Newark, Oct. 22, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 102.60 billion in 2022 global digital payment market will reach USD 510.30 billion in 2032. Digital payments are made using digital technologies like credit cards, smartphones, and the Internet. Digital payment technology makes trading and payment easier and faster by eliminating the need for actual currency and checks. Digital payments often come in two varieties. Peer-to-peer (P2P) payments include two persons sending money, whereas business-to-consumer (B2C) payments involve customers paying for items or services they have acquired. Digital payment systems allow businesses and individuals to send money quickly and securely. Businesses no longer need to manage large sums of cash or employ staff to collect, process, and count payments.
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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 | 236 |
| Segments Covered | Services, Mode of Payment, Solution, Organization Size, Deployment Mode, Industry |
| 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 |
Key Insight of the Global Digital Payment Market
North America will dominate the market during the forecast period.
Positive legislative frameworks and government regulations encourage cashless transactions across several end-user business verticals, including logistics delivery and e-commerce. This is the main driver of the expansion and development of the regional market. To keep their competitive edge, the regional market participants also use a variety of market tactics, including partnerships, mergers, acquisitions, product innovation, and strategic alliances.
The professional services segment dominated, with a market share of around 55% in 2022.
The type segment is divided into professional services and managed services. The professional services segment dominated, with a market share of around 55% in 2022.
The payment processing segment dominated, with a market share of around 33% in 2022.
The solution segment is categorized into payment gateway, payment processing, payment security & fraud management and others. The payment processing segment dominated, with a market share of around 33% in 2022.
The point of sales segment dominated, with a market share of around 36% in 2022.
The mode of payment segment is bifurcated into bank cards, digital wallets, point-of-sales, net banking and others. The point of sales segment dominated, with a market share of around 36% in 2022.
The on-premises segment dominated, with a market share of around 62% in 2022.
The deployment mode segment is bifurcated into cloud and on-premises. The on-premises segment dominated, with a market share of around 62% in 2022.
The large enterprises segment dominated the market, with a market share of around 60% in 2022.
The organization size segment is divided into SMEs and large enterprises. The large enterprises segment dominated the market, with a market share of around 60% in 2022.
The BFSI segment dominated the market, with a market share of around 28% in 2022.
The industry segment is divided into BFSI, healthcare, IT & telecom, retail & E-commerce, transportation and others. The BFSI segment dominated the market, with a market share of around 28% in 2022.
Advancement in market
In Kazakhstan, at the second gathering of national security advisers and secretaries of security councils from India and Central Asia, India suggested establishing infrastructure for digital, sovereign, real-time payment systems tailored to each nation's specific needs and specifications. People who might need to travel to India for medical care will also profit from such a system, which will significantly improve commercial ties. Students in Central Asian nations and Indian businessmen will also benefit from it.
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Market Dynamics
Driver: Increasing User Demand for Digital Payments.
The advent of cashless transactions has led to a growing popularity of digital payment among customers. The increasing acceptance of cashless transactions has changed the worldwide landscape of digital payments, enabling end users to make payments from anywhere at any time. Cashless transactions have several advantages over traditional payment methods, such as increased convenience, speed, and security. Cashless transactions benefit businesses by improving tracking, revenue, and customer satisfaction. As consumers find it easy to use digital payments to make purchases of goods and products, it is anticipated that the number of digital payments will increase dramatically in the future years. This is the main driver of market expansion and development.
Restraints: Insufficient Security and Privacy Concerns.
The digital payment sector is expanding quickly due to the speed at which technology is developing, yet there are drawbacks to using digital payments in a variety of end-user industries. Concerns about security and safety are among the main drawbacks of using digital payments. The digital payments ecosystem is vulnerable to dishonest actors, fraud, and data breaches without sufficient security measures. Inadequate security configurations can cause businesses and consumers to lose information, which will lead to money theft for users and significant losses for commercial entities. Inadequate anonymity and privacy also affect digital payments made by many people. Consumers may be concerned that third parties may use their information without their consent or that they will be identified concerning their own payment or another individual's account. Thus, this aspect is impeding the market's growth and progress.
Opportunities: Growing Smartphone Adoption and Internet Expansion.
The swift growth of internet connectivity and smartphones in the worldwide digital payments industry has had significant and far-reaching effects on consumer and company behaviour. Whether or not a person is physically present at the point of sale, digital payments enable anyone to perform retail transactions using an internet-connected device 24 hours a day, seven days a week. Without carrying cash or utilising bank or credit cards, customers may swiftly and conveniently make purchases and pay for services thanks to this instant availability. The gadgets consumers use to complete retail transactions can easily be electronically connected to auxiliary payment service providers, allowing for dependable, quick, safe, and effective money transfers. Therefore, this element is expected to present profitable growth prospects in the years to come.
Challenges: the lack of digital literacy and awareness.
The undeveloped and developing nations have a significant proportion of the population unaware of digital transactions. They do not own smart connected devices, and these countries' lack of internet infrastructure further impedes the market's growth. The lack of digital literacy will pose a challenge to the market’s growth.
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Some of the major players operating in the global 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 covered in the market:
By Type
• Professional Services
• Managed Services.
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 Deployment Mode
• Cloud
• On-Premises
By Organization Size
• SMEs
• Large Enterprises
By Industry
• BFSI
• Healthcare
• It & Telecom
• Retail & E-Commerce
• Transportation
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, 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 on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses 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.
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