Digital Payment Market Size, Share & Trends Analysis Report By Offering (Solutions (Payment Gateway, Payment Processors, Payment Wallet, Point of Sale, and Other Solutions), Services (professional services (Consulting, Implementation, Support & Maintenance), Managed Services), By Transaction Type, Payment Mode, By Vertical, By Region, And By Segment Forecasts, 2025-2034

Global Digital Payment Market Size is valued at USD 124.8 Billion in 2024 and is predicted to reach USD 357.7 Billion by the year 2034 at a 11.2% CAGR during the forecast period for 2025-2034.

Digital payment refers to transferring payments via electronic devices such as mobile phones, computers, etc. This technology has been consistently advancing over the past few years.   Many additional payment options have been integrated into the digital payment system, encompassing online transactions, card swapping, NFC card tapping, and code scanning. Digital payments continue to evolve with ongoing technological advancements, offering consumers and businesses more secure and efficient ways to manage financial transactions. This constant improvement and variety of payment methods are increasing the popularity of digital payments. Furthermore, expanding internet access to every available location increases the demand for digital payment. Smartphone adoption is also prompting people to pursue digital marketing.

Moreover, the COVID-19 pandemic has had a favourable impact on the industry, resulting in a significant increase in online sales as well as the increased use of online payment methods. During the pandemic, customers worldwide have migrated from offline to internet buying. Customer fear about being in crowded areas during the pandemic is fuelling demand for online retailing.

Competitive Landscape

Some Major Key Players In The Digital Payment Market:

• PayPal (US)
• Fiserv (US)
• FIS (US)
• Global Payments (US)
• Square (US)
• Stripe (US)
• VISA (US)
• Mastercard (US)
• Worldline (France)
• Adyen (Netherlands)
• ACI Worldwide (US)
• Temenos (Switzerland)
• PayU (Netherlands)
• Apple (US)
• JPMorgan Chase (US)
• WEX (US)
• FLEETCOR (US)
• Aurus (US)
• PayTrace (US)
• Stax by FattMerchant (US)
• Verifone(US)
• Spreedly (US)
• Dwolla (US)
• BharatPe (India)
• Payset (UK)
• PaySend (UK)
• MatchMove (Singapore)
• Ripple (US)
• EBANX (Brazil)

Market Segmentation:

The Digital Payment Market comprises significant segments like offering, transaction type, payment mode, and vertical. As per the offerings, the market is divided into solutions and services.

The solutions segment includes payment gateway solutions, payment processor solutions, payment wallet solutions, point of sale (POS) solutions, and others. According to services, the market comprises professional services and managed services. The professional services segment includes consulting, implementation, and support & maintenance. By transaction type, the market is segmented into domestic and cross-border. The payment mode segment includes cards, ACH transfers, digital wallets, and others. The vertical segment is divided into BFSI, retail & e-commerce, IT & ITES, Telecom, Healthcare, travel & hospitality, transportation & logistics, media & entertainment, and others.

Based On Vertical, The Media & Entertainment Segment Is A Major Contributor To The Digital Payment Market. 

The media & entertainment category is expected to hold a major share of the global Digital Payment Market in 2024. The rise of the smartphone market and the availability of high-speed and low-cost data services are driving the growth of this industry. This vertical is witnessing a significant transition in how media content is available to customers. While print and electronic media remain the dominant traditional techniques in the media and entertainment sectors, the availability of digital media material via mobile devices facilitated by the internet is fast rising.

The Payment Wallet Solutions Segment Witnessed Growth At A Rapid Rate.

The payment wallet solutions segment is projected to grow rapidly in the global Digital Payment Market. Payment wallets, which are often accessed through mobile apps, let users digitally store, manage, and conduct various financial activities. They can connect to different payment methods and support a wide range of transactions. Payment wallets are frequently used to make in-store and online purchases, as well as bill payments and peer-to-peer transfers. They promote financial inclusion, encourage competition, and adhere to financial regulations. While global competitors such as Apple Pay and Google Pay dominate, localized providers serve specific regions as well. Payment wallets are essential in modern digital finance.

In The Region, The Asia Pacific Digital Payment Market Holds A Significant Revenue Share.

The Digital Payment Market of Asia Pacific is expected to record the maximum market share in revenue in the near future. The Asia Pacific Digital Payment market includes China, Japan, India, and other countries. Due to a variety of circumstances, the Asia-Pacific (APAC) region is seeing an increase in demand for digital payment solutions. Rapid economic growth, broad smartphone usage, a tech-savvy population, the e-commerce boom, government initiatives, international trade, urbanization, fintech innovation, and an emphasis on financial inclusion all contribute to this demand. The dynamic economies of APAC, as well as the growing need for convenient and secure financial transactions, are driving the adoption of digital payment systems, making the area a hotspot for digital payment innovation and expansion.

Additionally, North America is expected to grow at a significant rate. Factors such as increased deployment and technological advancements in smart parking meters boost the regional market. Furthermore, the growing number of unmanned establishments in the United States is increasing the demand for digital payment solutions.

Recent Developments:

• In Sept 2023, Temenos contributed cutting-edge payment functionalities to IBM Cloud, thereby facilitating the transformation of financial institutions with an emphasis on security and adherence to regulations.   Availability was extended to the Temenos Payments Hub on IBM Cloud for Financial Services throughout IBM's hybrid cloud infrastructure, powered by LinuxONE and Red Hat OpenShift with IBM Power.

• In Aug 2023, PayPal Holdings Inc introduced stablecoin, making it the first major financial company. This action has the potential to greatly enhance the sluggish acceptance of digital tokens for transactions. 

Digital Payment Market Report Scope