DUBLIN--(BUSINESS WIRE)--The "Digital Payment Market Report, Forecast by Type, Offering, End User, Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The global digital payment market was valued at US$ 8.97 Trillion in 2023 and the figure is expected to increase to US$ 28.16 trillion by 2032, a compound annual growth rate of 13.55% during the year 2024 to 2032.
Such factors as internet and mobile phone usage, government policies and incentives, shift in the demand for the products, a huge boost in online buying and selling, and, most importantly, the push for financial inclusiveness all around the world.
The increasing consumer preference for making payments at any time and from any place is leading to the expansion of real-time payments systems across the globe due to enhanced smartphones, internet connectivity and non-tangible touch interfaces. The financial services providers and the FinTechs are always on the lookout for ways to make payments more efficient through application of advanced technologies.
Growth Factors in the Digital Payment Industry
Rising Smartphone Penetration and Internet Connectivity
Smartphone ownership and better connective network are some of the main factors that has greatly affected the digital payment market across the globe. When more and more users obtain affordable devices such as smartphones and have access to fast Internet more digital payments can be made. Mobile wallets, applications and online services for banking are now part of normal and regular usage around the world particularly in developing nations which have a rather limited formal banking sector.
The flexibility and efficiency of the corresponding transactions also contribute to this popularity even more. 4G and 5G networks increase user experience to perform transactions and more people use digital payments by leaving cash payments around the world. July 2024, a total of 5.45 billion people across the globe were using the internet, which was equivalent to 67.1 percent global population, based on the research from Kepios Pte. Ltd.
Government Initiatives and Regulatory Support
The governments of different countries are propagating nowadays for using digital payments as a tool to improve the conditions of people's financial literacy and decrease the share of cash payments. Sensational measures like REMO (Remonetization of Economy), establishing digital identification systems regarding identity (Aadhaar in India), governments are rewarding society to go cashless, for instance by offering tax exemptions and cashback on digital transactions. These measures joined with the increasing concerns related to the openness of the shadow economy and the increase of the demand on the application of the new technologies in the world make the global digital payment market develop.
Thus, in December 2023, the Governments of the Philippines and Ghana, along with such international organizations as United Nations (UN), the World Food Program, and the Better Than Cash Alliance within the framework of the UN, began a new 'call to action' which was launched at the COP28 in the UAE, the Governments, Financial Institutions, and Private Companies, digital payments for efficient emergency responses were called to start. They are the following: Such measures are far aiding in the development of the market.
Innovation in Payment Technologies and Fintech Growth
The global digital payment market is driven by technological change and innovation, as well as the development of more fintech. The advancement in technologies such as contactless payment, QR codes, blockchain, as well as biometric authentication are improving the security and ease of transaction. Fintech innovators lead these developments, providing simple digital payment apps that service different types of markets.
The increased usage of integrated super apps containing payment services is another reason. In the future as, financial technology advances itself through the use of AI, Big Data and Machine Learning is expected to make payment even more personalized and convenient which will help in fueling the growth of the digital payment market even more. Known as FedNow, in July 2023, the service was provided to enable many business and consumer participants conduct secure A2A payments.
India Digital Payment Market Overview
India's digital payments system -has evolved rapidly over the last few years. This has been encouraged by various developments in information and communication technology and by forward-looking Regulatory and Government policies. The trinity of near-universal account penetration, increasing smartphone penetration, and low-cost payment rails have led to a never-before boom in digital transactions. For instance, since April 2016, UPI has become synonymous with rapid digital payment, which has seen an exponential growth trajectory, and over 868 Cr transactions were processed in March 2023.
India's digital payments system has grown significantly over the last few years. This has been occasioned by other phenomena in information and communication technology as well as appropriate Regulatory and Government policies. The sheer account coverage, mobile phone coverage which is improving towards near universality and availability of low-cost payment rails have created a situation where digital transactions have never seen such a high. For example, UPI is often associated with fast digital payments since April 2016, and the growth diagram is rather exponential, and 868 Cr transactions were made in March 2023.
The growing popularity of the e-commerce sector in India has created the need to and to provide and efficient online payments. Today, several large-scale e-commerce websites such as amazon and flipkart provide several ways to make online payment such as credit/debit card, internet banking, or even wallet. Today, many apps such as GooglePay, PhonePe and Paytm have been widely used as useful tools for easy and safe to make payments and it includes mobile recharge, bill payments and even peer to peer transactions. Introductions of the new payment and transactions methods such as; UPI, Bharat QR code, mobile wallets amongst others have encouraged cashless payments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 220 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $8.97 Trillion |
| Forecasted Market Value (USD) by 2032 | $28.16 Trillion |
| Compound Annual Growth Rate | 13.5% |
| Regions Covered | Global |
Company Analysis: Overview, Recent Development & Strategies, Product Portfolio, Financial Insights
- ACI Worldwide Inc.
- Aliant Payment Systems Inc.
- Amazon.com Inc.
- American Express Company
- Apple Inc.
- Fiserv Inc.
- Mastercard Incorporated
- Novetti Group Limited
- Paypal Holdings Inc.
- Visa Inc.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Digital Payment Market
6. Market Share
6.1 Type
6.2 Offering
6.3 End Use
6.4 Country
7. Type
7.1 Digital Commerce
7.2 Digital Remittances
7.3 Mobile POS Payments
8. Offering
8.1 Cards
8.2 ACH Transfer
8.3 Digital Wallet
8.4 Other Payment Modes
9. End User
9.1 BFSI
9.2 Retail & e-Commerce
9.3 Transportation & Logistics
9.4 Healthcare
9.5 Telecom & IT
9.6 Media & Entertainment
9.7 Others
10. Country
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Europe
10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherlands
10.2.8 Turkey
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 Australia
10.3.5 South Korea
10.3.6 Thailand
10.3.7 Malaysia
10.3.8 Indonesia
10.3.9 New Zealand
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina
10.5 Middle East & Africa
10.5.1 South Africa
10.5.2 Saudi Arabia
10.5.3 UAE
11. Porter's Five Analysis
11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Rivalry
11.4 Threat of New Entrants
11.5 Threat of Substitutes
12. SWOT Analysis
12.1 Strength
12.2 Weakness
12.3 Opportunity
12.4 Threat
For more information about this report visit https://www.researchandmarkets.com/r/iezz7a
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