With 24.4% CAGR, Digital Payment Market Size worth USD


Pune, India, Sept. 19, 2022 (GLOBE NEWSWIRE) — The Global Digital Payments Market is estimated at $19.89 trillion by 2026. The market recorded revenue of US$3.53 trillion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 24.4%. Smartphones can be considered one of the biggest, if not the biggest, revolution in the information and telecommunications industry of the last century. Nowadays, all kinds of information are more and more available at your fingertips due to the ubiquity of smartphone technology and usage.

For example, a study conducted by the Pew Research Center in early 2019 found that nearly 5 billion people use cell phones worldwide, with South Korea accounting for the highest percentage. The proliferation of smartphones has led to the concept of digital transactions, where payments can be made using novel technologies such as QR (Quick Response) codes and m-wallets. The convenience of transacting using just your phone has disrupted traditional methods of exchange and spurred innovation by businesses, banks and governments, driving trends in the digital payments market.

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report coverage details
forecast period 2022 to 2026
Forecast period 2022 to 2026 CAGR 24.4%
Value prognosis 2026 $19.89 trillion
base year 2018
Digital payments market size in 2018 $3.53 trillion
Historical data for 2015 to 2017

What does the future of digital payment look like?

Digital payments are on the rise as consumers turn away from traditional payment methods. The future of digital payments looks bright as more businesses and consumers adopt this convenient and secure payment method.

There are many reasons why digital payments are becoming increasingly popular. For businesses, digital payments can help reduce the costs associated with processing traditional payment methods like credit cards and checks. Digital payments are also more secure than traditional methods, which can help prevent fraud and other crimes.

Market Growth Drivers:

High vulnerability of financial information to online rogues to hamper digital payment market growth

Electronic payments are transactions between buyers and sellers facilitated by the Internet. These transactions require filling in private financial information such as card details, making the user vulnerable to cybercrime. Credit card fraud has become commonplace today as your card details can easily be obtained through phishing and hacking activities.

Additionally, protecting financial information requires huge investments in building robust digital infrastructure, which may not be possible in developing and underdeveloped countries. Finally, digital payments are highly dependent on a stable internet connection, which may not always be available, causing disruption and confusion in the market. However, the benefits of digital transactions far outweigh them and bode well for the growth of the digital payments market.

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Regional Analysis:

Mature consumer behavior to boost the Asia Pacific market

Asia Pacific is likely to dominate the digital payments market for the next decade as smartphones are rapidly adopted in densely populated countries like India and China. Consumer preferences are maturing and shifting toward digital and electronic means of doing business, says one of our senior analysts. Additionally, governments in the region are aggressively promoting digital payment methods, such as the Indian government’s Digital India campaign.

In 2018, the North American market size was US$0.96 trillion in terms of transaction value and the region is expected to grow remarkably due to the presence of some of the world’s largest financial institutions and technology pioneers. In Europe, a large proportion of people own smartphones and the banking sector in the EU member states is robust, which bodes well for the market in the region.

Market segmentation:

By payment method: The payment type is divided into mobile payment, online banking, point of sale and digital wallet.

By industry: Digital Payments Industry in Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics & Others (Education, IT & Telecom, etc.)

Competitive landscape:

Ensuring transaction security as a central focus of the main players

With cybercrime cases on the rise, competitors are focusing on developing convenient yet secure services to minimize the possibility of fraudulent activity. Many companies are actively collaborating to develop innovative solutions, while other companies are targeting niche sectors in emerging markets.

  • August 2021 – Amazon Inc. has partnered with Affirm Holdings to offer a dedicated Buy now, pay later (BNPL) service to some of its prominent e-commerce customers. Businesses have seen high demand for BNPL services during the pandemic.
  • August 2021 – Boku Inc. launched the Mobile First (M1ST) mobile payment network along with more than 330 payment methods such as direct carrier billing, mobile wallets and real-time payment systems. This launch is available in 900 countries through a single integration.
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Companies covered in Digital Payments 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 reports:

Online payment market:

Global Online Payments Market Size, Share & COVID-19 Impact Analysis, By Payment, By Industry & Regional Forecast, 2022-2027.” The report further states that the market size was US$3,286.52 billion in 2019 and is expected to reach US$17,643.35 billion by 2027 will reach, representing a CAGR of 23.7% over the forecast period. The global online payments market will gain importance with the increasing use of artificial intelligence (AI) to improve payment processing, increasing transaction volume and payment fraud detection.

Mobile Payment Market:

The global mobile payments market size was USD 1.54 trillion in 2020. The market is expected to grow from $1.97 trillion in 2021 to $11.83 trillion in 2028 at a CAGR of 29.1% over the period 2021-2028. According to Fortune Business Insights™ expert analysts, the digitization of payment services and emerging e-commerce businesses are driving the increasing market developments. This information is provided to you in the report titled “Market share of mobile payments, 2022-2028.” Additionally, the companies present in the market offer rewards, ATMs, loyalty points, among others, to entice the customer to pay via mobile devices. This increases the use of these means of payment and thus the increasing demand.

Smart Payment Systems Market:

Smart payment systems are those that allow customers to pay their bills through smart platforms rather than using cash, check, or debit card. By using this technology, payment services that are subject to financial regulations can be performed from a smartphone. Users can pay for a range of services and smart items using their mobile phones instead of cash.

A key force driving the global Smart payment systems market Ahead is the growing number of initiatives around the world to promote smart payments. An increasing demand for smartphones as well as an increase in internet users are expected to drive this business.

Important points in the table of contents:

  • introduction
    • Definition, by segment
    • research approach
    • Sources
  • summary
  • market dynamics
    • Drivers, limitations and opportunities
    • New trends
  • Important Findings
    • Macro and microeconomic indicators
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Forces Analysis
  • Global Digital Payments Market Analysis, Insights and Forecasts, 2015-2026
    • Key Findings / Summary
    • Market size estimates and forecasts
      • By payment type (transaction value)
        • Mobile payment
          • approximation payment
          • remote payment
        • online banking
        • Cash
          • Debit card @POS
          • Credit card @POS
        • NFC card
        • digital wallet
      • By Industry (Transaction Value)
        • Media & Entertainment
        • retail trade
        • BFSI
        • automobile
        • Medicine & Healthcare
        • transport
        • consumer electronics
        • Other (Education, IT & Telecom, etc.)
      • By Geography (Transaction Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America
  • North America Digital Payments Market Analysis, Insights and Forecasts, 2015-2026
    • Key Findings / Summary
    • Market size estimates and forecasts
      • By payment type (transaction value)
        • Mobile payment
          • approximation payment
          • remote payment
        • online banking
        • Cash
          • Debit card @POS
          • Credit card @POS
        • NFC card
        • digital wallet
      • By Industry (Transaction Value)
        • Media & Entertainment
        • retail trade
        • BFSI
        • automobile
        • Medicine & Healthcare
        • transport
        • consumer electronics
        • Other (Education, IT & Telecom, etc.)
      • By Country (Transaction Value)
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Table of contents continued…

Frequently asked Questions:

How big is the digital payments market?

The global digital payments market is estimated at $19.89 trillion by 2026. The market recorded revenue of US$3.53 trillion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 24.4%.

What is digital payment?

Digital payment systems are systems that enable the electronic transfer of funds or payments. This can be done using 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 B. Online shopping, while others can be used for a variety of purposes.

Which country is the leader in digital payments?

Asia Pacific is expected to hold the highest market share in the digital payments market

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