Summary

Digital Payment Market Analysis

The global digital payment market was US$ 8.97 Trillion in 2023 and the figure is expected to increase to US$ 28.16 trillion by 2032, a compound annual growth rate of 13.55% during the year 2024 to 2032. Such factors as internet and mobile phone usage, government policies and incentives, shift in the demand for the products, a huge boost in online buying and selling, and, most importantly, the push for financial inclusiveness all around the world.


Digital Payment Market Overview

Electronic transactions involve the use of digital technologies, where the transactions take place between parties without involving cash or other normal banking procedures. It is a method of making financial transactions through the use of mobile devices, the internet and other electronics systems for the transfer of cash. Traditional examples of digital payments are credit and debit card payments, online banking transfers, mobile payments, and innovative kinds are cryptocurrencies. To ensure the security of the conducted transactions, input of expansive financial information goes through the procedure of encryption.
Generally, digital or electronic payment refers to the transfer of value from one payment account to another without actual cash. This type of payment makes use of technologies such as mobile phone, computer, Point of Sales (PoS) terminals, and digital communication systems including special wiring for the Swift or mobile wireless data. In the aspect of the payments through the digital format, the main participants are the merchant, the consumer, and the payment network as well as a bank. The use of digital payments eliminates costs, enhances transparency and is secure to the individual, governments, firms as well as international development organizations. The shift towards digital payments has demonstrated to profoundly improve small business needs around the world, improve transaction speed and security, and do so without any risk or added cost.

The increasing consumer preference for making payments at any time and from any place is leading to the expansion of real-time payments systems across the globe due to enhanced smartphones, internet connectivity and non-tangible touch interfaces. The financial services providers and the FinTechs are always on the lookout for ways to make payments more efficient through application of advanced technologies.


Growth Factors in the Digital Payment Industry

Rising Smartphone Penetration and Internet Connectivity

Smartphone ownership and better connective network are some of the main factors that has greatly affected the digital payment market across the globe. When more and more users obtain affordable devices such as smartphones and have access to fast Internet more digital payments can be made. Mobile wallets, applications and online services for banking are now part of normal and regular usage around the world particularly in developing nations which have a rather limited formal banking sector. The flexibility and efficiency of the corresponding transactions also contribute to this popularity even more. 4G and 5G networks increase user experience to perform transactions and more people use digital payments by leaving cash payments around the world. July 2024, a total of 5.45 billion people across the globe were using the internet, which was equivalent to 67.1 percent global population, based on the research from Kepios Pte. Ltd.


Government Initiatives and Regulatory Support

The governments of different countries are propagating nowadays for using digital payments as a tool to improve the conditions of people’s financial literacy and decrease the share of cash payments. Sensational measures like REMO (Remonetization of Economy), establishing digital identification systems regarding identity (Aadhaar in India), governments are rewarding society to go cashless, for instance by offering tax exemptions and cashback on digital transactions. These measures joined with the increasing concerns related to the openness of the shadow economy and the increase of the demand on the application of the new technologies in the world make the global digital payment market develop. Thus, in December 2023, the Governments of the Philippines and Ghana, along with such international organizations as United Nations (UN), the World Food Program, and the Better Than Cash Alliance within the framework of the UN, began a new ‘call to action’ which was launched at the COP28 in the UAE, the Governments, Financial Institutions, and Private Companies, digital payments for efficient emergency responses were called to start. They are the following: Such measures are far aiding in the development of the market.


Innovation in Payment Technologies and Fintech Growth

The global digital payment market is driven by technological change and innovation, as well as the development of more fintech. The advancement in technologies such as contactless payment, QR codes, blockchain, as well as biometric authentication are improving the security and ease of transaction. Fintech innovators lead these developments, providing simple digital payment apps that service different types of markets. The increased usage of integrated super apps containing payment services is another reason. In the future as, financial technology advances itself through the use of AI, Big Data and Machine Learning is expected to make payment even more personalized and convenient which will help in fueling the growth of the digital payment market even more. Known as FedNow, in July 2023, the service was provided to enable many business and consumer participants conduct secure A2A payments.


India Digital Payment Market Overview

India’s digital payments system -has evolved rapidly over the last few years. This has been encouraged by various developments in information and communication technology and by forward-looking Regulatory and Government policies. The trinity of near-universal account penetration, increasing smartphone penetration, and low-cost payment rails have led to a never-before boom in digital transactions. For instance, since April 2016, UPI has become synonymous with rapid digital payment, which has seen an exponential growth trajectory, and over 868 Cr transactions were processed in March 2023.

India’s digital payments system has grown significantly over the last few years. This has been occasioned by other phenomena in information and communication technology as well as appropriate Regulatory and Government policies. The sheer account coverage, mobile phone coverage which is improving towards near universality and availability of low-cost payment rails have created a situation where digital transactions have never seen such a high. For example, UPI is often associated with fast digital payments since April 2016, and the growth diagram is rather exponential, and 868 Cr transactions were made in March 2023.

The growing popularity of the e-commerce sector in India has created the need to and to provide and efficient online payments. Today, several large-scale e-commerce websites such as amazon and flipkart provide several ways to make online payment such as credit/debit card, internet banking, or even wallet. Today, many apps such as GooglePay, PhonePe and Paytm have been widely used as useful tools for easy and safe to make payments and it includes mobile recharge, bill payments and even peer to peer transactions. Introductions of the new payment and transactions methods such as; UPI, Bharat QR code, mobile wallets amongst others have encouraged cashless payments.


Digital Payment Market Company Overview

Prominent companies that are leading the way in the Global Digital Payment Market are ACI Worldwide Inc., Aliant Payment Systems Inc., Amazon.com Inc., American Express Company, Apple Inc., Fiserv Inc., Mastercard Incorporated, Novetti Group Limited, Paypal Holdings Inc., and Visa Inc.


Digital Payment Market News

In December 2023, Visa Inc. announced a deal to acquire a controlling stake in Prosa, a prominent payments processor in Mexico. Prosa will continue to operate independently with its current infrastructure, while Visa will introduce digital solutions to expand its product line.
In November 2023, PayU, the leading Indian digital payment solutions supplier, released three groundbreaking Software Development Kits (SDKs) for mobile apps. These innovations are designed to improve payment experiences on mobile devices, increasing transaction success rates by up to 56%.
In July 2023, Mastercard and JazzCash joined forces to revolutionize digital payments in Pakistan with affordable acceptance options.
In April 2023, PayPal recently launched an updated version of its payment platform, allowing Apple Pay users to accept payments via PayPal.


Type – Market breakup in 3 viewpoints:

1. Digital Commerce
2. Digital Remittances
3. Mobile POS Payments


Offering – Market breakup in 4 viewpoints:

1. Cards
2. ACH Transfer
3. Digital Wallet
4. Other Payment Modes


End User – Market breakup in 7 viewpoints:

1. BFSI
2. Retail & e-Commerce
3. Transportation & Logistics
4. Healthcare
5. Telecom & IT
6. Media & Entertainment
7. Others


Country – Market breakup in 25 viewpoints:

North America

o United States
o Canada

Europe

o France
o Germany
o Italy
o Spain
o United Kingdom
o Belgium
o the Netherlands
o Turkey

Asia Pacific

o China
o Japan
o India
o Australia
o South Korea
o Thailand
o Malaysia
o Indonesia
o New Zealand

Latin America

o Brazil
o Mexico
o Argentina

Middle East & Africa

o South Africa
o Saudi Arabia
o United Arab Emirates


All the Key players have been covered from 4 Viewpoints:

• Overview
• Recent Development & Strategies
• Product Portfolio
• Financial Insights


Company Analysis:

1. ACI Worldwide Inc.
2. Aliant Payment Systems Inc.
3. Amazon.com Inc.
4. American Express Company
5. Apple Inc.
6. Fiserv Inc.
7. Mastercard Incorporated
8. Novetti Group Limited
9. Paypal Holdings Inc.
10. Visa Inc.

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Table of Contents

1. Introduction

2. Research Methodology

3. Executive Summary

4. Market Dynamics

4.1 Growth Drivers
4.2 Challenges


5. Global Digital Payment Market

6. Market Share

6.1 Type
6.2 Offering
6.3 End Use
6.4 Country


7. Type

7.1 Digital Commerce
7.2 Digital Remittances
7.3 Mobile POS Payments


8. Offering

8.1 Cards
8.2 ACH Transfer
8.3 Digital Wallet
8.4 Other Payment Modes


9. End User

9.1 BFSI
9.2 Retail & e-Commerce
9.3 Transportation & Logistics
9.4 Healthcare
9.5 Telecom & IT
9.6 Media & Entertainment
9.7 Others


10. Country

10.1 North America

10.1.1 United States
10.1.2 Canada

10.2 Europe

10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherlands
10.2.8 Turkey

10.3 Asia Pacific

10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 Australia
10.3.5 South Korea
10.3.6 Thailand
10.3.7 Malaysia
10.3.8 Indonesia
10.3.9 New Zealand

10.4 Latin America

10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina

10.5 Middle East & Africa

10.5.1 South Africa
10.5.2 Saudi Arabia
10.5.3 UAE


11. Porter’s Five Analysis

11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Rivalry
11.4 Threat of New Entrants
11.5 Threat of Substitutes


12. SWOT Analysis

12.1 Strength
12.2 Weakness
12.3 Opportunity
12.4 Threat


13. Key Players Analysis

13.1 ACI Worldwide Inc.

13.1.1 Overview
13.1.2 Recent Development
13.1.3 Product Portfolio
13.1.4 Financial Insight

13.2 Aliant Payment Systems Inc.

13.2.1 Overview
13.2.2 Recent Development
13.2.3 Product Portfolio
13.2.4 Financial Insight

13.3 Amazon.com Inc.

13.3.1 Overview
13.3.2 Recent Development
13.3.3 Product Portfolio
13.3.4 Financial Insight

13.4 American Express Company

13.4.1 Overview
13.4.2 Recent Development
13.4.3 Product Portfolio
13.4.4 Financial Insight

13.5 Apple Inc.

13.5.1 Overview
13.5.2 Recent Development
13.5.3 Product Portfolio
13.5.4 Financial Insight

13.6 Fiserv Inc.

13.6.1 Overview
13.6.2 Recent Development
13.6.3 Product Portfolio
13.6.4 Financial Insight

13.7 Mastercard Incorporated

13.7.1 Overview
13.7.2 Recent Development
13.7.3 Product Portfolio
13.7.4 Financial Insight

13.8 Novetti Group Limited

13.8.1 Overview
13.8.2 Recent Development
13.8.3 Product Portfolio
13.8.4 Financial Insight

13.9 Paypal Holdings Inc.

13.9.1 Overview
13.9.2 Recent Development
13.9.3 Product Portfolio
13.9.4 Financial Insight

13.10 Visa Inc.

13.10.1 Overview
13.10.2 Recent Development
13.10.3 Product Portfolio
13.10.4 Financial Insight