Digital Payment Market Revenue, Share and Growth Rate to 2030

Digital Payment Industry Overview

The global digital payment market size was valued at USD 68.61 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030.

The worldwide increase in customer preference for real-time payments is one of the major factors driving the market growth. According to statistics provided by McKinsey & Company, India registered 25.6 billion real-time transactions in 2020, witnessing a 70% increase from 2019. The increasing adoption of mobile wallets can be attributed to this significant rise in the use of real-time payments in the country. E-commerce service providers are making efforts to strengthen their competitive positions by moving from traditional credit card and consumer finance solutions toward customer engagement solutions that leverage digital payments.

Gather more insights about the market drivers, restrains and growth of the Global Digital Payment Market

E-commerce companies are also making efforts to deploy their point-of-sale systems to expand their offerings in the digital payment space. For instance, retail giants, such as Shopify and Amazon, are developing point-of-sale systems capable of handling online and in-store transactions. These developments are encouraging banks to improve their digital payment services to preserve their market positions. Government bodies across the world are increasing the limit of contactless payment cards, creating new growth opportunities for market.

The growing adoption of 5G network worldwide is also expected to drive market growth. Strong network connectivity enables people to seamlessly make payments and buy products online using mobile devices.

Moreover, enhanced 5G connectivity also helps digital payment service providers implement fraud prevention measures more effectively. According to the GSM Association, 5G network is expected to cover nearly one-third of the world’s population by 2025. Transportation and logistics companies are entering into partnerships with digital payment solution providers to leverage the technology for maintaining social distancing amid the COVID-19 pandemic. For instance, in April 2021, Eurowag, a commercial transport solution provider, invested in Drivitty, a mobile service integrator. Through this partnership, the former company aims to provide vehicle fleet management to its customers.

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Market Share Insights

• October 2021: The Treasury and Financial Conduct Authority (FCA) increased the contactless payment limit from USD 50.92 to USD 113.16 in the U.K. This limit was previously increased by FCA from USD 33.95 to USD 50.92 in April 2020 as a COVID-19 measure to reduce contact between payment terminals and shoppers.
• October 2021: PXP Financial Inc., a payment processing service provider, announced its partnership with Shift4, a payment processing solution provider.

Key Companies profiled:

 Some of the prominent players in the global digital payment market are:

• Aliant Payments
• Aurus Inc.
• Adyen
• Financial Software & Systems Pvt. Ltd.
• PayPal Holdings Inc.
• Novatti Group Pty Ltd.
• ACI Worldwide, Inc.
• Global Payments Inc.
• Wirecard
• net
• Total System Services, Inc.

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