The global digital payment market size is expected to reach USD 309.74 billion by 2030 according to a new study by Polaris Market Research. The report “Digital Payment Market Share, Size, Trends, Industry Analysis Report, By End-Use (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation, Others); By Solution; By Mode of Payment; By Deployment; By Enterprise Size; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The significant factors contributing to the market’s growth include secure transactions, anytime, anywhere, any mode; the convenience of use, assisting financial inclusion, no fear of losing cash, and many others. The rising prevalence of mobile wallets, debit cards, virtual currencies, credit cards, net banking, point of sale, and the rapid use of mobile apps are boosting the demand for the industry over the forecast period.
The widespread use of e-commerce has prompted individuals to embrace the virtual transaction method. Nowadays, people prefer to buy their groceries, personal care items, medications, and other goods online, where they can also take advantage of several profitable promotions like discounts, coupons, shopping vouchers, cashback, etc.
Point of sale is anticipated to rule the worldwide market in terms of compensation method during the forecast period due to its numerous benefits, including quicker services, more accuracy, increased security, extended transaction capabilities, and many others. Due to the fast growth of e-wallet transactions over the past few years, particularly among Generation Z, the industry is anticipated to register a profitable share throughout the forecast period.
North America has dominated the global industry growth in 2021 and is likely to witness the highest share over the forecast period. The growing evolution of virtual platforms, along with the rapid technological advancements and investments in virtual transaction offerings, is bolstering the demand for the market.
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Major participants such as Applepay, Spreedly, Paytrace, Paysafe, 2Checkout, Fiserv, Global Payments, Aliant Payments, ACI Worldwide, Adyen, Wex, Alipa, Due, Dwolla, Fattmerchant, FIS, Intuit, JPMorgan Chase, PayU, Square, Stripe, Visa, Paypal, and Worldline are some of the key players operating in the global market.
Polaris market research has segmented the digital payment market report on the basis of solution, mode of payment, deployment, enterprise size, end-use, and region:
Digital Payment, Solution Outlook (Revenue – USD Billion, 2018 – 2030)
- Application Program Interface
- Payment Gateway
- Payment Processing
- Payment Security & Fraud Management
- Transaction Risk Management
Digital Payment, Mode of Payment Outlook (Revenue – USD Billion, 2018 – 2030)
- Bank Cards
- Digital Currencies
- Digital Wallets
- Net Banking
- Point of Sales
Digital Payment, Deployment Outlook (Revenue – USD Billion, 2018 – 2030)
Digital Payment, Enterprise Size Outlook (Revenue – USD Billion, 2018 – 2030)
- Large Enterprises
- Small & Medium Enterprises
Digital Payment, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- IT & Telecom
- Media & Entertainment
- Retail & E-commerce
Digital Payment, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa