Digital Payments Market Projected to Embrace $361.30 Billion Opportunities by 2030: Grand View Research, Inc.

SAN FRANCISCO, September 19, 2022 /PRNewswire/ — The global digital payments market is expected to reach $361.30 billion to 2030 and expected expansion is at a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. In 2021, the digital payments market was evaluated $88.1 billion. The global cashless transactions showing an increase over the years are looking promising for the overall market growth. Global cashless transactions are expected to see significant growth due to usage and preference for cashless transactions, and growth of 1.9 trillion transactions is estimated by 2025.

Key industry insights and takeaways from the report:

  • Various initiatives have been taken to connect digital payments worldwide, along with increased government support.
  • Increasing urbanization and industrialization as well as the growing number of smartphone users in the world population have greatly contributed to the general market expansion.
  • The introduction of payment networks such as Master Card, Visa and RuPay in several countries worldwide contributes to the growth of the segment.
  • The increasing adoption of digital payment solutions in emerging markets, such as China and India, is intended to create growth opportunities for market participants in the Asia-Pacific region. The increasing demand for contactless payment methods by customers is the reason for banks to switch to digitalized solutions. This underlines the expansion of the BFSI segment.
  • in the Sep 2021Virgin Money and Global Payments, Inc. signed an agreement to use Global Payments’ distinctive two-way network, providing Virgin Money consumers with access to industry-leading digital payments experiences worldwide.
  • Launched in 2021, RealNet is a cloud-based Software as a Service (SaaS) platform that enables account-to-account (A2A) transactions for businesses, individuals and governments over real-time payment networks.

Read the full 150-page market research report for more insight, »Digital Payments Market Size Report, Share and Trend Analysis by Deployment (Cloud, On-Premise), by Solution (Payment Gateway, Payment Processing), by Payment Method, by Company Size, by End-Use, and Segment Forecasts, 2022-2030‘, published by Grand View Research.

Digital Payments Market Growth and Trends

Customer preference for real-time payments has recently increased worldwide. The Indian economy recorded real-time transactions of 25.6 billion in 2020, a growth of 70%. The COVID-19 pandemic has also had a positive impact on the digital payments market with an increase in online shopping and fears of virus transmission through physical money transactions.

The increasing preference for online shopping is a driving factor for the market. It offers users a number of benefits such as quick checkout options, a customized customer experience, and multiple payment options. In addition, companies are also developing improved smartwatches capable of contactless payment, similar to smartphones. For example, Xiaomi launched the brand new one Wed smart band 6 in cooperation with Master Card in December 2021capable of making contactless payments at Master Card terminals.

The smart city initiative adopted by the government is an important component for the growth of the digital payments market as digital payments are used in the different departments to deliver multiple citizen-to-government (C2G) and government-to-citizen to cover (G2C) payments . Accenture conducted a research study showing the value of transactions $7 trillion expected to transition from cash to card and other digital payments by 2023 and continue to grow $48 trillion until 2030.

The advent of digital wallets and the declining number of the world’s unbanked population appear favorable for digital payment providers to expand their customer base. Overall, the digital payments market is expected to grow owing to the driving factors such as the promotion of digital payments, increasing internet penetration, proliferation of smartphones enabling the growth of m-commerce and a surge in e-selling in commerce.

Digital Payments Market Segmentation

Grand View Research has segmented the global digital payments market based on solution, payment mode, delivery, company size, end-use, and region:

Digital Payments Market – Solution Outlook (Revenue, $Bn, 2017-2030)

  • application program interface
  • Payment Gateways
  • payment processing
  • Payment security and fraud management
  • transaction risk management
  • Other

Digital Payments Market – Payment Outlook (Revenue, $Bn, 2017-2030)

  • bank cards
  • digital currencies
  • Digital wallets
  • Net Banking
  • point of sale
  • Other

Digital Payments Market – Deployment Outlook (Revenue, $Bn, 2017-2030)

Digital Payments Market – Company Size Outlook (Revenue, $Bn, 2017-2030)

  • Large companies
  • Small and medium-sized businesses

Digital Payments Market – End-User Outlook (Revenue, $Bn, 2017-2030)

  • BFSI
  • healthcare
  • IT & Telecom
  • Media & Entertainment
  • Retail & Ecommerce
  • transport
  • Other

Digital Payments Market – Regional Outlook (Revenue, $Bn, 2017-2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • middle East & Africa

List of Major Players of Digital Payments Market

  • Aliant Payments
  • Aurus Inc.
  • adyen
  • Financial Software & Systems Pvt. GmbH.
  • PayPal Holdings Inc.
  • Novatti Group Pty Ltd.
  • ACI Worldwide, Inc.
  • Global Payments Inc.
  • Wirecard
  • Authorize.net
  • Total System Services, Inc.

Check out other related studies published by Grand View Research:

  • Contactless payment marketIt is expected to reach the global contactless payment market size $6.25 trillion by 2028, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 20.3% from 2021 to 2028. Various benefits are expected, such as: B. Improving service delivery and reducing transaction time through contactless payments to drive the market growth over the forecast period.
  • mobile payment market – Expected to reach global market size for mobile payments $587.52 billion by 2030, with a CAGR of 35.3% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market growth is driven by the increasing shift towards contactless payments amid the COVID-19 pandemic. Furthermore, the rising popularity of the e-commerce industry across the world is expected to accelerate the adoption of mobile payments over the forecast period.
  • Payment-as-a-Service market – Expected to reach global Payment-as-a-Service market size $25.7 billion will grow at a CAGR of 16.9% through 2027, according to a new report by Grand View Research, Inc. The digital disruption in the money transfer ecosystem, combined with the rising need for fast money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers are now demanding secure digital transaction processing systems to transfer money to their merchants and individuals.

Browse Grand View Research’s next generation technology industry research reports.

About Grand View Research

Grand View Research, a US-based market research and consulting firm, offers both syndicated and custom research reports and consulting services. Registered in California and headquarters in san francisco, the firm includes over 425 analysts and consultants who add more than 1200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries across 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.

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