Digital Payment Market Size to grow by USD 330.6 billion between 2024-2028
According to a research report “ Digital Payment Market” by End-user (Large enterprises, SMEs) Component (Solutions, Services) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 330.6 billion, at a CAGR of 30.44% during the forecast period. In today's digital age, online transactions have emerged as a preferred choice for consumers due to their ease, speed, and convenience. The proliferation of smartphones has enabled consumers to make transactions anytime, anywhere. Digital wallets, with their user-friendly interfaces, easy registration and login processes, and robust payment processing capabilities, have become the preferred mode of payment for many. The adoption of mobile devices and wearables has given rise to mobile payments, with retailers increasingly adopting platforms such as NFC POS terminals to facilitate seamless transactions. These terminals not only streamline payment processing but also enhance marketing efforts by providing valuable customer data and targeted promotions..
Browse market data tables, figures, and in-depth TOC on “Digital Payment Market” by End-user (Large enterprises, SMEs) Component (Solutions, Services) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By End-user, the Large enterprises segment is projected to dominate the market size in 2024
In the dynamic business landscape, the digital payment market is experiencing significant growth, driven by increasing consumer preference for contactless transactions and the convenience they offer. Companies are investing heavily in developing innovative solutions to cater to this demand, leveraging technologies such as blockchain, artificial intelligence, and machine learning. The market is expected to reach new heights, driven by factors such as government initiatives, increasing smartphone penetration, and improving internet connectivity.
By Component, Solutions segment is expected to hold the largest market size for the year 2024
In the dynamic business landscape, the digital payment market is experiencing exponential growth. Companies are increasingly embracing digital transactions to streamline operations, enhance customer experience, and improve financial inclusion. Key players in this sector leverage advanced technologies such as artificial intelligence, machine learning, and blockchain to offer secure, convenient, and efficient payment solutions. The market is expected to continue its robust expansion, driven by increasing smartphone penetration, rising internet usage, and government initiatives promoting digital transactions.
APAC is forecasted to hold the largest market size by region in 2024
The digital payment market is experiencing significant growth, driven by the increasing adoption of contactless transactions and the convenience they offer. Companies are investing heavily in innovative technologies, such as mobile wallets and biometric authentication, to streamline the payment process and enhance security. This shift towards digital payments is expected to continue, with estimates suggesting that the market will reach a value of USD1.5 trillion by 2025. Businesses are recognizing the benefits of digital payments, including increased efficiency, reduced transaction costs, and improved customer experience.
The Digital Payment Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the world of web, consumers are increasingly turning to digital payments for convenience and ease of use. With over billion people worldwide having internet accessibility and the penetration of smartphones reaching an all-time high, businesses are embracing digital payments to cater to this growing trend. According to recent statistics, over adults worldwide are using digital payments for cashless transactions. The digital payment market is witnessing significant technological developments, with Cloud-Based Digital Payment solutions like Verve Card, EPI, and EuPay leading the charge. Card-Based Transactions and Mobile Payment are two popular forms of digital payments, allowing users to make transactions using their Bank Accounts or Smartphones. Mobile wallets, in particular, have gained immense popularity due to the user-friendly nature of smartphone applications. Mobile phones have become an integral part of our daily lives, and retail terminals and POS systems are now equipped to accept digital payment cards and mobile payments. The digital payment market is expected to continue its growth trajectory, with the world's total value of digital payments projected to reach trillions of dollars in the coming years. As technological advancements continue to shape the way we make transactions, digital payments are set to become the norm for consumers and businesses alike.
Market Research Overview
The digital payment market has seen exponential growth in recent years, with consumers increasingly embracing cashless methods such as mobile pay, tap-to-pay, and virtual payments. This shift towards digital payments is driven by the convenience and user-friendliness of smartphones and increasing internet accessibility, with an estimated 4.6 billion people worldwide now using the internet and 5.2 billion adults worldwide making cashless transactions. However, this global initiative comes with risks, including fraudulent activities and safety concerns. To build consumer trust, innovative strategies and robust security measures are essential. Merchant Savvy and financial institutions are leading the charge, implementing NFC technology, QR codes, and other advanced solutions to ensure the safety and security of digital payments. Major players in the digital payments market include Mastercard Incorporated, Mastercard, Visa+, Venmo, PayPal, Samsung Pay, Google Pay, Apple Pay, and Mobile Payment Solutions. Tech-savvy consumers are driving demand for these services, with smartphone penetration rates continuing to rise and retail terminals becoming increasingly digital. Regulatory bodies are also playing a crucial role in shaping the digital payments landscape, with COP28 and the World Food Program exploring the potential of digital payments in international trade and humanitarian aid. E-commerce sales are expected to reach new heights as the world moves towards a cashless society, with cloud-based digital solutions from Oracle Banking, Mercury Payment, and others set to revolutionize the industry. Despite the challenges, the future of digital payments looks bright, with technological developments such as EPI, EuPay, and Verve Card set to transform card-based transactions and bank accounts. As the world becomes more interconnected, the importance of digital payments in our daily lives will only continue to grow.
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Jesse Maida
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