Global Digital Payment Market Size, Share, Growth Analysis, By Payment Type(Mobile Payment, Online Banking), By Application(Media & Entertainment, Retail)

Description

Digital Payment Market size was valued at USD 61.3 billion in 2021 and is poised to grow from USD 74.08 billion in 2022 to USD 361.3 billion by 2030, growing at a CAGR of 20.8% in the forecast period (2023-2030).

The growth of the digital payment market is driven by the growing preference for real-time payments among customers. Over 6 billion people worldwide regularly use digital payment options, attracted by the benefits of easy access, faster transactions, transparency, and enhanced security.

In 2021, the global digital payment market processed over 180 billion transactions, a number expected to rise significantly in the coming years, according to the Times of India (TOI). Various modes of digital payments, including debit/credit cards, net banking, mobile banking, and Unified Payments Interface (UPI), offer customers a range of choices. The increasing volume of digital transactions has become a prominent trend.

India leads the global digital payment market, accounting for over 40% of digital transactions worldwide. This is driven by the rising popularity of remote payment options, facilitated by increased internet usage, smartphone adoption, and the growth of e-commerce platforms.

Segments covered in this report:

The global digital payment market is segmented based on payment type, application and region. Based on payment type, the market is categorized into mobile payment, online banking, point of sale, and digital wallet. Based on application, the market is categorized into media & entertainment, retail, banking, finance services & insurance (BFSI), automotive, medical & healthcare, transportation, and consumer electronics. Based on region, Digital Payment Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Driver

The growth of the digital payment market is supported by the rise of e-commerce and technology-driven initiatives. Key players in the industry include Apple, Google, Samsung Pay, and Alipay, who have invested significantly in advanced technology for electronic payments. The adoption of Distributed Ledger Technology (DLT) brings benefits such as scalability and decentralized business continuity. Companies like Civic offer secure digital identification through their e-KYC platform at a lower cost. Cloud technology, exemplified by solutions like Paygilant, enables the development of innovative mobile payment applications that can detect fraud. These technological advancements are expected to drive the global expansion of the digital payment industry.

Restraint

The lack of international norms for cross-border payments is expected to hinder market expansion. Varying government restrictions and a lack of standardization in global payment systems create challenges for digital payment vendors in leveraging the growing cross-border trade. Inconsistent laws regarding payments and data storage compliance, along with limited support in domestic payment systems, make cross-border payments incompatible and difficult in some countries.

Market Trends

The innovation of injection molding technologies is improving financial inclusion for rural and isolated populations. Governments, aid agencies, and businesses recognize the importance of providing financial services to these underserved areas, leading to increased access to financial services for more individuals. Governments have launched initiatives to promote financial inclusion and governance, raising awareness about the benefits of digital payments. This favorable environment allows digital payment companies to expand their customer base.

Product Code: SQSG40G2001

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Digital Payment Market by Payment Type

Market Overview
Mobile Payment
Online Banking
Point of Sale
Digital Wallet
Payment Cards

Global Digital Payment Market by Application

Market Overview
Media & Entertainment
Retail
BSFI
Automotive
Medical & Healthcare
Transportation
Consumer Electronics

Global Digital Payment Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021

Key Company Profiles

PayPal
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Alipay
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
WeChat Pay
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Visa Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Mastercard Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
American Express Co.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Apple Pay
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Google Wallet
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Samsung Pay
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Square Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Stripe Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Paytm
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Skrill
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
TransferWise
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Dwolla Inc.
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Venmo
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Zelle
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Amazon Pay
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
QuickPay
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Klarna
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Global Digital Payment Market Size, Share, Growth Analysis, By Payment Type(Mobile Payment, Online Banking), By Application(Media & Entertainment, Retail) - Industry Forecast 2023-2030