Digital Payment Market Size, Share Industry Growth Analysis Report

IMARC Group has recently released a new research study titled “Digital Payment Market Report by Component (Solutions, Services), Payment Mode (Bank Cards, Digital Currencies, Digital Wallets, Net Banking, and Others), Deployment Type (Cloud-based, On-premises), End Use Industry (BFSI, Healthcare, IT and Telecom, Media and Entertainment, Retail and E-commerce, Transportation, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

The global digital payment market size is expected to exhibit a growth rate (CAGR) of 15.62% during 2024-2032.

Global Digital Payment Market Trends:

The increasing trend of subscription-based services across various industries, including entertainment, software, and healthcare, is fueling the growth of the digital payment market. In line with this, consumers' preference for recurring payment models, coupled with businesses' desire for predictable revenue streams, is driving the adoption of digital subscription management platforms and recurring billing solutions.

Furthermore, the rise of the gig economy and freelance workforce, as more individuals engage in freelance work and on-demand services is boosting the need for efficient and flexible payment solutions to facilitate transactions between freelancers, clients, and platforms, driving demand for digital payment platforms.

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Factors Affecting the Growth of the Digital Payment Industry:

• Technological advancements:

The proliferation of smartphones, the internet, and the development of secure, scalable payment platforms have been pivotal. The widespread availability of smartphones has provided a ubiquitous platform for digital payments, enabling users to make transactions anytime and anywhere. Innovations in financial technology (FinTech) have led to the creation of user-friendly mobile wallets, contactless payment systems, and robust digital banking services. Blockchain technology and cryptocurrencies are further transforming the landscape by offering decentralized and secure payment options.

 Additionally, advancements in biometric authentication and artificial intelligence (AI) have enhanced the security and efficiency of digital payment systems, making them more attractive to consumers and businesses.

• Regulatory changes:

Government regulations and policies have a significant impact on the digital payment market. In many regions, governments are actively promoting cashless economies through supportive policies and frameworks. For instance, the European Union's Payment Services Directive 2 (PSD2) has encouraged open banking, fostering competition and innovation in the financial services sector. In countries like India, initiatives such as the Unified Payments Interface (UPI) and demonetization efforts have accelerated the adoption of digital payments. Regulatory bodies are also focusing on enhancing security standards and consumer protection measures to build trust in digital payment systems.

By setting standards for data protection, anti-money laundering (AML), and combating the financing of terrorism (CFT), governments and regulatory authorities are ensuring that digital payments are not only efficient but also secure, which is strengthening the market growth.

• Consumer behavior shifts:

Today’s consumers prioritize convenience, speed, and security in their financial transactions. The rise of e-commerce has played a significant role in driving digital payment adoption, as online shopping platforms integrate various digital payment methods to facilitate seamless transactions.

Additionally, the COVID-19 pandemic has spurred the shift towards digital payments, as consumers and businesses alike sought contactless payment solutions to minimize physical contact and adhere to social distancing norms. The growing familiarity and comfort with digital ecosystems, including social media and online services, have also contributed to the increased acceptance of digital payments. Millennials and Gen Z, in particular, show a marked preference for digital financial solutions, influencing the broader market trends.

Digital Payment Market Report Segmentation:

By Component:

Solutions

• Application Program Interface

• Payment Gateway

• Payment Processing

• Payment Security and Fraud Management

• Transaction Risk Management

• Others

Services

• Professional Services

• Managed Services

Solutions represent the largest segment by component due to the diverse range of digital payment platforms and software tailored to meet specific business needs.

By Payment Mode:

• Bank Cards

• Digital Currencies

• Digital Wallets

• Net Banking

• Others

Digital wallets dominate the market owing to their convenience, security features, and widespread acceptance across various retail and online platforms.

By Deployment Type:

• Cloud-based

• On-premises

On-premises accounts for the largest market share due to the preference of certain industries, especially those in highly regulated sectors like finance and healthcare, for maintaining direct control over their payment infrastructure.

By End Use Industry:

• BFSI

• Healthcare

• IT and Telecom

• Media and Entertainment

• Retail and E-commerce

• Transportation

• Others

BFSI sectors represent the biggest end-use industry because of the critical importance of secure and efficient payment systems within these sectors, coupled with their substantial investment capacities.

Regional Insights:

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa

North America leads the market due to its mature digital infrastructure, high smartphone penetration rates, and the presence of major tech companies and financial institutions driving innovation in digital payment technologies.

Competitive Landscape with Key Players:

The competitive landscape of the digital payment market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

• ACI Worldwide Inc.

• Adyen N.V.

• Aliant Payment Systems Inc.

• Amazon.com Inc.

• American Express Company

• Apple Inc.

• Fiserv Inc.

• Mastercard Incorporated

• Novetti Group Limited

• Paypal Holdings Inc.

• Stripe Inc.

• Total System Services Inc.

• Visa Inc.

• Wirecard AG

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Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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