Digital Payment Market by Offering, Transaction Type, Mode of Payment, Deployment Type, Organization Size, Vertical

List of Tables

[187 Pages Report] The Digital Payment Market size was estimated at USD 125.67 billion in 2023 and expected to reach USD 149.98 billion in 2024, at a CAGR 19.94% to reach USD 448.95 billion by 2030.

Digital payment, or e-payment, is a financial transaction carried out electronically instead of using physical cash or checks. It involves transferring money from one party to another through digital means, facilitated through smartphones, tablets, computers, and wearables. The rapid increase in internet penetration has significantly boosted e-commerce activities worldwide. Moreover, the proliferation of smartphones has provided users with easy access to digital payment platforms. However, data privacy concerns may adversely impact the use of digital payment by the end-users. Besides, technological advancements and changing consumer preferences for convenience and security are expected to encourage the adoption of digital payments by the end-use sectors worldwide.

KEY MARKET STATISTICS
Base Year [2023]	USD 125.67 billion
Estimated Year [2024]	USD 149.98 billion
Forecast Year [2030]	USD 448.95 billion
CAGR (%)	19.94%

Offering: Significant penetration of Point of Sale (POS) solutions across businesses

Digital payment services encompass a range of managed and professional services that facilitate electronic transactions between parties. Digital payment solutions involve software or hardware products that streamline the payment process for merchants or consumers. Point of Sale (POS) systems are essential for brick-and-mortar businesses, as they manage transactions, inventory, and customer data. Payment gateway services are intermediaries between a customer's bank account and the merchant's payment processing system. Mobile wallets enable users to store their card information securely on their smartphones for convenient payments in-store or online.

Transaction Type: Expanding the use of digital payments for cross-border transactions

Cross-border digital payments facilitate transactions between parties located in different countries or jurisdictions. Consumers and businesses prefer cross-border digital payments when they require seamless currency conversion, reduced transaction costs compared to traditional banks, real-time tracking of transactions, and multi-factor authentication. Domestic digital payments encompass transactions occurring within the geographical boundaries of a single country or jurisdiction. These can include person-to-person (P2P) transfers, business-to-business (B2B) payments, bill payments, and mobile wallets. Domestic digital payments generally have simpler regulatory requirements than cross-border transactions, as they do not involve multiple jurisdictions or currency conversions. Additionally, domestic digital payment services often offer a more comprehensive range of features tailored to local needs, such as integration with local merchants or government services, including tax payments.

Mode of Payment: Proliferation of digital currencies and digital wallets due to their inclusive, secure, and cost-efficient services

Bank cards, including credit, debit, and prepaid cards, are a popular digital payment mode and offer a need-based preference for consumers seeking convenience and security in their transactions. Digital wallets allow users to securely store their bank account information or card details on their devices for easy access during online transactions. The growing integration of digital payments with various devices, such as smartphones or wearables, enables seamless online and offline transactions through NFC technology or QR code scanning. Net banking, or online banking, allows users to conduct financial transactions through their bank's secure website or app. The increased convenience and reduced need for physical visits to bank branches and significant investment in providing user-friendly online platforms for customers have increased the adoption of net banking. Moreover, digital currencies such as cryptocurrencies offer an alternative means of payment with greater decentralization and anonymity. The lower transaction fees compared to traditional banking systems and faster processing times for international transactions have significantly boosted the adoption of digital currencies.

Deployment Type: Growing preference for on-cloud digital payment deployment

Third-party providers host on-cloud digital payment solutions through the Internet to offer flexibility, scalability, and cost-effectiveness to businesses of all sizes. On-cloud solutions are ideal for small-to-medium-sized businesses (SMBs) that require a flexible payment infrastructure with minimal upfront investment. On-premises digital payment solutions involve installing software directly onto a company's servers and hardware. This deployment type offers enhanced control, security, and customization for businesses with specific requirements. On-cloud platforms provide flexibility, scalability, and cost-effectiveness, ideal for SMBs with limited budgets and rapidly changing transaction volumes. On the other hand, on-premises solutions provide greater control, security, and customization options for large enterprises or organizations with strict compliance requirements.

Organization Size: Significant adoption of digital payment solutions in large enterprises to streamline financial operations

Digital payments enable large organizations and Small and medium-sized Enterprises to boost their efficiency levels significantly. By automating transactions and allowing for seamless integration with accounting systems, businesses can save time on manual reconciliation processes while minimizing human errors. Moreover, digital payment platforms offer real-time settlement options that help companies optimize their cash flow management. Large organizations prioritize security, scalability, and integration capabilities, while SMEs seek simplicity, affordability, and ease of use in their payment solutions.

Vertical: Proliferation use of digital payment in the retail & e-commerce sector

The BFSI sector needs secure and efficient digital payment solutions to manage customer transactions. Digital payments are crucial for streamlining billing processes and ensuring timely settlements between insurance companies, healthcare providers, and patients in the healthcare sector. Digital payments significantly provide access to media content on various platforms, including streaming services, gaming, or music subscriptions. Retail & e-commerce demand fast, user-friendly digital payment options to facilitate online shopping experiences. Telecommunication companies require secure digital payment solutions for managing customer subscriptions and billing. Digital payments are essential for transport operators to manage transactions for various transportation services such as ride-hailing, public transit, or parcel delivery. The travel sector relies on digital payment platforms to facilitate bookings, reservations, and other transactions in hotels, airlines, and tourism businesses.

Regional Insights

The digital payment market is evolving in the Americas owing to robust infrastructure, high smartphone penetration rates, and increasing adoption of mobile wallets. Financial institutions in the Americas continue investing in fintech initiatives to improve user experience and security features. The European digital payment landscape is characterized by open banking initiatives across the EU and the growth of contactless digital payments. The EMEA region is witnessing rapid growth in digital payments driven by increasing internet penetration rates and an emphasis on developing cashless economies with government-backed digital payment initiatives. The APAC region's digital payment market is growing due to the rise in QR code-based mobile payments developing financial infrastructure. Moreover, the integration of innovative features and incentives within digital payment platforms is expected to encourage global usage among end-users.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Digital Payment Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Digital Payment Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Digital Payment Market, highlighting leading vendors and their innovative profiles. These include Absa Group Limited, ACI Worldwide, Inc., Adyen N.V., Altron Limited, Amazon.com, Inc., Amplifin (Pty) Ltd, Apple Inc., Aurus Inc., BharatPe, BitPay Inc., BlueSnap Inc., Capitec Bank Holdings Limited, Cardstream Limited, CCBill, LLC, CryptoBucks by Aliant Payments Inc., Digital Bharat Pay by FACT Fintech India Private Limited, Discovery Limited, Dwolla, Inc., Ecentric Payment Systems, Finastra, FirstRand Group, FIS, Inc., Fiserv, Inc., FLEETCOR TECHNOLOGIES, INC., Global Payments Inc., Google LLC by Alphabet Inc., iCombine, iKhokha, INGENICO, International Business Machines Corporation, Intuit Inc., JPMorgan Chase & Co., Mastercard International Incorporated, MatchMove Pay Pte Ltd., Microsoft Corporation, Mobicred (Pty) Ltd. by RCS Cards (Pty) Ltd., Nedbank Group, Netcash (Pty) Ltd., Ozow (Pty) Ltd., Payfast by Network International Holdings PLC, Payflex Proprietary Limited, PayM8, PayPal Holdings, Inc., Paysafe Limited, Paysend PLC, Paytm by One97 Communications Limited, PayU, Peach Payments Group, REALPAY Pty Ltd, Ripple Services Inc., Softy Comp (Pty) Ltd., Spreedly, Inc., Square, Inc. by Block, Inc., Standard Bank Group, Stax by Fattmerchant, Inc., Stripe, Inc., SureSystems, SwitchPay, Temenos AG, The Bidvest Group Limited, Ukheshe Technologies Pty Ltd., Visa Inc., WEX Inc., Worldline S.A., YOCO, and Zapper Marketing (Southern Africa) (Pty) Ltd..

Market Segmentation & Coverage

This research report categorizes the Digital Payment Market to forecast the revenues and analyze trends in each of the following sub-markets:

Offering
- Services
  - Managed Services
  - Professional Services
    - Consulting
    - Implementation
    - Support & Maintenance
- Solutions
  - Payment Gateway Solutions
  - Payment Processor Solutions
  - Payment Wallet Solutions
  - Point of Sale (POS) Solutions
Transaction Type
- Cross Border
- Domestic

Mode of Payment
- Bank Cards
- Digital Currencies
- Digital Wallets
- Net Banking

Deployment Type
- On-Cloud
- On-Premises

Organization Size
- Large Enterprises
- Small & Medium-Sized Enterprises

Vertical
- Banking, Financial Services, & Insurance
- Healthcare
- Media & Entertainment
- Retail & e-Commerce
- Telecommunication
- Transportation & Logistics
- Travel & Hospitality

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Digital Payment Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Digital Payment Market?

3. What are the technology trends and regulatory frameworks in the Digital Payment Market?

4. What is the market share of the leading vendors in the Digital Payment Market?

5. Which modes and strategic moves are suitable for entering the Digital Payment Market?

Product Code: MRR-DD6333AE65D7

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Growing adoption of mobile-based payments and mobile wallets
  - 5.1.1.2. Government initiatives to encourage digital and online payments
  - 5.1.1.3. Proliferating e-commerce sector and cross-border transactions
- 5.1.2. Restraints
  - 5.1.2.1. Potential issues related to transaction limits, use of multiple currencies, and system integration
- 5.1.3. Opportunities
  - 5.1.3.1. Technological advancements and introduction of innovative features in digital payment platforms
  - 5.1.3.2. Potential adoption for crypto payments globally
- 5.1.4. Challenges
  - 5.1.4.1. Concerns related to security and data privacy
5.2. Market Segmentation Analysis
- 5.2.1. Offering: Significant penetration of Point of Sale (POS) solutions across businesses
- 5.2.2. Transaction Type: Expanding the use of digital payments for cross-border transactions
- 5.2.3. Mode of Payment: Proliferation of digital currencies and digital wallets due to their inclusive, secure, and cost-efficient services
- 5.2.4. Deployment Type: Growing preference for on-cloud digital payment deployment
- 5.2.5. Organization Size: Significant adoption of digital payment solutions in large enterprises to streamline financial operations
- 5.2.6. Vertical: Proliferation use of digital payment in the retail & e-commerce sector
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. Value Chain & Critical Path Analysis
5.5. Regulatory Framework Analysis

6. Digital Payment Market, by Offering

6.1. Introduction
6.2. Services
6.3. Solutions

7. Digital Payment Market, by Transaction Type

7.1. Introduction
7.2. Cross Border
7.3. Domestic

8. Digital Payment Market, by Mode of Payment

8.1. Introduction
8.2. Bank Cards
8.3. Digital Currencies
8.4. Digital Wallets
8.5. Net Banking

9. Digital Payment Market, by Deployment Type

9.1. Introduction
9.2. On-Cloud
9.3. On-Premises

10. Digital Payment Market, by Organization Size

10.1. Introduction
10.2. Large Enterprises
10.3. Small & Medium-Sized Enterprises

11. Digital Payment Market, by Vertical

11.1. Introduction
11.2. Banking, Financial Services, & Insurance
11.3. Healthcare
11.4. Media & Entertainment
11.5. Retail & e-Commerce
11.6. Telecommunication
11.7. Transportation & Logistics
11.8. Travel & Hospitality

12. Americas Digital Payment Market

12.1. Introduction
12.2. Argentina
12.3. Brazil
12.4. Canada
12.5. Mexico
12.6. United States

13. Asia-Pacific Digital Payment Market

13.1. Introduction
13.2. Australia
13.3. China
13.4. India
13.5. Indonesia
13.6. Japan
13.7. Malaysia
13.8. Philippines
13.9. Singapore
13.10. South Korea
13.11. Taiwan
13.12. Thailand
13.13. Vietnam

14. Europe, Middle East & Africa Digital Payment Market

14.1. Introduction
14.2. Denmark
14.3. Egypt
14.4. Finland
14.5. France
14.6. Germany
14.7. Israel
14.8. Italy
14.9. Netherlands
14.10. Nigeria
14.11. Norway
14.12. Poland
14.13. Qatar
14.14. Russia
14.15. Saudi Arabia
14.16. South Africa
14.17. Spain
14.18. Sweden
14.19. Switzerland
14.20. Turkey
14.21. United Arab Emirates
14.22. United Kingdom

15. Competitive Landscape

15.1. Market Share Analysis, 2023
15.2. FPNV Positioning Matrix, 2023
15.3. Competitive Scenario Analysis
- 15.3.1. Hepsipay and Visa Join Forces to Expand Digital Payment Horizons
- 15.3.2. Peach Payments Secures USD 30 Million in Funding
- 15.3.3. Mastercard and Paysend Expand Global Collaboration To Enhance Cross-Border Payments for SMEs
- 15.3.4. BitPay Debuts Bill Pay, Enables Users to Pay Bills with Cryptocurrency
- 15.3.5. Dwolla Launches Dwolla Connect to Streamline Payment Operations for Enterprises
- 15.3.6. Security Bank Teams Up with ACI Worldwide to Revolutionize Real-Time Payment Customer Experience
- 15.3.7. Adyen Expands In-Person Payments Solutions with Tap to Pay on Android
- 15.3.8. Visa to Acquire Pismo
- 15.3.9. Hitachi Payments Launches its Digital Payments Innovation Hub in Partnership With Plug and Play
- 15.3.10. PayU, Visa, Yes Bank Launch New Payment Solution For Merchants to Cut Costs, Boost Cash Flow, Digitise SMBs
- 15.3.11. Digital Lending Start-Up Ring Partners With Cashfree Payments to Offer Easy Credit to Customers
- 15.3.12. Ingenico Acquires Phos, Extending its Offer for Merchant Payment Acceptance Via Smartphone
- 15.3.13. Spreedly Announces New Integration With PayPal Products

16. Competitive Portfolio

16.1. Key Company Profiles
16.2. Key Product Portfolio