Digital Payment Market Growth, Size & Forecast 2028

4.3
Digital Payment Market Growth, Size & Forecast 2028

The Digital Payment Market was estimated around USD 79.3 billion in 2020 and is predicted to grow at a CAGR of 14.2% over the forecast period (2021-2028).

The Digital Payment Market was estimated around USD 79.3 billion in 2020 and is predicted to grow at a CAGR of 14.2% over the forecast period (2021-2028).

The factors driving the growth of Digital Payment Market includes increasing penetration of smartphones, tablets and laptops, improvements in the internet connectivity, rise in the e-commerce sales around the world and growing consumers preference for real-time payments. Moreover, Government schemes promoting digital literacy and opening of new bank accounts, technological advancements in digital payment solutions, growing popularity of mobile wallets and commercialization of 5G technology, are some of the additional factors supplementing the Digital Payment Market size. In addition, the increasing investments by leading players on research and development, strategic mergers, and collaboration between key players, rising disposable income and growing population growth rates, are further contributing to the market growth.

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However, growth of the Digital Payment Market is hindered due to lack of standards for international payments.

The leading players operating in the market are ACI Worldwide, Adyen, Aurus Inc., Dwolla, FattMerchant, FIS, Aliant Payments, Apple Pay, Dwolla and PayPal, among others.

Based on Component, the Solution segment is predicted to grow at a remarkable CAGR during the forecast period

Growing adoption of advanced technologies such as cloud computing and big data analytics by payment vendors, is pushing growth of the segment.

Based on Organization Size, the Large Enterprises segment is projected to capture the largest market share over the forecast period

Digital payment solutions enable large enterprise to promote contactless payment through smart banking cards and e-wallets, are propelling growth of the segment.

Based on Region, the Asia-Pacific is anticipated to hold the highest market share during the forecast period

Rise in the number of domestic digital solution providers, increasing focus on enhancing customer’s experience, Government policies supporting digital transactions, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2020, PayPal launched the QR code-based payment method to enable its target audience to buy and sell goods in 28 markets around the world.

In 2020, Fiserv introduced the unique product offering, Authorization Lift, to reduce the number of legitimate debit card transactions, which are wrongly identified and unnecessarily declined as fraudulent.

Market Segmentation

Segmentation by Component

Solutions

Services

Segmentation by Deployment Type

On-Premises

Cloud

Segmentation by Organization Size

Small and Medium-sized Enterprises

Large Enterprises

Segmentation by Vertical

Banking, Financial Services, and Insurance

Retail and Ecommerce

Healthcare

Travel and Hospitality

Transportation and Logistics

Media and Entertainment

Others

Segmentation by Region

Asia Pacific

China

Japan

India

Rest of APAC

North America

United States of America

Canada

Europe

United Kingdom

Germany

France

Spain

Rest of Europe

RoW

Brazil

South Africa

Saudi Arabia

UAE

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