Home > Media & Technology > Next Generation Technologies > Fintech > Digital Payments Market

Digital Payments Market Trends

Report ID: GMI6211
Published Date: Jul 2023
Report Format: PDF

Download Free Sample

Digital Payments Market Trends

There is a growing preference for contactless Payments s, which is driven by the need for hygienic transactions. Mobile wallets and QR code-based payments are currently gaining popularity. The rise of e-commerce and the shift toward online shopping have fueled the demand for digital payment solutions. The integration of digital payment options across various industries including retail, transportation, and healthcare is becoming more prevalent. Advancements in technology, such as the adoption of biometrics and blockchain, are enhancing security and enabling faster & more secure transactions. The increasing use of smartphones and the proliferation of payments apps will drive the growth of mobile Payments over the forecast period.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of digital payments in terms of transaction value was reached USD 8.4 trillion in 2022 and is anticipated to record over 16.5% CAGR from 2023 to 2032, due to the increasing adoption of smartphones and mobile devices.

The retail end use segment held over 27% of the market share in 2022 and is estimated witness rapid growth by 2032, impelled by the surging need for convenient and improved customer experiences.

Asia Pacific recorded over 48% of the market share in 2022, owing to the rapid expansion in internet connectivity and increased smartphone adoption in the region.

Some of the major digital payment providers are PayPal Holdings, Inc., Visa Inc., Mastercard Incorporated, American Express Company, Square, Inc., Apple Inc. (Apple Pay), and Google LLC (Google Pay).