Digital Payment Market Size Worth $361.30 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, Feb. 1, 2022 /PRNewswire/ -- The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020. The rising demand for digital payments has encouraged several smartwatch providers to introduce enhanced smartwatches capable of making contactless payments.

Key Insights & Findings from the report:

• The payment processing solution segment is expected to retain its dominance over the forecast period. The introduction of payment networks, such as MasterCard, Visa, and RuPay, in multiple countries across the globe, contribute to the segment growth
• The point of sales segment led the market in 2021. The growing preference for digital wallets while paying for e-commerce transactions & online purchases supported the segment growth. Rising adoption of point of sales solutions among brick-and-mortar retail stores will drive the segment during the forecast period
• The on-premise deployment segment dominated the market in 2021. The on-premise deployment of digital payment solutions facilities secures transactions. As a result, various organizations prefer on-premise digital payment solutions
• The large enterprise size segment dominated the market in 2021. Many large enterprises have adopted digital payment solutions to efficiently manage their payment transactions, improve visibility of transactions, and enhance customer experience by reducing the time required to complete the payment
• The BFSI end-use segment led the market in 2021. The continued digitalization of banks and other financial institutions accentuates the growth of the BFSI segment. Banks are adopting digitalized solutions due to the increasing customer demand for contactless payment methods
• The increasing adoption of digital payment solutions in emerging economies, such as China and India, is expected to create growth opportunities for market players in the Asia Pacific region. A rise in government efforts aimed at encouraging digital payments in Asia Pacific region is also one of the major factors contributing to the regional market growth

Read 150 page market research report, "Digital Payment Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-premise), By Solution (Payment Gateway, Payment Processing), By Mode of Payment, By Enterprise Size, By End Use, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

For instance, in December 2021, Xiaomi launched the Mi Smart Band 6, which has been built in collaboration with MasterCard and is capable of conducting contactless payments at MasterCard terminals. Growing smart city projects worldwide are also expected to accentuate market growth. Digital payment forms an integral part of the smart city vision and is witnessing a notable rise in demand from local government bodies and citizens. Under the smart city initiative, digital payments are used across various departments to cover multiple Citizen-to-Government (C2G) and Government-to-Citizen (G2C) payments.

C2G payments include taxes, toll and transit, and water bills while G2C payments include monetary awards, scholarships, and subsidies. The COVID-19 pandemic is expected to impact the market growth favorably over the forecast period. The rise in demand for mobile-based payments and increased online sales worldwide are among the major factors that boosted the market growth during the pandemic. According to a study conducted by Accenture, an information technology company, transactions of value USD 7 trillion are projected to shift from cash to card and digital payments by 2023 and grow to USD 48 trillion by 2030.

Market Segmentation:

Grand View Research has segmented the global digital payment market on the basis of solution, mode of payment, deployment, enterprise size, end use, and region:

• Digital Payment Solution Outlook (Revenue, USD Billion, 2017 - 2030)
• Application Program Interface
• Payment Gateway
• Payment Processing
• Payment Security & Fraud Management
• Transaction Risk Management
• Others
• Digital Payment Mode of Payment Outlook (Revenue, USD Billion, 2017 - 2030)
• Bank Cards
• Digital Currencies
• Digital Wallets
• Net Banking
• Point of Sales
• Others
• Digital Payment Deployment Outlook (Revenue, USD Billion, 2017 - 2030)
• Cloud
• On-premise
• Digital Payment Enterprise Size Outlook (Revenue, USD Billion, 2017 - 2030)
• Large Enterprises
• Small & Medium Enterprises
• Digital Payment End-use Outlook (Revenue, USD Billion, 2017 - 2030)
• BFSI
• Healthcare
• IT & Telecom
• Media & Entertainment
• Retail & E-commerce
• Transportation
• Others
• Digital Payment Regional Outlook (Revenue, USD Billion, 2017 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa

List of Key Players of Digital Payment Market

• 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
• Total System Services, Inc.

Check out more studies related to digital payment/transaction solutions, published by Grand View Research:

• Payment Gateway Market – The global payment gateway market size was valued at USD 18.21 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 21.7% from 2021 to 2028. The growth can be attributed to the advancements in mobile payment technology and an increase in the use of mobile wallets.
• Contactless Payment Market – The global contactless payment market size was valued at USD 1.34 trillion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 20.3% from 2021 to 2028. The growth can be attributed to the increasing adoption of digital payment platforms across the globe.
• Real-Time Payments Market – The global real-time payments market size was valued at USD 13.55 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 34.9% from 2022 to 2030. The market growth can be attributed to the high proliferation of smartphones and the adoption of cloud-based solutions for faster payments.

Browse through Grand View Research's coverage of the Global Next Generation Technologies Industry.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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