Digital Payment Market worth $193.7 billion by 2028, growing at a CAGR of 11.8%: Report by MarketsandMarkets™

Chicago, March 08, 2024 (GLOBE NEWSWIRE) — The global Digital Payment Market size is projected to grow from $111.2 billion in 2023 to $193.7 billion by 2028, at a CAGR of 11.8% during the forecast period 2023 to 2028, according to a new report by MarketsandMarkets™..

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357 – Pages

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The global digital payment market is rising due to several key factors. Initiatives worldwide to promote digital payments, the widespread adoption of smartphones facilitating mobile commerce (m-commerce) growth, and the surge in eCommerce sales and increasing internet penetration are driving this trend. The use of mobile devices is expected to increase customer interactions with their banks, providing banks and financial institutions with valuable insights into customer needs. By offering a range of payment services, including mobile wallets, peer-to-peer (P2P) transfers, point-of-sale (POS) mobile card readers, and international remittances, banks and financial institutions can tap into new high-growth opportunities. To stay competitive in the face of non-bank providers and digital giants like Apple and Google, banks and financial institutions must revamp and personalize the payment experience. Strategic collaborations are necessary to keep up with the rapidly evolving digital landscape. Additionally, reaching out to unbanked and underbanked populations is a key priority in expanding financial services.

Digital Payment Market Dynamics:

Drivers:

  • Rising initiatives for promotion of digitized payments
  • High proliferation of smartphones enabling mCommerce growth
  • Rise of eCommerce and adoption of embedded payment system
  • High adoption of contactless payments
  • Increasing adoption of real-time payments and ACH transactions
  • Rise in changing consumer payment modes

Opportunities:

  • Provision of connectivity and digital literacy in remote areas
  • Increasing adoption of open-banking APIs
  • Rapid use of digital payments
  • Rise in government initiatives favouring adoption of digital payments.
  • Rise in digital payment startup and challengers’ banks
  • Advancements in technology with collaboration between banks and fintech institutions

Restraints:

  • Evolving cyber-attacks on digital payments

List of key players in Digital Payment Market:

  • PayPal (US),
  • Fiserv (US),
  • FIS (US),
  • Global Payments (US),
  • Square (US),
  • Stripe (US),
  • VISA (US),
  • Mastercard (US),
  • Worldline (France),
  • Adyen (Netherlands),

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Based on the service segment, the consulting segment is expected to grow with the highest CAGR during the forecast period.

Consulting services primarily focus on the management of operation resolution programs and the latest technological updates to help clients achieve their strategic business goals through technical and business improvements. These services also assist clients in building a strong business mechanism and enhancing their decision-making capabilities. Consulting services ensure an increased realization of benefits and facilitate proactive risk management associated with the implementation of digital payment solutions.

Based on the offering segment, the solution segment is expected to hold the largest market size during the forecast period.

Digital payment solutions encompass many technology-driven tools and platforms that facilitate electronic transactions. These solutions enable individuals and businesses to transfer funds and conduct value exchanges without needing physical currency. Examples of digital payment solutions include mobile wallets, online banking, credit and debit card payments, and peer-to-peer (P2P) transfers and transactions. They have gained popularity due to their convenience, speed, and accessibility and are employed for various purposes, including online shopping, bill settlement, fund transfers, and in-person purchases. In the digital era, these solutions have fundamentally transformed financial transactions, enhancing efficiency and security.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com

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