Digital Payment Market Projected to Hit USD 287.56 Billion at a 14.83% CAGR by 2030
Market Research Future Insights
According to market research future insights analysis, the global digital payment market is expected to register a CAGR of 14.83% from 2022 to 2030 and hold a value of over USD 287.56 Billion by 2030.
The driver fueling the market’s expansion is the rise in real-time payment preferences among consumers worldwide. India recorded 25.6 billion real-time transactions in 2020, up 70% from 2019, according to data released by McKinsey & Company. This sharp increase in the use of real-time payments in the nation can be linked to the growing popularity of mobile wallets. To gain a competitive advantage, e-commerce service providers are shifting away from conventional credit card and consumer financing solutions and toward client engagement strategies that take advantage of digital payments. Digital wallets and points of sale has likely have the fastest market growth after mobile payment adoption.
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Market trends include Near Field Communication (NFC) and Quick Response (QR) code technologies. Direct transfers between accounts, prepaid or bank-based, are possible with a digital wallet. Payment at the point of sale is made at the checkout counter. Many businesses have recently invested in offering NFC through cards, allowing immediate funds transfer from prepaid accounts. These diverse payment choices are fueling the rise of the digital payment market.
Key Players
Some key market players are PayPal, FIS, Global Payments, Mastercard, Fiserv, ACI Worldwide, JPMorgan Chase, Square, 2Checkout, now Verifone, OpenWay Group, and Apple Inc.
Market Segmentation
The global digital payment market has been segmented into solution, mode of payment, deployment, enterprise size, and end user.
Based on the solution, the market has been segmented into transaction risk management, application program interface, payment gateway, payment security & fraud management, payment processing, and others. The payment processing segment had a prominent share in 2021. Retailers are adopting payment processing solutions to offer clients flawless checkout experiences due to the growing desire for online shopping across the globe. On the other hand, the payment gateway segment was the fastest-growing segment during the forecast period. As they make payments convenient, payment gateway solutions are in demand among retailers.
Based on the mode of payment, the market has been segmented into digital wallets, bank cards, net banking, digital currencies, point of sales, and others. Point of sales had a major share in 2021 in the digital payment market. Retail shops execute transactions using point-of-sale systems. The benefits of these systems include quick checkout alternatives, a personalized customer experience, and a variety of payment methods. On the other hand, net banking was the fastest-growing segment over the forecast period. Net banking’s advantages, such as increased time efficiency, simplicity, and activity tracking, are among the main causes fueling the segment’s expansion.
Based on deployment type, the market has been segmented into on-premise and cloud. The on-premise segment had a prominent share in 2021 in the market for digital payment. Digital payment deployment on-premises gives businesses total control over their systems and apps, which their IT team can manage. Furthermore, one of the main causes influencing enterprises’ demand for on-premise solutions is the rise in financial scams during the COVID-19 epidemic. On the other hand, the cloud category was the fastest-growing segment. One of the key elements promoting the segment’s growth is the ongoing implementation of smart city initiatives, which is also being accompanied by an increase in the number of retail outlets.
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The market has been segmented based on enterprise type: small and medium-sized enterprises and large enterprises. The large enterprise segment had a prominent share in 2021 in the market for digital payment. For its consumers to be able to make purchases while keeping social distance, large retail stores are increasingly looking for digital payment options. Besides, the medium-sized enterprises and large enterprises were the fastest-growing segments. Due to the expense, error-proneness, and inefficiency of paper-based billing systems, small and medium-sized businesses are switching to digital invoicing.
Based on end users, the market has been segmented into banking, financial services, insurance, retail and e-commerce, healthcare, travel and hospitality, transportation and logistics, media and entertainment, and other verticals. Banking, financial services, and insurance had a prominent share in 2021 in the market for digital payment. Banks are encouraged to embrace digital payment solutions by the increased demand for digital remittance for domestic and international transactions. Besides, the retail and e-commerce was the fastest-growing segment. One of the key drivers fueling the segment’s growth is the increasing adoption of mobile-based payment solutions by consumers for retail payments.
Regional Analysis
Asia Pacific dominated the market for digital payment in 2021. The adoption of mobile payments and digital wallets is probably higher in APAC compared to other regions. Due to the increasing smartphone penetration in China and India, both of which have large populations, the market for digital payments has great prospects. After demonetization in 2016, India has turned to mobile payments and digital wallets. The revenue generated by the digital payment market is anticipated to increase in the upcoming year’s thanks to Indian government initiatives like Digital India. More than 50% of Chinese online transactions are anticipated to be funded by the e-commerce behemoth Alibaba Ltd.
North America is expected to register lucrative growth in the market for digital payment. The regional market gains from elements including smart parking meters’ expanding adoption and technological advancements. For instance, the facilities service provider EasyPark and the parking solution supplier ParkMobile announced their alliance in July 2020. The former business offered contactless payment options around Vancouver city thanks to this partnership. Additionally, the demand for digital payment solutions is being driven by the rise in storefronts in the United States.
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