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Redding, California - December 2, 2022

Digital Payment Market Worth $274.61 Billion by 2029

Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography—Global Forecasts to 2029

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography—Global Forecasts to 2029’.

According to this latest publication from Meticulous Research^®, the digital payment market is projected to reach $274.61 billion by 2029, at a CAGR of 16.6% from 2022 to 2029. The growth of this market is attributed to the increased adoption of digital payment modes, rising government initiatives for the adoption of digital payment, and growing partnerships between banks and fintech to leverage customer experience. In addition, the increasing use of payment applications across different industry verticals and the rising adoption of contactless payment are expected to offer significant opportunities for the growth of this market. However, a low level of awareness of online payments in rural areas can restrain the growth of this market to some extent.

The digital payment market is segmented by offering, payment mode, end user, and organization size. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on offering, the digital payment market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the largest share of the global digital payment market. The increasing smartphone penetration across emerging economies, rising adoption and integration of mobile payment applications by businesses to accept digital payments, and growing internet penetration are some of the major factors driving the growth of this segment.

Based on payment mode, the digital payment market is segmented into digital wallets, banking cards, point of sales, internet banking, and other payment modes. In 2022, the digital wallets segment is expected to account for the largest share of the global digital payment market. According to a report by FIS, a financial services technology group, the use of digital-wallet-based transactions grew globally by 7% in 2020 and predicted that digital wallets will account for more than half of all e-commerce payments worldwide by 2024 as consumers shift from card-based to account- and QR code-based transactions. WorldPay’s 2020 Global Payments report predicts that, by 2023, 52.2% of e-commerce transactions and 29.5% of all POS transactions will be done through digital wallets. Thus, the increasing consumer shift towards digital wallets is driving the growth of this market.

Based on end user, the digital payment market is segmented into BFSI, retail, travel & hospitality, healthcare, IT & telecom, media & entertainment, and others. In 2022, the BFSI segment is expected to account for the largest share of the global digital payment market. The rising demand for digital remittances for cross-border and domestic transactions is encouraging banks to adopt digital payment solutions. Moreover, banks are also enhancing their offerings to compete with digital payment solutions providers, such as Google, Amazon, and Facebook. However, the retail segment is expected to grow with the highest CAGR during the forecasted period.

Based on organization size, the digital payment market is segmented into large enterprises and small and medium-sized enterprises. In 2022, the large enterprises segment is expected to account for the largest share of the global digital payment market. Increasing transactions of high valuations in large enterprises is expected to drive the growth of the payment security market. Digital payment solutions are adopted by large enterprises owing to the need to digitize their payment landscape, cater to dynamic customer trends, streamline business operations, and enhance market competitiveness. Large organizations follow the omnichannel approach, focusing on enriching the customer experience. Integrating digital payment solutions, such as digital wallets and payment processing, with the existing payment landscape of large organizations is essential for large enterprises.

Based on geography, the digital payment market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the digital payment market. North America’s strong financial position enables it to invest heavily in advanced solutions and technologies, which has provided regional organizations with a competitive edge in the market. The growing use of smartphones, increasing internet speed and reliability, and a growing user base of tech-savvy millennials provide significant opportunities for this market’s growth and integration. In addition, the rising consumer shift towards online payment mode is driving the growth of this market.

Key Players:

The key players operating in the digital payment market are PayPal Holdings, Inc. (U.S.), Fiserve, Inc. (U.S.), FIS (U.S.), Block, Inc., formerly Square, Inc. (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.), Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc. (U.S.), JPMorgan Chase & Co. (U.S.), WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies, Inc. (U.S.)

Download PDF Brochure @ https://www.meticulousresearch.com/download-sample-report/cp_id=5410

Key questions answered in the report-

Which are the high-growth market segments based on offering, payment mode, end user and organization size?
What was the historical market for digital payment?
What are the market forecasts and estimates for the period 2022–2029?
What are the major drivers, restraints, and opportunities in the digital payment market?
Who are the major players, and what shares do they hold in the digital payment market?
How is the competitive landscape in the digital payment market?
What are the recent developments in the digital payment market?
What are the different strategies adopted by the major players in the digital payment market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global digital payment market, and how do they compete with the other players?

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Redding, California - December 2, 2022

Digital Payment Market Worth $274.61 Billion by 2029

Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography—Global Forecasts to 2029

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