The digital payment market ought to witness a positive growth rate owing to increasing adoption of cashless transactions across industry verticals. The favorable government policies and supportive legal frameworks promote the cashless transactions across various end-user industry verticals such as e-commerce, logistics delivery and others promoting global growth.
Newark, July 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the digital payment market will grow from USD 102.60 Billion in 2022 to USD 510.30 Billion by 2032. A digital or electronic payment transfers value from one payment account to another without exchanging real cash. Such payments use a digital device like a mobile phone, computer, point-of-sale, and wireless data. The merchant, the consumer, the payment network, and the bank are all processing digital payment transactions. Individuals, governments, businesses, and international development organisations can all benefit from it in terms of cost savings, transparency, and security. The ability to migrate to digital payments and receipts has considerably aided small businesses across the globe in making faster and more secure payments with no risk. The rising adoption of cashless transactions and payment procedures within the end-user industries is anticipated to provide lucrative growth opportunities in the upcoming years.
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Key Insight of the Digital Payment Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period in the global digital payment market. The Asia-Pacific region would significantly expand. The region is experiencing robust growth because of the developing economies such as South Korea, Japan, India and China. One of the primary reasons driving market expansion is initiatives taken by the government in the major countries to boost the regional market growth for digital payments and cashless transactions. For example, the Indian government is aggressively developing a strategy to digitize the economy and banking sector. The country has established the Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), quickly becoming one of the most popular payment methods among Indian citizens. Furthermore, China's massive growth in the digital payment sector is propelling the Asia-Pacific area forward. More than 90% of Chinese urban customers utilize Alipay or WeChat Pay, the country's two most popular digital payment services.. These factors are augmenting the regional market growth and development.
The managed services segment is expected to grow at the highest CAGR during the forecast period.
The services segment is divided into professional services and managed. The managed services segment is expected to grow at the highest CAGR during the forecast period. Managed services refer to various tasks and activities for managing and using digital payments and related services. The managed services may include the services such as managing merchant accounts, processing payments and settlements, preventing fraud, and other services. The managed services generally cover various digital payment and cashless transactions activities.
The payment gateway segment is expected to register the highest growth during the forecast period.
The solution segment is categorized into payment gateway, payment processing, payment security & fraud management and others. The payment gateway solution is expected to grow at the highest CAGR during the forecast period. Payment gateway solutions are popular among merchants since they enable easy payment. Payment gateways are also utilized for in-store payments, allowing customers to make payments using smartphones and the Internet. As a result, the increasing adoption of payment gateways among in-store retail establishments drives segment growth.
The cloud segment is expected to grow at the highest CAGR during the forecast period.
The deployment mode segment is bifurcated into cloud and on-premises. The cloud segment is expected to grow at the highest CAGR during the forecast period. The expansion of the smart cities, coupled with the increase in smart retail establishments, is the primary factor for the segment's growth. Additionally, the companies engaged in the global digital payment market efforts to integrate artificial intelligence, machine learning and other technologies into their platforms are projected to boost segment growth. Additionally, the growing adoption of hybrid cloud solutions is anticipated to impact the market growth and development positively.
The net banking segment is expected to grow at the highest CAGR during the forecast period.
The mode of payment segment is bifurcated into bank cards, digital wallets, point-of-sales, net banking and others. The net banking segment is expected to grow at the highest CAGT during the forecast period. Net banking offers advantages and benefits such as better time efficiency, simplicity of banking, and activity tracking, among the primary elements driving category growth. As a result, net banking users are increasing in many nations worldwide. The increasing adoption of net banking solutions across developed and developing nations is anticipated to boost the segment's growth.
The SMEs segment is expected to grow at the highest CAGR during the forecast period.
The organization size segment is divided into SMEs and large enterprises. The SMEs segment projected to grow at the highest CAGR during the forecast years. SMEs are pivoting from paper-based invoicing to digital invoicing because traditional paper-based invoicing is costly and consumes time. Furthermore, the big players in the global market are focusing on forming partnerships and strategic alliances with small and medium-sized enterprises to help them along their digitalization journeys. Additionally, the growing emergence of SMEs in developing nations such as India for job creation and economic stability is anticipated to provide lucrative growth opportunities in the upcoming years.
The retail & E-commerce segment is expected to grow at the highest CAGR during the forecast period.
The industry segment is divided into BFSI, healthcare, IT & telecom, retail & E-commerce, transportation and others. The retail & E-commerce segment is anticipated to grow at the highest CAGR in the upcoming years. The increasing adoption of mobile-based payment solutions for retail payments amongst customers. At the same time, the growing number of unmanned retail establishments throughout the world is propelling market expansion. Additionally, the increasing preference of consumers to buy goods and products at online e-commerce platforms is also anticipated to boost market growth and development.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 102.60 Billion |
| Market Size in 2032 | USD 510.30 Billion |
| CAGR | 17.4% |
| No. of Pages in Report | 243 |
| Segments covered | Application, End User, And Region |
| Drivers | Rising Demand for Digital Payment amongst the Users |
| Opportunities | Expansion of Internet and Growing Adoption of Smartphones |
| Restraints | Lack of Security and Privacy Issues |
Advancement in market
• In March 2022: Visa has completed the acquisition of Tink, an open banking platform that enables startups, merchants, and financial institutions to create financial products and services and facilitates monetary transactions. Tink worked with around 3,400 banks and financial institutions in Europe, as well as millions of bank customers.
• In October 2020: Aliant Payments has announced the addition of XRP, an open-source independent digital asset, to its CryptoBucks cryptocurrency payment mobile app powered by Aliant Payments. XPR would be available as a mobile app for both Android and iOS. With the addition of XRP, merchants would be able to take Bitcoin Cash, Bitcoin, Ethereum, and Litecoin payments online and in-store.
Market Dynamics
Driver: Growth of Retail & E-commerce Industry
The growth in the retail industry and the e-commerce platform is anticipated to provide significant opportunities for the global digital payment market to grow and flourish in the forthcoming years. The supermarkets/hypermarkets are constantly focusing on their point of sale (POS) experience by offering rapid and efficient services to customers. Several good manufacturing companies are entering into partnerships with retailers to distribute their products, followed by expanding their consumer base. On the other hand, the e-commerce industry vertical is expected to offer fruitful growth opportunities. Many consumers across all regions generally prefer the service that the e-commerce industry provides, for instance, door-to-door services, 24/7 customer care service, broad category product offerings, relevancy to choose products and others. With these benefits, customers found convenience in purchasing their products. Furthermore, the implementation of anti-counterfeit technology in the products is going to have a positive impact on the market growth and development. Anti-counterfeit technology is a secure packaging technology employed for brand protection with the help of the security printing of barcode technology.
Restraint: Poor Network Infrastructure
The poor state of the internet infrastructure across the globe further limits its usage for payments. Internet connectivity at two ends, limited high-speed broadband access, insufficient bandwidth, and inadequate technology coverage are among the issues often encountered globally. This situation is exceptionally experienced in developing countries where most people do not have the necessary digital competencies and infrastructure to facilitate their access to services online. Low levels of digital literacy in the populace also hinder the adoption of digital payments since people need a clearer understanding of how different services related to digital payments. Since poor internet infrastructure exists, this further impedes their access to financial services, whereby more individuals prefer to use cash for their transactions due to their lack of trust in digital payments. Consequently, the lack of trust is compounded by security and privacy concerns relating to digital payments. In summary, inadequate internet infrastructure has been a significant obstacle in rapidly growing the global digital payments market, especially in developing countries.
Opportunity: Increasing Cross Border E-commerce
In recent years, the cross border e-commerce is growing rapidly across the globe. In simple words, cross-border e-commerce is international online trade. It involves purchasing and selling products through online shops across international and national borders. The trade is between a business, retailer, or brand and a customer. There are several categories of cross-border e-commerce, such as entertainment & education, apparel & accessories, consumer electronics, home furnishing, personal care & beauty, healthcare & nutrition, footwear, and food & beverage. The payment method for cross-border e-commerce involves digital wallets, credit/debit cards, and net banking. Cross-border e-commerce is utilized by adults, teenagers/millennial population, or senior citizens. The significant benefit for customers in cross-border e-commerce is that customers can choose from a wide variety of products. Another reason contributing to its cause is that customers often find foreign products more affordable than those available in local markets. Looking at the perspective of a seller, then cross border e-commerce serves as an ideal platform to showcase their brand on a global scale.
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Some of the major players operating in the digital payment market are:
• Wirecard AG
• Total System Services Inc.
• Paypal Holdings Inc.
• Stripe Inc.
• Visa Inc.
• Fiserv Inc.
• Novetti Group Limited
• Mastercard Incorporated
• Adyen N.V
• ACI Worldwide Inc.
• American Express Company
• Aliant Payment Systems Inc.
Key Segments Cover in the Market:
By Service:
• Professional
• Managed
By Deployment Mode:
• Cloud
• On-premises
By Organization Size:
• SMEs
• Large Enterprises
By Solution:
• Payment Gateway
• Payment Processing
• Payment Security & Fraud Management
• Others
By Mode of Payment:
• Bank Cards
• Digital Wallets
• Point of Sales
• Net Banking
• Others
By Industry:
• BFSI
• Healthcare
• IT & Telecom
• Retail & E-commerce
• Transportation
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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