Digital Payment Market Worth USD 19.89 Trillion by 2026 | Report by Fortune Business Insights
According to Fortune Business Insights, the global digital payment market size is projected to reach USD 19.89 Trillion in 2026, at a CAGR of 24.4% during the forecast period, 2019-2026
Pune, India, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The global digital payment market size was valued at USD 3.53 Trillion in 2018. It is estimated to reach USD 19.89 Trillion by 2026 at 24.4% CAGR during the forecast period. Fortune Business Insights has shared this information in its latest research report titled, Digital Payment Market Forecast, 2023-2026. There is increasing preference for Quick Response (QR) codes-based payment of groceries and utility bills owing to their accuracy and relative safety. Payments through payment gateways and m-wallets are also gaining traction worldwide, thereby fueling the digital payment market growth.
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Key Industry Developments:
SoFi, a US-based personal finance firm, teamed up with Samsung Electronics America to release Samsung Money by SoFi. The innovative product is a mobile-based money management platform that creates a secure cash management account for the user, offering attractive interest rates on savings. Moreover, Samsung Pay users paying through MasterCard debit cards can avail exclusive benefits.
Paytm, Indias biggest digital payments platform, introduced its All-in-One Android POS device for its merchant partners across the nation. The device is designed to enable merchants to accept payments through cash, debit & credit cards, UPI, and Paytm Wallet. Further, merchants will also be able to generate GST-compliant bills through the Paytm for Business app.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 24.4% |
| 2026 Value Projection | USD 19.89 Trillion |
| Base Year | 2018 |
| Digital Payment Market Size in 2018 | USD 3.53 Trillion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 120 |
| Segments covered | Payment Type, Industry and Geography |
Key Takeaways
- Digital payment market size in North America was USD 0.96 Trillion in 2018
- Digital wallets and point of sale (POS) machines are driving the global digital payment market
- Asia Pacific is witnessing highest share in the global market
- Advanced technologies like NFT, QR Codes, Distributed Ledger Technology are emerging as key trends
- By end-user, BFSI and retail industry to exhibit highest CAGR during the forecast period
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Market Drivers
- Rising Adoption of Digital Transactions in Developing Countries to Foster Prolonged Market Growth.
- Economic growth and development in countries such as India and China has raised disposable incomes of populations, empowering them to modern payment systems to conduct business-related and other transactions.
- In India, for example, the Reserve Bank of India (RBI) found that between October 2018 and September 2019, digital payments accounted for 96% of the non-cash retail payments.
- Moreover, within the same time span, transactions done through the National Electronic Funds Transfer (NEFT) and Unified Payments Interface (UPI) mediums rose by 20% and 263%, respectively.
- The RBI is also reforming its regulatory framework to efficiently monitor the evolving digital payments environment in the country.
- Thus, emerging economies, with improved internet connectivity and increasing smartphone usage, are expected to provide a major boost to the digital payment market growth in the near future.
Regional Insights
Asia-Pacific to Have Commanding Lead in the Market; North America to Grow Steadily
Internet and smartphone penetration in China and India is rapidly advancing, which is surging the demand for the strengthening of digital payments infrastructure in these countries. Moreover, India, who demonetized its currency in 2016, is actively promoting digital payment platforms to make the country less dependent on cash. Together, these factors are aiding the dominance of Asia-Pacific in the digital payment market share.
The market size in North America was at USD 0.96 trillion and is expected to grow as the predominant mode of payment in the region is through debit/credit cards. Furthermore, the region is also home to some of the worlds largest and strongest financial institutions, which augurs well for this market. In Europe, the market will be primarily driven by the fact that majority of the people have bank accounts and are therefore, well-equipped to adopted digital transaction mediums.
Competitive Landscape
Optimizing Transactions to be the Sole Focus of Market Players
Key players in this market are focusing on developing virtual solutions to enable well-optimized conduct of transactions between different stakeholders. Companies are continuously collaborating and investing in novel ideas to diversify their services and broaden their customer base.
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List of Players Profiled in the Digital Payment Market Report:
- Visa Inc.
- Paytm
- Microsoft Corporation
- Google Inc.
- American Express Co.
- Alipay.com Co. Ltd.
- Samsung Electronics Co. Ltd.
- PayPal Holdings Inc.
- MasterCard International Inc.
- Facebook Inc.
- Amazon.com Inc.
Major Table of Contents:
- Global Digital Payment Technology Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Payment Type (Transaction Value)
- Mobile Payment
- Proximity Payment
- Remote Payment
- Online Banking
- Point of Sale
- Debit Card @POS
- Credit Card @POS
- NFC Card
- Digital wallet
- Mobile Payment
- By Industry (Transaction Value)
- Media & Entertainment
- Retail
- BFSI
- Automotive
- Medical & Healthcare
- Transportation
- Consumer Electronics
- Others (Education, IT & Telecom, etc.)
- By Geography (Transaction Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Payment Type (Transaction Value)
- North America Digital Payment Technology Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Payment Type (Transaction Value)
- Mobile Payment
- Online Banking
- Point of Sale
- NFC Card
- Digital wallet
- By Industry (Transaction Value)
- Media & Entertainment
- Retail
- BFSI
- Automotive
- Medical & Healthcare
- Transportation
- Consumer Electronics
- Others (Education, IT & Telecom, etc.)
- By Country (Transaction Value)
- United States
- Canada
- By Payment Type (Transaction Value)
- Europe Digital Payment Technology Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Payment Type (Transaction Value)
- Mobile Payment
- Online Banking
- Point of Sale
- NFC Card
- Digital wallet
- By Industry (Transaction Value)
- Media & Entertainment
- Retail
- BFSI
- Automotive
- Medical & Healthcare
- Transportation
- Consumer Electronics
- Others (Education, IT & Telecom, etc.)
- By Country (Transaction Value)
- Germany
- UK
- France
- Spain
- Rest of Europe
- By Payment Type (Transaction Value)
TOC Continued!
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FAQs
How big is the digital payment market?
Digital payment market size was USD 3.53 Trillion in 2018.
How fast is the digital payment market growing?
The digital payment market will exhibit a CAGR of 24.4% during the forecast period, 2019-2026
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