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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Digital Payment Market Size
The global digital payment market size reached a value of USD 140 billion in 2023. The market is likely to grow at a CAGR of 15.3% during 2024-2032 to attain a value of USD 504.18 billion by 2032.
The market for digital payments is witnessing rapid growth worldwide, supported by the growing popularity of mobile wallets. Global 5G network deployment is also anticipated to increase the digital payment market share. In an effort to gain a competitive advantage, e-commerce service providers are shifting away from conventional debit/credit card and consumer financing solutions and toward client engagement strategies that take advantage of digital payments. Digital payments provide significant advantages for individuals, governments, businesses, and organisations, such as cost savings, transparency, and security. These advantages are further contributing to the expansion of the global digital payments market size. Small businesses all around the world have benefited greatly from the ability to switch to digital payments and receipts since it allows for faster and more secure payments with no risk or fees.
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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