Digital Payment Market Size To Worth USD 18480 Billion By 2030 With A 11.79% CAGR By Exactitude Consultancy

Digital Payment

Digital Payment market include Aliant Payments, google LLC, Aurus Inc., Adyen, Mastercard Inc

LUTON, BEDFORDSHIRE, UNITED KINGDOM, September 3, 2024 /EINPresswire / -- The most recent Digital Payment Market 2024–2032 research report. An extensive analysis gathered to provide the most recent information on the salient characteristics of the Digital Payment market. Demand for digital transactions is expected to increase over the projection period because of growing use of mobile wallets, credit cards, debit cards, digital currencies, net banking, point of sale, and mobile apps. To draw users and encourage more of these cards and apps to be used for online transactions, these mobile applications include a variety of promotional programs for virtual transactions, including cashback, discounts, in-store deals, online shopping vouchers, and others.

The Digital Payment Market is expected to grow at 11.79% CAGR from 2024 to 2030. It is expected to reach above USD 18480 billion by 2030 from USD 6780 billion in 2023.

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The Major Players Covered in this Report

Aliant Payments, Google LLC, Aurus Inc., Adyen, Mastercard Inc., Financial Software & Systems Pvt. Ltd., Global Payments Inc., PayPal Holdings Inc., ACI Worldwide Inc., Novatti Group, Fiserv Inc., Sage Pay Europe Ltd., Visa Inc., and others.

Digital Payment Market Recent Developments

In April 2023, the PayPal Payment Solution announced that they can now allow PayPal transactions through Apple's payment system and facilitate saving methods of payment via PayPal's vault as well as incorporate updating options on real-time basis for the accounts.

In December 2023, Visa Inc. declared a definitive agreement to secure a majority stake in Prosa, a prominent payments processor in Mexico, with the aim of accelerating the acceptance of secure and inventive digital payments within the nation. Under this agreement, Prosa will maintain its autonomy as a company, retaining its technological framework, while Visa plans to improve Prosa's array of products by introducing novel digital solutions.

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Digital Payment Market Growth Drivers

The need for real-time transaction systems is growing due to factors including the proliferation of cell phones, enhanced internet connectivity, and non-physical interfaces. The digital compensation market is probably going to increase as a result of this demand. Consumers today anticipate a simpler, more efficient digital transaction experience. Improved personalization and a seamless user experience are driving the sector's rising demand worldwide. One of the biggest factors boosting the virtual transaction system market is the widespread use of mobile wallets. Because online transaction apps offer multiple benefits and easy convenience, e-wallets have become more and more popular over time.

Detailed analysis of Digital Payment market segments

By End-User

Over the course of the forecast period, the Online Sale sector is expected to grow at a CAGR of 11.79% and hold the highest market share. The methods of payment for online sales are growing at a never-before-seen rate because of digitization. Since more countries are willing to embrace digitalization, the growth of online sale payments is expected to be significant. Over the past 10 years, as cell phones have become more and more common, the market for internet payments has expanded. A significant percentage of trades are made through web-based and net banking transactions. Nonetheless, because bank transfers are governed by various laws and regulations across the globe, they continue to be the preferred method for large payments and international transactions.

By End-User

Throughout the course of the forecast period, the Retail segment is anticipated to grow at a CAGR of 11.79 % and hold the highest market share. The payment market evolves along with changes in consumer behavior. The cashless economy, mobile banking, fast payments, digital commerce, and the growing power of regulatory bodies are some of the developments impacting the payment business. The growing consumer use of mobile-based payment solutions for retail purchases is one of the main factors driving the segment's growth. The number of unmanned retail stores worldwide is rising in tandem with the market's expansion. Furthermore, a boom in demand is being felt by the e-commerce sector as consumers use e-commerce websites to order needs like food, clothing, and other items. The majority of consumers favour digital payment methods.

Regional Analysis for Digital Payment Market

Asia-Pacific

The nations in the area have made major efforts to develop the payments sector. To promote international banking transactions in the region, for example, the eleven Asian countries that comprise the Asian Payments Network (APN) have teamed up. These countries are South Korea, Japan, New Zealand, Australia, China, Singapore, Malaysia, Thailand, Vietnam, Indonesia, and the Philippines. It is expected that China and India would expand their markets. The primary driver of digital payment growth in China is the country's extensive use of bank accounts and cellphones.

North America

In the digital payment industry, North America is anticipated to grow at the quickest rate-a CAGR of 12.25%. The digital payment market in the region is witnessing the emergence and growth of innovative payment technologies such as blockchain, biometric authentication, cloud computing, and artificial intelligence. The technologies discussed above are intended to enhance the effectiveness, security, and user experience of digital payments. For instance, biometric authentication uses fingerprints, iris scanning, or facial recognition to confirm the recipient's or payee's identity.

Digital Payment Key Market Trends

Integration of Biometric Authentication: Facial recognition is a significant innovation in the digital payment sector. Rather of using standard codes or passwords, biometric security which includes fingerprint scanning, facial recognition, and voice recognition-is growing in popularity. By providing distinct physiological identities that will be used to validate transactions and reduce fakes, this trend contributes to increased security and consumer convenience. The majority of digital payment systems worldwide are anticipated to include biometric authentication since more firms are using biometric technologies and because rules controlling their usage are developing along with public trust in the technology.

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