Global Digital Payments Market Size 2024, Forecast To 2033

The digital payments market has experienced robust growth, climbing from $115.93 billion in 2023 to $126.47 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.1%. This growth in the historic period is attributable to strong economic growth in emerging markets, increased internet penetration, government initiatives in developing economies, rising e-commerce penetration, and increased availability of mobile devices. Looking forward to 2028, the market is poised for accelerated growth, projected to reach $180.26 billion at a CAGR of 9.3%. Contributing factors to this growth include the proliferation of smart cities, government initiatives for digital payments, the internet of things (IoT), increasing adoption of 5G networks, higher internet penetration, and the influence of the COVID-19 pandemic. Noteworthy trends in the forecast period involve offering digital wallet services for enhanced customer convenience, providing wearable payment devices for quicker payments, investing in QR-based payment technologies to reach a broader audience, developing robust contactless payment options, investing in AI solutions to improve efficiency, and exploring blockchain technologies for interoperable, efficient, affordable, and accessible financial systems, along with offering payment solutions in fuel stations to reduce operational costs.