London, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Recently Published Report on “Digital Payment Market (By Component; By Deployment Type; By Organization Size; By Industry Vertical) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.
Digital payment uses a digital device such as a mobile phone, computer, and Point of Sales (PoS) along with the digital channel communications including Society for the Worldwide Interbank Financial Telecommunication (SWIFT) or mobile wireless data for the transmission of value from one payment account to another. Types of digital payment includes banking cards, mobile wallets, mobile banking, and internet banking among others. Among the digital payment types, banking cards are most referable used payment methods as it comes with different benefits and features such as convenience and security of payments.
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According to the Global Findex 2021, the COVID-19 pandemic has led to the accelerated adoption of digital payments. This shift towards digital payments was mainly driven by global migration to working-from-home, refusal to cash payments by some merchants, upsurge in e-commerce, and acceleration in digital person-to-person payments.
Regional Snapshots
North America held dominant position and predicted to be in the dominating state during forecast period due to increased popularity of digital wallets, mobile wallets, and e-wallets coupled with rapid digitization trend in the region. In addition, continuously growing investment in North America digital payment market is projected to create lucrative growth opportunities for the market. For instance, in August 2022, BankiFi, a provider of embedded banking solutions SMBs announced $4.8 million investment for its global expansion into North America. Through such investments, the company is aimed at providing its embedded banking platform to over two million SMBs around four continents by 2024.
However, Asia-Pacific is considered as highest growing region in Digital Payment market. The rapid expansion of e-commerce, government initiatives to enhance digital payment infrastructure, and COVID-19 pandemic has been one of the major reasons for a significant growth of digital payment market. For instance, according to the 2022 New Payments Index by The Harris Poll and Mastercard, COVID-19 has seen a catalyst for the rapid and unprecedented uptake of digital payments in Asia-Pacific.
Key Insights:
- By solution, the payment processing segment has accounted 25.8% revenue share in 2021.
- By mode of payment, the point of sales segment has generated 53% revenue share in 2021.
- By deployment, the on-premise segment has generated 65.4% market share in 2021.
- By enterprise size, the large enterprise size segment has accounted 59.6% market share in 2021.
- By end use, the BFSI segment has highest market share of over 24% in 2021.
- North America region has largest market share of over 35% in 2021.
Report Highlights
- On the basis of component, the solutions segment is the leading segment and is expected to make the largest contribution to the digital payment market. This segment comprises of solutions including, payment gateway, payment wallet, payment processing, payment security and fraud management, and PoS. Rapid adoption of technologies analytics, cloud computing, and big data among digital payment solution providers is projected to boost growth of this segment.
- On the basis of industry vertical, the BFSI segment is the dominant player and is anticipated to have the biggest impact on digital payment market. However, retail & e-commerce segment is anticipated to witness highest CAGR during the forecast period. This growth is mainly attributed to rapid usage of mobile-based payment solutions by consumers for retail payments.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 89.5 Billion |
| Revenue Forecast by 2030 | USD 374.9 Billion |
| CAGR | 17.25% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | PayPal, Fiserv, FIS, Global Payments, Mastercard, Square, ACI Worldwide, JPMorgan Chase, Apple Inc., 2Checkout now Verifone, and OpenWay Group. and Others. |
Market Dynamics
Drivers
Ongoing evolution of e-commerce has played a crucial role in growth of digital payment market. In past few years, digital payments have seen rising demand as they offer easier payment options at e-commerce sites and grocery stores. Factors including increasing smartphone penetration, rising disposable income, and marketing efforts of both the government and brands to promote online shopping has boosted e-commerce sector, fueling digital payment market growth.
On the other hand, government initiatives to promote digital payments, proliferation of smartphones, rising trend of contactless payments, and changing consumer payment behavior are projected to boost digital payment market in upcoming years.
Restraints.
Although digital payment market is flourishing significantly at a global scale, there is still a lack of standards for cross-border payments. Also, the challenges such as hidden fees, exchange rates, payment tracking, and payment identification are further restricting use of digital means for cross border transactions. Due to this, merchants or small and medium-sized enterprises (SMEs) hesitates to tap into the international markets. For instance, according to the survey by Visa Inc., only about 50% of the merchants and SMEs have a suitable payment processing infrastructure for cross-border payments. Such factors are expected to hamper growth of the market to some extent during the forecast period.
Opportunities
Demand from the emerging countries and government initiatives to promote digital payments is expected to create significant growth opportunities for the market. For instance, in April 2022, government of Bangladesh introduced ‘National Digital Payments Roadmap 2022-2030’, the three-year strategy to use innovative technologies for transformation of payments ecosystem and to attain the Sustainable Development Goals (SDGs). According to this roadmap, digital transactions have already grown from 5% to 20% during the past five years. Also, with the population of about 165 million, 79% of adults in the country has an account at a financial institution. Hence, growth of digital payment market in such countries is opportunistic for growth of the market.
Challenges
With more users choosing digital payment solutions, the chance of getting exposed to cyber-security attacks including virus attacks, information theft, and fraud increases. Also, lack of literacy about digital payments puts users at risk of cyber-attacks. For instance, according to Mumbai Police’s cyber cell in India, there was a 70 % increase in e-wallet fraud along with associated digital payment crimes during January 2020 to May 2020. Hence, cyber-security concerns pose prominent challenge for digital payment market players.
Related Reports
- Contactless Payment Market Research Report 2022 to 2030
- B2B Payments Transaction Market Research Report 2022 to 2030
- Proximity Payment Market Research Report 2022 to 2030
Recent Developments
- In September 2021, PayPal launched the new PayPal app, a personalized and modified app to enable customers effectively manage their financial lives. The new app will offer enhanced features and services such as in-app shopping tools and PayPal Savings, a savings account provided by Synchrony Bank along with various lucrative deals and rewards.
Market Segmentation
By Component
- Solutions
- Payment Gateway Solutions
- Payment Processing Solutions
- Payment Wallet Solutions
- Payment Security and Fraud Management Solutions
- Point of Sale (POS) Solutions
- Services
- Professional Services
- Consulting
- Implementation
- Support and Maintenance
- Managed Services
- Professional Services
By Deployment Type
- On-premises
- Cloud
By Organization Size
- Small and Medium-sized Enterprises
- Large Enterprises
By Industry Vertical
- BFSI
- Retail and Ecommerce
- Healthcare
- Travel and Hospitality
- Transportation and Logistics
- Media and Entertainment
- Other
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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