Global Digital Payment Market to Grow at a Steady rate during 2022-2028

Published | 14 June 2022

Global Digital Payment Market is growing at a steady rate because of the growing internet penetration, rapid technology breakthroughs along with the penetration of smartphones which are also encouraging users to go for time-saving, efficient payments solutions and digital marketing…

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Digital Payment Market was worth USD 86.5 billion in the year 2021. It is estimated to grow at a CAGR of 12.1%, earning revenue of around USD 194.2 billion by the end of 2028. The lucrative growth of the Global Digital Payment Market is attributed to growing advanced technology, and increasing adoption of mobile payment followed by digital wallets and point of sale. Also, the increasing shift toward digital payment among the young generation and emerging e-Commerce platforms offers lucrative growth opportunities in the Global Digital Payment Market. Furthermore, the Global Digital Payment Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. However, the rising concern of the risk of theft and the lack of global standards for cross-border payments are the major restraining factors for the growth of the Global Digital Payment Market.

Based on Deployment, the Global Digital Payment Market is categorized into On-Premise and Cloud. On-premise segment dominates the market because it allows user testers to work in a stable environment that takes advantage of users existing technology assets. Moreover, based on the mode of payment, the Global Digital Payment Market is segmented into Digital Currencies, Bank Cards, Digital Wallets, Net Banking, Point of Sale, and Others. Digital Wallets dominate the markets owing to the digital payment wallet being a secure virtual container of cash that is used to transfer money and make payments. It is categorized into open and closed-loop wallets. Open-loop wallets can be used for POS and money transfers as well as the purchase of goods. This further drives the growth of the Global Digital Payment Market during the forecast period (2022-2028).

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Geographically, the Global Digital Payment Market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The Asia-Pacific segment accounts to hold the largest share in the market owing to the adoption of mobile payments and digital wallets in APAC that are likely to be higher than in other regions. Moreover, North America is expected to dominate the market in the upcoming years owing to the sophisticated and mature digital payments market. Moreover, globally, COVID-19 has imposed significant limitations on people's lives. This has also altered payments made, driven by lifestyle changes. Digital payment soared as word spread through family, friends, and campaigns worldwide. Therefore, across the spectrum, people found ways to live, work, transact and discover the uses of online transactions. Online payment has been providing the backbone for people to access their funds as they need them amidst the pandemic.

The leading market players in the Global Digital Payment Market are PayPal, PayU, Paytm, CCAvenue, Razorpay, Instamojo, Cashfree Payments, EBS, PhonePe, Cred, Zeta, BharatPe, BillDesk, Google Pay, Dhani, BHIM Axis Pay, MobiKwik, Amazon Pay, Yono by SBI, HDFC PayZapp, ICICI Pockets, and other prominent players. The market is highly competitive and fragmented with the presence of various global and regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity in the Global Digital Payment Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Digital Payment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Digital Payment Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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