SAN FRANCISCO, September 19, 2022 /PRNewswire/ — The Global Digital Payment Market is Expected to Reach $361.30 billion by 2030 and projected expansion is at a CAGR of 20.5% over the forecast period, according to a new report from Grand View Research, Inc. In 2021, the digital payment market was valued at $88.1 billion. Cashless transactions globally, which are on the rise over the years, look promising for the overall market growth. Global cashless transactions are expected to see significant growth amid usage and preference for cashless transactions and by 2025 a growth of 1.9 trillion transactions is estimated.
Key industry insights and findings from the report:
- Various initiatives have been adopted to make digital payments interfaced globally, as well as increased government support.
- An increase in urbanization and industrialization, and the growing number of smartphone users among the global population have greatly contributed to the overall expansion of the market.
- The introduction of payment networks, such as Master Card, Visa, and RuPay, in several countries around the world, is helping the growth of the segment.
- The growing adoption of digital payment solutions in emerging economies, such as China and India, Expected to Create Growth Opportunities for Market Players in Asia Pacific Rising customer demand for contactless payment methods is the reason banks are adopting digitized solutions. This accentuates the expansion of the BFSI segment.
- In September 2021Virgin Money and Global Payments, Inc. have signed a distinctive two-way Global Payments Network User Agreement that provides Virgin Money consumers with access to leading digital payment experiences around the world.
- Introduced in 2021, RealNet is a cloud-based software-as-a-service (SaaS) platform that enables account-to-account (A2A) transactions for businesses, individuals and governments over real-time payment networks .
Read the full 150-page market research report for more information,”Digital Payments Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-Premise), By Solution (Payment Gateway, Payment Processing), By Payment Method, By Enterprise Size , by end use and segment forecast, 2022-2030“, published by Grand View Research.
Digital Payments Market Growth and Trends
Customer preference for real-time payments has increased globally in recent times. The Indian economy recorded real-time transactions of 25.6 billion in 2020, representing a growth of 70%. The COVID-19 pandemic has also had a positive impact on the digital payment market with an increase in online shopping and fear of virus transmission through physical monetary transactions.
The growing preference for online shopping is a driving factor for the market. It provides users with a number of benefits such as fast checkout options, personalized customer experience, and multiple payment options. Additionally, companies are also designing improved smartwatches capable of making contactless payments, similar to the process used in smartphones. For example, Xiaomi launched the brand new Mi Smart Band 6 in collaboration with Master Card in December 2021capable of making contactless payments at Master Card terminals.
The smart city initiative adopted by the government is an important element in the growth of the digital payments market, as digital payments are used in different departments to cover multiple payments from citizen to government (C2G) and government to citizen ( G2C). . Accenture conducted research that shows deals are worth $7 trillion is expected to move from cash to card and other digital payments by 2023, and reach $48 trillion by 2030.
The introduction of digital wallets and the decrease in the number of unbanked people in the world seem favorable for digital payment providers to expand their customer base. Overall, the digital payment market is expected to witness a much higher growth rate, owing to driving factors such as the promotion of digital payments, increasing internet penetration, high proliferation of smartphones which enable the growth of m-commerce and an increase in e-commerce. -Commercial sales.
Segmentation of the digital payments market
Grand View Research has segmented the global digital payment market based on solution, payment method, deployment, company size, end use, and region:
Digital Payments Market – Solution Outlook (Revenue, USD Billion, 2017 – 2030)
- Application program interface
- payment gateway
- Payment Processing
- Payment security and fraud management
- Transactional risk management
Digital Payments Market – Payment Method Outlook (Revenue, USD Billion, 2017 – 2030)
- Bank cards
- Digital currencies
- Digital wallets
- Net bank
- Points of sale
Digital Payments Market – Deployment Outlook (Revenue, USD Billion, 2017 – 2030)
Digital Payments Market – Company Size Outlook (Revenue, USD Billion, 2017 – 2030)
- Large companies
- Small and medium enterprises
Digital Payments Market – End-Use Outlook (Revenue, USD Billion, 2017 – 2030)
- Health care
- IT & Telecom
- Media and entertainment
- Retail and e-commerce
Digital Payments Market – Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Digital Payment Market Players
- Aliant Payments
- Aurus Inc.
- Financial Software and Systems Pvt. ltd.
- PayPal Holdings Inc.
- Novatti Group Pty Ltd.
- ACI Worldwide, Inc.
- Global Payments Inc.
- Total System Services, Inc.
Check out other related studies published by Grand View Research:
- Contactless payment market – The global contactless payment market size is expected to reach $6.25 trillion by 2028, according to a new report from Grand View Research, Inc. It is expected to register a CAGR of 20.3% from 2021 to 2028. Various benefits, such as better service delivery and reduced time transaction capabilities offered by contactless payments, are expected to propel the growth of the market over the forecast period.
- Mobile payment market – The global mobile payment market size is expected to reach $587.52 billion by 2030, expanding at a CAGR of 35.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. Market growth can be attributed to the growing shift towards contactless payment amid of the COVID-19 pandemic. Moreover, the growing popularity of e-commerce industry across the globe is expected to accelerate the adoption of mobile payment over the forecast period.
- Payment as a Service Market – The Global Payment as a Service Market Size is Expected to Reach $25.7 billion by 2027, growing at a CAGR of 16.9%, according to a new report from Grand View Research, Inc. Digital disruption of the money transfer ecosystem, combined with the increased need for methods fast money transfer, has transformed the payment gateway model. Due to digital money transfer methods, consumers are now demanding secure digital transaction processing systems to transfer money to their merchants and individuals.
Browse next-generation technology industry research reports from Grand View Research.
About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
Corporate Sales Specialist, UNITED STATES
Grand View Research, Inc.
Toll Free: 1-888-202-9519
E-mail: [email protected]
Grand View Compass | Astra ESG Solutions
Follow us: LinkedIn | Twitter
SOURCEGrand View Research, Inc.