Digital Payment Market Size, Share, Trends, Report 2023-2028



The ‘Global Digital Payment Market Growth, Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global digital payment market, assessing the market on the basis of its segments like solutions, deployments, modes of payment, end uses, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

Digital Payment Market Share, Size, Trends, Report, Key Player, Major Segments and Forecast

The key highlights of the report include

Market Overview (2018-2028)

  • Historical Market Size (2022): Nearly USD 121.42 Billion
  • Forecast CAGR (2023-2028): 15.30%
  • Forecast Market Size (2028): Around USD 247.42 Billion

The digital payment market growth is being driven by the increasing adoption of mobile wallets, the deployment of advanced technologies in smartphones, and the growing popularity of retail PoS terminals and digital payment cards, among other factors. The rising smartphone penetration in developing countries, particularly in the Asia Pacific region, is anticipated to positively impact the market expansion.

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The growing demand for improved services for international transactions is a major factor driving the market development. There is a rising need for quick, safe, and economical cross-border payment solutions as organisations and consumers become more globally integrated, hence bolstering the digital payment market demand.

Digital payment platforms can increase the productivity, transparency, and convenience of payments while enhancing the accessibility to financial services. Significant investments are being made in digital payment platforms by nations like China and India, which offer in-app services for booking hotels, flights, offers, and other services.

Digital Payment Industry Definition and Major Segments

Digital payments are transactions that are completed through digital or online modes. This method of transaction does not involve any exchange of physical money and these transactions can take place between individuals, businesses, or organisations. The simplicity, quickness, and security of digital payment methods have helped them gain massive popularity.

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The market segments, based on solution, include:

  • Payment Gateway
  • Payment Security and Fraud Management
  • Payment Processing
  • Transaction Risk Management
  • Others

The digital payment market, on the basis of deployment, can be divided into:

  • Cloud
  • On-Premises

Based on the mode of payment, the market can be segmented into:

  • Digital Wallets
  • Bank Cards
    • Debit Card
    • Credit Card
    • Others
  • Net Banking
  • Digital Currencies
  • Others

By end uses, the market can be divided into:

  • BFSI
  • Healthcare
  • Retail and E-commerce
  • IT and Telecommunication
  • Media and Entertainment
  • Transportation and Logistics
  • Travel and Hospitality
  • Education
  • Others

The major regional markets of digital payment include:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Digital Payment Market Trends

The evolving consumer behaviour, the rising preference for cashless payments, favourable government regulations, and the increasing trend of mobile banking, fast payments, and digital commerce are positively influencing the market growth of digital payment.

The market expansion in the Asia Pacific region can be attributed to the rising smartphone adoption and robust digitisation across region’s emerging economies. Due to numerous initiatives and favourable policies, including UPI and demonetisation, India is anticipated to hold a significant share in the market. China, Singapore, and Australia have also accelerated digital payment projects to increase their market share of online payments.

Key Market Players

The major players in the digital payment market report include:

  • 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.
  • Adyen N.V.
  • Others.

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Expert Market Research (EMR) is a leading market research company with clients across the globe. Through comprehensive data collection and skilful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium-scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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