Digital Payment Market Size worth $243.42 Billion, Globally, by 2028 – Exclusive Report by The Insight Partners

Digital Payment Market is growing at a CAGR of 15.4% from 2021 to 2028.

Pune, India., Oct. 30, 2023 (GLOBE NEWSWIRE) — According to a new report on “Digital Payment Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Solutions and Services), Deployment (On-Premises and Cloud-Based), Organization Size (Small and Medium Enterprises and Large Enterprises), and Industry (BFSI, Retail and Ecommerce, Healthcare, Travel and Hospitality, Media and Entertainment, IT and Telecom, and Others), and Geography” the market in terms of revenue was estimated to be worth $89.04 billion in 2021 and is poised to reach $243.42 billion by 2028, growing at a CAGR of 15.4% from 2021 to 2028.

The growth of the digital payment market is driven by increasing prevalence of smartphones enabling expansion of m-commerce and rising adoption of contactless payments. However, surging demand for mobile point of sales (mPOS) is emerging as a future trend in the industry.

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Global Digital Payment Market Scope:

Rising Adoption of Contactless Payments Boosts Demand for Global Digital Payment Market:

The difference between physical and digital commerce is dissolving, and channels are converging increasingly. The in-store purchase experience has shifted significantly closer to the online one due to the strong emphasis on contactless payments during the COVID-19 pandemic. Also, before the pandemic, contactless payments were already well-established in a few regions. Touchless payments and/or biometric identification are prevalent in the online purchase experience. The contactless card is the most prevalent kind of touch-free payment. Mobile payments, on the other hand, are gaining popularity due to easy use and the growing popularity of original equipment manufacturer (OEM) Pay solutions as a retail payment method. In a few countries, retailers and governments proactively request the customers to increase contactless payments and encourage retailers to make this possible. Many banks have increased their contactless payment limits to reduce the need for a touchpad or cash at the point of sale, which is bolstering the growth of the market.

The growing demand for online payment methods worldwide propels the digital payment market growth. Many merchant offerings on online payment, such as point of sale and rebate, encourage users to utilize digital payment, which propels the demand for the digital payment. The digital payment market is growing due to rapid advancements in e-commerce, mobile payment technologies, and the growing use of mobile wallets. Globally, many governments are taking key initiatives to digitize payments; thus, this fosters economic growth and benefits end-users in many countries. For instance, in June 2021, Okay and FSS Technologies (Financial Software and Systems), a worldwide payments technology firm, announced their alliance to deliver focused authentication security to consumer payments, particularly transaction validation and authentication on mobile. With its next-generation products, technology, and solution offerings, FSS is already expanding its commercial potential in Europe.

The way people access the internet has a direct impact on the growth of mobile commerce. Users prefer smartphones over PCs for internet surfing as smartphones are more affordable, and high-speed internet is no longer a premium infrastructure in many countries. Retailers develop shopping applications that have easy-to-browse catalogs and a simple checkout experience. The fact that customers are intrinsically tied to their mobile phones is not missed by bankers and payment service providers. Banks provide banking apps that allow transactions to be completed on a mobile device’s screen. Mobile commerce has also shifted the way brick-and-mortar businesses work, particularly in terms of accepting cashless payments. All these factors drive the growth of the digital payment market.

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Global Digital Payment Market: Segmental Overview

The Digital Payment market is segmented on the basis of Component, Deployment, Organization Size, Industry, and Geography. Based on component, the digital payment market is bifurcated into solution and services. The solution segment contributed a larger revenue share in 2020. Based on deployment, the digital payment market is bifurcated into on-premise and cloud-based. The cloud-based segment held a larger revenue share in 2020. Based on organization size, the digital payment market is bifurcated into small and medium enterprises and large enterprises. The large enterprise segment held a larger revenue share in 2020. Based on industry, the digital payment market is segmented into BFSI, retail and Ecommerce, healthcare, travel and hospitality, media and entertainment, IT and telecom, and others. In 2020, the BFSI segment led the market globally. The digital payment market is segmented into five key regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC.

Global Digital Payment Market: Competitive Landscape

ACI Worldwide, Inc.; Adyen; Financial Software & Systems Pvt. Ltd.; Fiserv, Inc.; Global Payments Inc.; Novatti Group Ltd.; PayPal Holdings, Inc.; Paysafe Limited; Block, Inc.; and PayU are among the key players profiled in the global digital payment market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the market and its ecosystem.

Recent Developments:

• In 2021: The United Arab Emirates (UAE) and its local acquiring services demonstrated its commitment to the Middle East. With acquiring capabilities in the UAE, Adyen offers a better payment solution to domestic and international firms, allowing for greater authorization rates and smoother shopper flows. Foodics, Fabergé, and HMSHost International are among the first merchants to profit from Adyen’s acquisition service.
• In 2021: The Abu Dhabi Digital Authority (ADDA) and First Abu Dhabi Bank (FAB) announced the ‘Abu Dhabi Government Digital Payment Platform’ in 2020 to improve the delivery of public services (ADPay). ADPay comprises several value-added features. For example, multiple bills can be paid with a single payment. Customers can combine payments to multiple billers into a single transaction. The FSS bill payment module separates and pays transactions with corresponding billers in the backend.

Go through further research published by The Insight Partners:

E-commerce Payment Market – Global Analysis and Forecast to 2025

Payment Security Market – Global Analysis and Forecast to 2028

Mobile Payment Technologies Market – Global Analysis and Forecast to 2030

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