Payment Instruments Market to Hit $364.86 Billion by 2030: Grand View Research, Inc.

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13 Dec, 2022, 11:15 GMT

SAN FRANCISCO, Dec. 13, 2022 /PRNewswire/ -- The global payment instruments market size is expected to reach USD 364.86 billion by 2030, growing at a CAGR of 14.3% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing use of smartphones has enabled consumers to opt for payment platforms such as mobile wallets, scan to pay, and others for making payments, thereby driving the market growth. Moreover, consumer awareness about multiple payment systems such as a tap on the go, scan to pay, and other options and increasing expectations for secure and fast payments contribute significantly to market development.

Key Industry Insights & Findings from the report:

The mobile segment is expected to witness the fastest growth over the forecast period. Major players are aggressively introducing digital payment software and applications. This is helping the penetration of mobile-based payment instrument platforms among the general population, thereby propelling the growth of the segment.
The retail & e-commerce segment dominated the market in 2021. The retailers are adopting digital payment methods over cash to meet their dynamic demand. The growing popularity of e-commerce platforms contributes to increased transactions over the payment gateways, thus increasing the demand for digital payment instruments in the retail & e-commerce industry.
The Asia Pacific regional market is expected to witness the fastest growth over the forecast period. The growing awareness and adoption of various payment instrument platforms across the region are expected to play a decisive role in driving the growth of the regional market.

Read 140 page full market research report, "Payment Instruments Market Size, Share & Trends Analysis Report By Type (Desktop, Handheld, Mobile), By End-use (BFSI, Retail & E-commerce, Healthcare), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Payment Instruments Market Growth & Trends

In emerging markets, digital wallets are one of the prominent digital payment instruments empowering people by making financial services readily available. The growing use of digital wallets across the globe is expected to drive the growth of the market. For instance, according to a study conducted by World Payment, the number of digital wallet users is expected to grow from 2.3 billion in 2019 to approximately 4 billion by 2024.

Several players across the globe are providing consumers with benefits such as credit-based payments and are making heavy investments to capture market share and expand their businesses. The investments made by digital payments solution providers are expected to create new opportunities for market growth over the projected period. For instance, in March 2021, Payments Canada announced its collaboration with Interac. This collaboration aims to offer their Canadian customers real-time payment solutions.

The pandemic outbreak has contributed positively to the market's growth. Due to wellness restrictions and safety protocols, the adoption of contactless payment methods and touch-free digital payment methods has increased during the pandemic. Thus, increasing digitalization coupled with the introduction of tech-based payment terminals by market players is expected to drive market growth over the forecast period.

Payment Instruments Market Segmentation

Grand View Research has segmented the global payment instruments market based on type, end-use, and region:

Payment Instruments Market - Type Outlook (Revenue, USD Billion, 2017 - 2030)

Desktop
Handheld
Mobile

Payment Instruments Market - End-use Outlook (Revenue, USD Billion, 2017 - 2030)

BFSI
Healthcare
IT & Telecom
Media & Entertainment
Retail & E-commerce
Transportation
Others

Payment Instruments Market - 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 (MEA)

List of Key Players in Payment Instruments Market

NCR Corporation
Ingenico
PAX Technology
Verifone, Inc.
Newland Payment Technology
Fiserv, Inc.
Castles Technology
Clover Network, LLC
Equinox Payment
Dspread Technology (Beijing) Inc.

Check out more related studies published by Grand View Research:

Payment Gateway Market - The global payment gateway market is expected to reach USD 132.24 billion by 2030, expanding at a CAGR of 22.1% from 2022 to 2030, according to a new report by Grand View Research, Inc. Increase in online transactions, coupled with the advancements in payment methods, such as cash pooling, cashless transactions, and token systems, is expected to fuel the market growth. Moreover, rapidly increasing internet penetration across the globe is anticipated to fuel market growth over the forecast period.
Digital Payment Market - 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.
Payment Monitoring Market - The global payment monitoring market size is anticipated to reach USD 31.05 billion by 2027, registering a CAGR of 16.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. The payment monitoring market growth trends include increase in digital payments and need for reducing money laundering, managing Know Your Customer (KYC) compliance, and Counter Terrorism Funding (CTF) activities. Hence, various organizations are focusing on deploying payment monitoring solutions to constrain illegal activities, which shuts off the cash flow and help reduce such activities.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

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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