Pune, India, Sept. 19, 2022 (GLOBE NEWSWIRE) -- The Global Digital Payments Market is estimated to reach USD 19.89 trillion by 2026. The market stood at a revenue of USD 3.53 trillion in the year 2018, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 24.4%. Smartphones can be viewed as one of the greatest, if not the greatest, revolutions in the information and telecommunication industry in the last century. Today, any kind of information is available at your fingertips due to the omnipresence of smartphone technology and its usage is only growing.
For instance, a study conducted by the Pew Research Centre in early 2019 found that close to 5 billion people worldwide use mobile phones, with South Korea accounting for the highest percentage. The proliferation of smartphones has given rise to the concept of digital transactions wherein payments can be made using novel technologies such as Quick Response (QR) codes and m-wallets. The convenience of making transactions using just your phone has disrupted traditional modes of exchange and has spurred companies, banks, and governments to innovate, thereby driving the digital payment market trends.
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| Report Coverage | Details |
| Forecast Period | 2022 to 2026 |
| Forecast Period 2022 to 2026 CAGR | 24.4 % |
| 2026 Value Projection | USD 19.89 Trillion |
| Base Year | 2018 |
| Digital Payment Market Size in 2018 | USD 3.53 Trillion |
| Historical Data for | 2015 to 2017 |
What is the future of digital payment?
Digital payments are on the rise as consumers shift away from traditional methods of payment. The future of digital payments looks bright, with more businesses and consumers embracing this convenient and secure way to pay.
There are many reasons why digital payments are becoming more popular. For businesses, digital payments can help to reduce costs associated with processing traditional methods of payment, such as credit cards and checks. Digital payments are also more secure than traditional methods, which can help to prevent fraud and other crimes.
Market Growth Driver:
High Vulnerability of Financial Information to Online Miscreants to Hinder Digital Payment Market Growth
Electronic payments are transactions between buyers and sellers that are facilitated by the internet. These transactions require filling of private financial information such as card details, which makes the user susceptible to cybercrimes. Credit card frauds have become commonplace today as your card details can be easily acquired through phishing and hacking activities.
Moreover, protection of financial information requires huge investments in building a robust digital infrastructure, which may not be possible in developing and underdeveloped countries. Lastly, digital payments heavily rely on a stable internet connection, which may not always be available, leading to disruption and confusion in the marketplace. However, the pros of digital transactions far outweigh the cons, auguring well for the digital payment market growth.
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Regional Analysis:
Maturing Consumer Behaviour to Boost the Market in Asia-Pacific
Asia-Pacific is likely to dominate the digital payment market in the coming decade on account of rapidly rising smartphone adoption in highly populated countries such as India and China. Consumer preferences are maturing and shifting towards digital and electronic means of transacting business, says one of our lead analysts. Furthermore, governments in the region are aggressively promoting digital payment methods, such as the Indian Government’s Digital India campaign.
In 2018, the market size of North America was USD 0.96 trillion in terms of transaction value, and the region is expected to grow remarkably owing to the presence of some of the biggest financial institutions and technology pioneers in the world. In Europe, a large chunk of people owns smartphones and the banking sector in EU member states is robust, which bodes well for the market in the region.
Market Segmentation:
By Payment Type: Payment Type is Divided into Mobile Payment, Online Banking, Point of Sale and Digital wallet.
By Industry: Digital Payment Industry Covered in Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics and Others (Education, IT & Telecom, etc.)
Competitive Landscape:
Ensuring Transactional Security to be the Central Focus of Key Players
With rising instances of cybercrimes, competitors are focusing on developing convenient yet secure services to minimize the possibility of fraudulent activities. Many companies are actively collaborating to come up with innovative solutions, some other companies are targeting niche sectors in emerging economies.
- August 2021 – Amazon Inc. collaborated with Affirm Holdings to offer dedicated service buy now, pay later (BNPL) to some of the prominent e-commerce customers. The companies witnessed high demand for BNPL services during the pandemic.
- August 2021 – Boku Inc. launched mobile first (M1ST) mobile payment network along with 330+ payment methods such as direct carrier billing, mobile wallets, and real-time payments schemes. This launch is available across 900 countries through a single integration.
Companies Covered in the Digital Payment Market Share Report:
- Visa Inc.
- Paytm
- Microsoft Corporation
- Google Inc.
- Amazon.com, Inc.
- Samsung Electronics Co. Ltd.
- PayPal Holdings Inc.
- MasterCard International Inc.
- Facebook Inc.
- Alipay.com Co Ltd
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Browse More Related Report:
Online Payment Market:
Global Online Payment Market Size, Share & COVID-19 Impact Analysis, By Payment, By Industry, and Regional Forecast, 2022-2027.” The report further states that the market size was USD 3,286.52 billion in 2019 and is projected to reach USD 17,643.35 billion by 2027, exhibiting a CAGR of 23.7% during the forecast period. The global online payment market is set to gain traction from the increasing deployment of artificial intelligence (AI) for improving payment processing, surging transactional volume, and detecting payment fraud.
Mobile Payment Market:
The global mobile payment market size was USD 1.54 trillion in 2020. The market is projected to grow from USD 1.97 trillion in 2021 to USD 11.83 trillion in 2028 at a CAGR of 29.1% in the 2021-2028 period. According to the expert analysts at Fortune Business Insights™, the digitalization of payment services and rising e-commerce businesses are responsible for the increasing market developments. This information is presented to you in the report, titled, “Mobile Payment Market Share, 2022-2028.” Moreover, the companies existing in the market are providing recompenses, cash points, and loyalty points among others to entice the customer for paying through mobile devices. This is amplifying the utilization of these payment means, thereby surging demand.
Smart payment systems market:
Smart payment systems are those that allow customers to pay their bills via Smart platforms rather than cash, check, or debit card. With the use of this technology, payment services that are governed by financial regulations can be conducted from a smartphone. Users can pay for a range of services and Smart items using their mobile phones instead of cash.
A key force propelling the global smart payment systems market ahead is the growing number of initiatives around the world to promote smart payments. A rise in smartphone demand, as well as an increase in internet users, is expected to move this business forward.
Major Points in Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Digital Payment Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Payment Type (Transaction Value)
- Mobile Payment
- Proximity Payment
- Remote Payment
- Online Banking
- Point of Sale
- Debit Card @POS
- Credit Card @POS
- NFC Card
- Digital wallet
- Mobile Payment
- By Industry (Transaction Value)
- Media & Entertainment
- Retail
- BFSI
- Automotive
- Medical & Healthcare
- Transportation
- Consumer Electronics
- Others (Education, IT & Telecom, etc.)
- By Geography (Transaction Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Payment Type (Transaction Value)
- North America Digital Payment Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Payment Type (Transaction Value)
- Mobile Payment
- Proximity Payment
- Remote Payment
- Online Banking
- Point of Sale
- Debit Card @POS
- Credit Card @POS
- NFC Card
- Digital wallet
- Mobile Payment
- By Industry (Transaction Value)
- Media & Entertainment
- Retail
- BFSI
- Automotive
- Medical & Healthcare
- Transportation
- Consumer Electronics
- Others (Education, IT & Telecom, etc.)
- By Country (Transaction Value)
- United States
- Canada
- By Payment Type (Transaction Value)
FAQs:
How big is the digital payments market?
The Global Digital Payments Market is estimated to reach USD 19.89 trillion by 2026. The market stood at a revenue of USD 3.53 trillion in the year 2018, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 24.4%.
What is the digital payment?
Digital payment systems are systems that allow for the transfer of funds or payments electronically. This can be done via a computer, mobile phone, or other electronic device. There are many different types of digital payment systems, each with their own advantages and disadvantages. Some digital payment systems are designed for specific purposes, such as online shopping, while others can be used for a variety of purposes.
Which country is leading in digital payment?
Asia-Pacific is expected to hold the highest market share in the digital payment market
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