offering encryption at the POS and transferring data along with safe networking tools and protocols with a prerequisite to assist the retail shops act as an emerging trend in the global digital payments market.

Competitive Landscape:

Major companies operating in the global digital payments market are Wordplay Inc. (Fidelity National Information Services), PayPal Holdings Inc., MasterCard Incorporated (MasterCard), Stripe Inc., Alphabet Inc., Fiserv Inc., Visa Inc., Alipay.com Co. Ltd, Amazon Payments Inc. (Amazon.com Inc.), Paytm (One97 Communications limited), Apple Inc. and Mobiamo Inc.

Mobile Point –of-Sale transactions comprise of the Point-of-Sale payment process with the help of smart phone apps such as Amazon Pay, Apple Pay and several others. The transaction in this form is made by the contactless or distant interaction or communication of the smartphone application with an appropriate payment mode going to the merchant.

Market Dynamics:

Policy makers in the developed and the developing countries are being tangled in offering the required regulatory frameworks and the infrastructure to assist in the development is expected to drive the growth of the global digital payments market. Moreover, the central banks of the US, Bahrain, France and many more countries have approved the particular initiative to liberalize the digital payment services.

The rising standardization and interoperability in the international trade transactions amidst the huge priorities for the official regulatory such as an initiative is the ISO 20022 texts the international trade transactions, the level of the data exchange in between the financial institutions via electronic mode and the delays in it is expected to hinder the growth of the global digital payments market.

The conversion from the traditional POS terminals to the incorporation of new ways and techniques such as combination of the technologies such as AI and ML, is anticipated to ensure an endless experience from the end users journey. POS process combine with the technologies can inform the trade to fulfill replenish the stock and supply investments to regarding the evolving customers. Such developments are expected to offer lucrative opportunities to the global digital payments market.

Key features of the study:

  • This report provides in-depth analysis of the global digital payments market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global digital payments market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Major companies operating in the global digital payments market are Wordplay Inc. (Fidelity National Information Services), PayPal Holdings Inc., MasterCard Incorporated (MasterCard), Stripe Inc., Alphabet Inc., Fiserv Inc., Visa Inc., Alipay.com Co. Ltd, Amazon Payments Inc. (Amazon.com Inc.), Paytm (One97 Communications limited), Apple Inc. and Mobiamo Inc.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global digital payment market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global digital payment market.

Detailed Segmentation:

  • Global Digital Payments Market, By Mode of Payment:
    • Point of Sale
    • Online Sale
  • Global Digital Payments Market, By End-User Industry:
    • Retail
    • Entertainment
    • Healthcare
    • Hospitality
    • Other End-user Industries
  • Global Digital Payments Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Latin America
    • Middle East and Africa

Frequently Asked Questions

The global digital payments market is estimated to be valued at US$ 8,520 Bn in 2022 and is expected to exhibit a CAGR of 12.8% between 2022 and 2030.
The rising subscription of smart phones is anticipated to drive the growth of the market.
Retail industry is the leading component in the market.
Operational challenges comprising the cross-border transactions is anticipated to hinder the growth of the market.
Major companies operating in the market are Wordplay Inc. (Fidelity National Information Services), PayPal Holdings Inc., MasterCard Incorporated (MasterCard), Stripe Inc., Alphabet Inc., Fiserv Inc., Visa Inc., Alipay.com Co. Ltd, Amazon Payments Inc. (Amazon.com Inc.), Paytm (One97 Communications limited), Apple Inc. and Mobiamo Inc.

Related Reports

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo