The Digital Payment Market was valued at USD 114.41 Billion in 2024, and is projected to reach USD 361.30 Billion by 2030, rising at a CAGR of 21.40%. The market’s growth can be attributed to the increasing number of non-cash transactions, alongside technological advancements within the fintech sector. Numerous fintech firms and banks are striving to enhance their digital services in order to align with evolving customer demands. For instance, in January 2021, Mogo Inc., a financial technology and digital payment company, announced the shareholder's approval for the acquisition of a digital payment company, Carta. This acquisition is expected to help the former company strengthen its market presence.
Biometric authentication in digital payments is expected to gain momentum in the coming years. It is a method used for authentication which involves the verification of biological characteristics related to particular person. The authentications include factors such as facial recognition, fingerprint scanning, heartrate analysis, and vein mapping. According to Payments Industry Intelligence, biometric authentication solutions are expected to be used to secure USD 2.5 trillion worth of mobile payment transactions by 2024.
The increase in the adoption of innovative technologies, such as assisted checkouts (ACOs) in the retail industry, is expected to push digital payment industry towards growth. In recent days, various companies have been making efforts to deploy assisted checkout systems in retail stores. For instance, in June 2020, Walmart, a popular retail company has recently announced that they were testing their assisted checkout retail stores at multiple locations in Arkansas and Fayetteville. The traditional cashier checkout lanes in these stores were replaced by self-checkout systems.
The COVID-19 pandemic and its impact on public life has favorably propelled the market towards unprecedented growth. The pandemic has led this industry to an increased number of mobile-based payment solutions and online sales, These factors have been recognized as the major driving forces behind increasing demand for digital payment solutions across the globe. According to the study conducted by Accenture, transactions worth $7 trillion are expected to shift from cash to card and digital payments by 2023.
In presence of events which are acting as a catalyst for growth, i.e. collaborative deals between top players, the market is most likely to witness significant growth. For instance, in December 2023, a collaboration between PayPal Holdings Inc. and SAP was unveiled, marking the introduction of an enhanced integration aimed at streamlining digital payments for SAP customers. This partnership entails the development of a digital payments plug-in designed for the PayPal Braintree platform, leveraging the capabilities of the SAP Business Technology Platform (SAP BTP). These initiatives are expected to drive the market’s growth.
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Biometric authentication in digital payments is expected to gain momentum in the coming years. It is a method used for authentication which involves the verification of biological characteristics related to particular person. The authentications include factors such as facial recognition, fingerprint scanning, heartrate analysis, and vein mapping. According to Payments Industry Intelligence, biometric authentication solutions are expected to be used to secure USD 2.5 trillion worth of mobile payment transactions by 2024.
The increase in the adoption of innovative technologies, such as assisted checkouts (ACOs) in the retail industry, is expected to push digital payment industry towards growth. In recent days, various companies have been making efforts to deploy assisted checkout systems in retail stores. For instance, in June 2020, Walmart, a popular retail company has recently announced that they were testing their assisted checkout retail stores at multiple locations in Arkansas and Fayetteville. The traditional cashier checkout lanes in these stores were replaced by self-checkout systems.
The COVID-19 pandemic and its impact on public life has favorably propelled the market towards unprecedented growth. The pandemic has led this industry to an increased number of mobile-based payment solutions and online sales, These factors have been recognized as the major driving forces behind increasing demand for digital payment solutions across the globe. According to the study conducted by Accenture, transactions worth $7 trillion are expected to shift from cash to card and digital payments by 2023.
In presence of events which are acting as a catalyst for growth, i.e. collaborative deals between top players, the market is most likely to witness significant growth. For instance, in December 2023, a collaboration between PayPal Holdings Inc. and SAP was unveiled, marking the introduction of an enhanced integration aimed at streamlining digital payments for SAP customers. This partnership entails the development of a digital payments plug-in designed for the PayPal Braintree platform, leveraging the capabilities of the SAP Business Technology Platform (SAP BTP). These initiatives are expected to drive the market’s growth.
Digital Payment Market Report Highlights
- Payment processing led the market and accounted for 26.7% of the global revenue in 2024. The increasing preference for online shopping across the globe is prompting retailers to adopt payment processing solutions to provide customers with seamless checkout experiences.
- Point of sales accounted for the largest market revenue share in 2024. Retail stores use point-of-sale systems for processing transactions.
- The on-premise segment accounted for the largest market revenue share in 2024. The on-premise deployment of digital payment provides organizations with complete control over applications and systems, which can be easily managed by the organization’s IT staff.
- Large enterprises accounted for the largest revenue share of 58.6 in 2024. Large retail stores increasingly demand digital payment solutions to enable their customers to conduct payments by maintaining social distancing.
- BFSI end use led the market with a share of 23.2% in 2024. The rising demand for digital remittance for domestic and cross-border transactions is encouraging banks to adopt digital payment solutions.
- North America dominated the digital payment industry and accounted for a 33.5% share in 2024.
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This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
Chapter 4. Digital Payment Market: Solution Estimates & Trend Analysis
Chapter 5. Digital Payment Market: Mode of Payment Estimates & Trend Analysis
Chapter 6. Digital Payment Market: Deployment Estimates & Trend Analysis
Chapter 7. Digital Payment Market: Enterprise Size Estimates & Trend Analysis
Chapter 8. Digital Payment Market: End Use Estimates & Trend Analysis
Chapter 9. Digital Payment Market: Regional Estimates & Trend Analysis
Chapter 10. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
The companies profiled in this Digital Payment market report include:- Aliant Payments
- Aurus Inc.
- Adyen
- Financial Software & Systems Pvt. Ltd.
- PayPal Holdings Inc.
- Novatti Group Pty Ltd.
- ACI Worldwide, Inc.
- Global Payments Inc.
- Wirecard
- Authorize.Net
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 130 |
Published | April 2025 |
Forecast Period | 2024 - 2030 |
Estimated Market Value ( USD | $ 114.41 Billion |
Forecasted Market Value ( USD | $ 361.3 Billion |
Compound Annual Growth Rate | 21.4% |
Regions Covered | Global |
No. of Companies Mentioned | 11 |