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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Various Government Initiatives to Aid the Market Growth of Digital Payment
Countries across the globe are investing in the implementation of ICT technologies to promote digital economies. To digitise payment processes, governments are taking crucial steps. Digital payment is a major growth dimension for a country’s economy. It can boost productivity, improve transparency, help in financial inclusion, and provide new economic opportunities for users. Due to these factors, the digital payments market size is expected to rise at a healthy rate. Increasing penetration of smart phones and the expanding economies have made the market in the Asia Pacific region expand at a high rate. Furthermore, India is expected to lead the digital payments market due to various initiatives and conducive regulations, such as UPI and demonetisation, supplementing the digital payment market share India. Various other countries, like China, Singapore, and Australia, have also launched digital payment initiatives to help boost the online payment market share. Meanwhile, the US digital payments market size is expanding due to the presence of a strong infrastructure for digital payments and vast user base.
Digital Payment Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market for digital payment attained a value of USD 140.00 billion.
The market is projected to grow at a CAGR of 15.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 504.18 billion by 2032.
The major drivers of the digital payment market include the expanding economies, growing preference for contactless services, increasing availability of smart wallets, and increase in in-app services for booking hotels, flight tickets, offers.
Increasing penetration of smartphones and various government initiatives are the key trends propelling the market's growth.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major players in the market are Square, Inc., Fiserv, Inc., PayPal Holdings, Inc., Visa Inc., MasterCard Incorporated, Apple Inc., One97 Communications Limited, Fidelity National Information Services, Inc. (FIS), Global Payments Direct, Inc., Google LLC, Worldline S.A., and Adyen N.V., among others.
Layers of device security, such as API private keys and tokenisation, are used to secure digital payments.
The various solutions in the market include payment gateway, payment security and fraud management, payment processing, and transaction risk management, among others.
The different modes of payment in the market include digital wallets, bank cards, net banking, and digital currencies, among others.
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