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Digital Payment Global Market Report 2023 – By Mode Of Payment (Point Of Sale, Online Sale), By EndUser Industry (Retail, Banking And Financial Service, Telecommunication, Government, Transportation, Other End Use Industries), By Deployment (Cloud, OnPremise), By Enterprise (Large Enterprises, Small And Medium Enterprises) – Market Size, Trends, And Global Forecast 2023-2032

Starting Price : $4000.00 | Pages : 175 | Published : January 2023 | SKU CODE : r1284 | Delivery Time: 2-3 business days | Format :


Digital payments are a payment mode that uses digital medium such as the internet, cell phones and automated devices to send and receive money. It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money.

The main types of digital payments are point of sale and online sales. Online sales refer to the sales of products and payments made online. The various deployments are cloud-based and on-premise. The services are used in retail, banking and financial services, telecommunications, government, transportation, and other digital payments.

The digital payments research report is one of a series of new reports from The Business Research Company that provides digital payments statistics, including digital payments industry global market size, regional shares, competitors with digital payments share, detailed digital payments segments, market trends and opportunities, and any further data you may need to thrive in the digital payments industry. This digital payments research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The global digital payments market will grow from $96.19 billion in 2022 to $111.11 billion in 2023 at a compound annual growth rate (CAGR) of 15.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global digital payments market is expected to grow to $197.87 billion in 2027 at a CAGR of 15.5%.

Quick onboarding and ease of use are expected to drive the digital payments market. Individuals require flexibility, transparency, and friction-free onboarding. They are more attracted to such methods which are frictionless, and as a result, software innovators such as Square and PayPal are using automation to decrease the onboarding time to a few minutes. Digital payments are very easy to use compared to conventional methods as they only require a bank account or phone number and a smartphone with an internet facility. For instance, according to new data compiled by Taiwan's government, out of a population of about 23 million, nearly 10 million are mobile payment users. The ease of adoption increases the number of users, thereby contributing to the growth of the market.

A breach in security is expected to hinder the digital payments market globally. The increase in the digitalization of payments has led to security breaches, incurring losses to merchants and customers as well. According to the 2022 AFP® Payments Fraud and Control Survey, 71% of the respondent organizations were victims of payment fraud or attempt. The threat of security thereby hinders the digital payment market.

Contactless payment technology is soaring in the digital payments market. Many users are increasingly opting for contactless payment technologies such as mobile wallets, contactless cards, and others as they are more secure and convenient to use. Contactless payment technology uses radio frequency identification (RFID) or near-field communication (NFC) for the transmission of amounts among users. Mobile payments transaction volume reached $1.7 billion in 2021 whicvh was a 27% increase as compared to 2020.

In August 2022, Razorpay, a Bengaluru-based fintech startup, acquired 80% of Ezetap for an undisclosed amount. The acquisition would strengthen the digital payments infrastructure of Razorpay and help it better serve its customers. Ezetap is a Bengaluru-based digital payments startup. 

Major players in the digital payments market are Alipay, Amazon Pay, Apple Pay, Tencent, Google Pay, First Data, Paypal, Fiserv, Visa Inc., and MasterCard.

Asia-Pacific was the largest region in the digital payments market in 2022. Western Europe was the second largest region in the global digital payments market. The regions covered in the global digital payments report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the digital payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The digital payments market consists of revenues earned by entities that are engaged in facilitating payment transfers through digital medium such as the internet, cell phones and automated devices. The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts. This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others. Revenue generated from the payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The global digital payments market is segmented -

1) By Mode Of Payment: Point Of Sale, Online Sale

2) By End-User Industry: Retail, Banking And Financial Service, Telecommunication, Government, Transportation, Other End Use Industries

3) By Deployment: Cloud, On-Premise

4) By Enterprise: Large Enterprises, Small And Medium Enterprises

    Table Of Contents

    1. Executive Summary

    2. Digital Payments Market Characteristics

    3. Digital Payments Market Trends And Strategies

    4. Digital Payments Market – Macro Economic Scenario

    4.1 COVID-19 Impact On Digital Payments Market

    4.2 Ukraine-Russia War Impact On Digital Payments Market

    4.3 Impact Of High Inflation On Digital Payments Market

    5. Digital Payments Market Size And Growth

    5.1. Global Digital Payments Historic Market, 2017-2022, $ Billion

    5.1.1. Drivers Of The Market

    5.1.2. Restraints On The Market

    5.2. Global Digital Payments Forecast Market, 2022-2027F, 2032F, $ Billion

    5.2.1. Drivers Of The Market

    5.2.2. Restraints On the Market

    6. Digital Payments Market Segmentation

    6.1. Global Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Point of Sale

    Online Sale

    6.2. Global Digital Payments Market, Segmentation By End-user Industry, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Retail

    Banking and Financial Service

    Telecommunication

    Government

    Transportation

    Other End Use Industries

    6.3. Global Digital Payments Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Cloud

    On-Premise

    6.4. Global Digital Payments Market, Segmentation By Enterprise, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Large Enterprises

    Small And Medium Enterprises

    7. Digital Payments Market Regional And Country Analysis

    7.1. Global Digital Payments Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    7.2. Global Digital Payments Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    8. Asia-Pacific Digital Payments Market

    8.1. Asia-Pacific Digital Payments Market Overview

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

    8.2. Asia-Pacific Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    9. China Digital Payments Market

    9.1. China Digital Payments Market Overview

    9.2. China Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion

    10. India Digital Payments Market

    10.1. India Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    11. Japan Digital Payments Market

    11.1. Japan Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    12. Australia Digital Payments Market

    12.1. Australia Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    13. Indonesia Digital Payments Market

    13.1. Indonesia Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    14. South Korea Digital Payments Market

    14.1. South Korea Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    15. Western Europe Digital Payments Market

    15.1. Western Europe Digital Payments Market Overview

    15.2. Western Europe Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    16. UK Digital Payments Market

    16.1. UK Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    17. Germany Digital Payments Market

    17.1. Germany Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    18. France Digital Payments Market

    18.3. France Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    19. Eastern Europe Digital Payments Market

    19.1. Eastern Europe Digital Payments Market Overview

    19.2. Eastern Europe Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    20. Russia Digital Payments Market

    20.1. Russia Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    21. North America Digital Payments Market

    21.1. North America Digital Payments Market Overview

    21.2. North America Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    22. USA Digital Payments Market

    22.1. USA Digital Payments Market Overview

    22.2. USA Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    23. South America Digital Payments Market

    23.1. South America Digital Payments Market Overview

    23.2. South America Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    24. Brazil Digital Payments Market

    24.1. Brazil Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    25. Middle East Digital Payments Market

    25.1. Middle East Digital Payments Market Overview

    25.2. Middle East Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    26. Africa Digital Payments Market

    26.1. Africa Digital Payments Market Overview

    26.2. Africa Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    27. Digital Payments Market Competitive Landscape And Company Profiles

    27.1. Digital Payments Market Competitive Landscape

    27.2. Digital Payments Market Company Profiles

    27.2.1. Alipay

    27.2.1.1. Overview

    27.2.1.2. Products and Services

    27.2.1.3. Strategy

    27.2.1.4. Financial Performance

    27.2.2. Amazon Pay

    27.2.2.1. Overview

    27.2.2.2. Products and Services

    27.2.2.3. Strategy

    27.2.2.4. Financial Performance

    27.2.3. Apple Pay

    27.2.3.1. Overview

    27.2.3.2. Products and Services

    27.2.3.3. Strategy

    27.2.3.4. Financial Performance

    27.2.4. Tencent

    27.2.4.1. Overview

    27.2.4.2. Products and Services

    27.2.4.3. Strategy

    27.2.4.4. Financial Performance

    27.2.5. Google Pay

    27.2.5.1. Overview

    27.2.5.2. Products and Services

    27.2.5.3. Strategy

    27.2.5.4. Financial Performance

    28. Key Mergers And Acquisitions In The Digital Payments Market

    29. Digital Payments Market Future Outlook and Potential Analysis

    30. Appendix

    30.1. Abbreviations

    30.2. Currencies

    30.3. Historic And Forecast Inflation Rates

    30.4. Research Inquiries

    30.5. The Business Research Company

    30.6. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2017-2022, $ Billion
  • Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
  • Table 3: Global Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 4: Global Digital Payments Market, Segmentation By End-user Industry, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 5: Global Digital Payments Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 6: Global Digital Payments Market, Segmentation By Enterprise, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 7: Global Digital Payments Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 8: Global Digital Payments Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 9: Asia-Pacific, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 10: China, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 11: India, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 12: Japan, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 13: Australia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 14: Indonesia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 15: South Korea, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 16: Western Europe, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 17: UK, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 18: Germany, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 19: France, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 20: Eastern Europe, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 21: Russia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 22: North America, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 23: USA, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 24: South America, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 25: Brazil, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 26: Middle East, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 27: Africa, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 28: Alipay Financial Performance
  • Table 29: Amazon Pay Financial Performance
  • Table 30: Apple Pay Financial Performance
  • Table 31: Tencent Financial Performance
  • Table 32: Google Pay Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2017-2022, $ Billion
  • Figure 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
  • Figure 3: Global Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 4: Global Digital Payments Market, Segmentation By End-user Industry, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 5: Global Digital Payments Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 6: Global Digital Payments Market, Segmentation By Enterprise, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 7: Global Digital Payments Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 8: Global Digital Payments Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 9: Asia-Pacific, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 10: China, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 11: India, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 12: Japan, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 13: Australia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 14: Indonesia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 15: South Korea, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 16: Western Europe, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 17: UK, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 18: Germany, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 19: France, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 20: Eastern Europe, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 21: Russia, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 22: North America, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 23: USA, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 24: South America, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 25: Brazil, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 26: Middle East, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 27: Africa, Digital Payments Market, Segmentation By Mode of Payment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 28: Alipay Financial Performance
  • Figure 29: Amazon Pay Financial Performance
  • Figure 30: Apple Pay Financial Performance
  • Figure 31: Tencent Financial Performance
  • Figure 32: Google Pay Financial Performance
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