Market Size (2018)
2018
—
ICT
Digital Payment Market
By Segment, By Region, And Segment Forecasts, 2018 – 2030
Vertical: ICTBase Year: 202210 Sections
Executive Summary
Digital Payment Market — Snapshot
Projected (2030)
2030
—
CAGR (2018–2030)
N/A
Key Players
101+
As per MRFR, the global Digital Payment Market has been growing significantly over the past few years. It is expected to reach USD 2,59,252.6 Million by 2030, at a CAGR of 15.0% during the forecast period, 2023–2030.
The global digital payment market is expected to grow significantly over the forecast period due to several factors. The growth of the Global digital payment market is expected to be driven by key factors such as increasing digital payment transactions in e-commerce and m-commerce and the need for user-friendly methods for digital payments and reservations. However, factors such as security concerns regarding digital payment and increasing rate of cyber-attacks in banking solutions are expected to restrict market growth. On the other hand, the rising real-time payment modes over the pandemic and the growing use of smartphones for digital payments pose lucrative opportunities for the Global market.
Digital payments are payments made through digital or online channels that do not entail the exchange of actual cash. This type of payment, also known as an electronic payment (e-payment), is the transfer of value from one payment account to another in which both the payer and the payee utilize a digital device such as a mobile phone, computer, or credit, debit, or prepaid card. A firm or an individual could be the payer and payee. This means that in order for digital payments to take place, both the payer and the payee must have a bank account, an online banking method, a device from which to make the payment, and a medium of transmission, which means they must have joined up with a payment provider or have a payment provider or an intermediary such as a bank or a service provider. A digital payment transaction can take place both online and in person with the payee. For example, if a customer pays via UPI on an e-commerce website or buys from his local grocer and pays him using UPI while shopping at the store, both transactions are digital. UPI, NEFT, AEPS, mobile wallets, and PoS terminals are all examples of digital payment methods. UPI is the most popular payment method, with transactions exceeding $1 trillion in value.
The switch to digital payments and receipts offers some obvious advantages, particularly for small enterprises. Consumers and businesses are now expecting digital payments to be available for faster and more secure payments with no risk or fees. The payer possesses a mobile phone, which allows for further validation via fingerprint or other verification or biometric approach, so reducing risk.
Omnichannel use of digital payments has increased over time, while it has fallen from an all-time high of 58 percent in 2020. Some shifts in digital adoption appear to be due to the COVID-19 epidemic and may be temporary in 2020 and 2021. In-app purchases are an interesting case in point: when consumers stayed at home more, ride-share usage fell as expected, while meal delivery surged. In fact, online payments were the only digital payment category to expand, increasing by 12 percentage points in 2021, probably as a result of pandemic-related behavior changes like more time spent at home.
Consumers' trust in financial services and technology industries is unchanged from last year, with the relative rankings of key providers steady across age groups. Banks and established payment networks (Visa, Mastercard) continue to lead in terms of confidence, however familiar digital companies (Amazon, Apple, and PayPal) are closing the gap. Consumer trust in newer fintech’s is often lower, maybe due to a lack of brand knowledge and familiarity.
The global Digital Payment Market has been segmented based on component, deployment model, organization size, vertical, and Region. The global Digital Payment market, in this report, has been segmented on the basis of components into solutions and services. The solution segment accounted for the largest market share with a market value of USD 60,086.9 Million in 2022, which is projected to grow at a CAGR of 15.1% % during the forecast period. The global Digital Payment market, in this report, has been segmented on the basis of deployment model into SaaS, PaaS, and On premise. On-premises accounted for the largest market share with a market value of USD 46,952.7 Million in 2022, which is projected to grow at a CAGR of 15.1% during the forecast period. The global Digital Payment market, in this report, has been segmented on the basis of organization size into small & medium enterprises and large enterprises. Large Enterprise accounted for the largest market share with a market value of USD 41,460.6 Million in 2022, which is projected to grow at a CAGR of 14.3% during the forecast period. Based on vertical, the market is divided into BFSI, IT & Telecommunication, Retail & E-commerce, Hospitality, Healthcare, Media & Entertainment, and Others. Based on Region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the largest market share with a market value of USD 31,875.5 Million in 2022 and is projected to grow at a CAGR of 13.3%%.
During the study, MRFR analyzed the major players that contributed a significant share to the growth of the global Digital Payment market. These include PayPal Holdings Inc., Stripe, Square, First Data Corporation (Fiserv, Inc.), Worldpay, LLC (FIS), Global Payments Inc., ACI Worldwide, JP Morgan Chase & Co., Visa Inc., Elavon Inc., Zelis Healthcare, Aliant Payments, Aurus Inc., Mastercard Incorporated, PayTrace, FLEETCOR Technologies, Inc., Melio, Mesh Payments, Onbe, Orum.io, Papaya Payments, and Others. These players focus on innovating their product/solution/services offerings in the Digital Payment industry and thus, invest in research and development to present a cost-effective Digital Payment that provides great features, expanding the practice area to cover the maximum number of clients, flexible and reliant products, and service offerings. Key players have been striving to enhance their market share through strategic developments, including partnerships, mergers & acquisitions, product developments & enhancements, expanding their global reach, and strengthening their client base.
Key Insight
Digital Payment Market is a key focus area for market intelligence and strategic research.
Market Performance Trend
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansMarket Scope & Coverage
What this report covers
- Geographic Coverage: This analysis covers 1 regions: Middle East and Africa.
- Market Segmentation: The market is analyzed across key segments with forecasts from 2018 to 2030.
- Competitive Landscape: 101 leading companies are profiled, covering market positioning, strategies, and recent developments.
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View Subscription PlansMarket Overview
Digital Payment Market — Growth Trajectory
A digital payment, often known as an electronic payment, is the transfer of money from one payment account to another through the use of a digital device or channel. Payments made via bank transfers, mobile money, QR codes, and payment instruments such as credit, debit, and prepaid cards may be included in this description. Digital payments might be partially, largely, or entirely digital.
Market Share by Application
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View Subscription PlansMarket Dimensions
How this market is segmented
- Segmentation The Digital Payment Market market is analyzed across multiple dimensions with regional breakdowns.
Geographic Analysis
Regional market breakdown
- Middle East and Africa Middle East and Africa is one of the key regions covered in this market analysis.
Research Methodology
Digital Payment Market — How We Researched This Market
This report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2022
Historical Period
2018 – 2022
Forecast Period
2022 – 2030
Primary Interviews
150+
Research Process
Historical data (2018–2022) and forecast period (2022–2030)
1
Problem Definition
- Market scoping
- Objective setting
- Framework design
2
Secondary Research
- Literature review
- Data mining
- Trend analysis
3
Primary Research
- Expert interviews
- Field visits
- Surveys
4
Data Analysis
- Quantitative modeling
- Statistical testing
- Validation
5
Insights & Reporting
- Synthesis
- Recommendations
- Visualization
Research Depth
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
Competitive Landscape & Porter's Five Forces
Digital Payment Market — Competitive Analysis
Threat Of New Entrants
Owing to high technical complexities such as unusual card activities and fraud chargebacks that arise during the processing of payments have desisted the entry of new players into the digital payment market. Also, there is a moderate capital requirement with higher economies of scale. Hence, the new entrants present a moderate threat to the major stakeholders of the digital payment market.
Bargaining Power of Suppliers
In the digital payment market, the providers of payment gateways are businesses offering end-to-end solutions, thereby creating a monopoly in the digital payment market. In this market, the capital required is moderate, and government regulation is high. Additionally, the market is regulated by the authorities, which assist the companies in increasing their market presence and provide them with higher leverage.
Threat Of Substitutes
Since there are several opportunities to secure user data and provide user-friendly interfaces for digital payments, they would likely be substituted by any other fast-emerging technology, also buyers’ propensity to substitute is moderate in this case. Hence, the threat of substitutes is moderate.
Bargaining Power of Buyers
The buyers usually do not control the cost of solutions and services. Although buyers drive the market, they depend on already established firms. However, the buyers dictate the specification and type of the solution required, and the brand concentration and brand identity are moderate, which makes their bargaining power high.
Intensity Of Rivalry
The demand for digital payment is expected to increase as industry verticals increase rapidly. There is intense competition among the existing players in the digital payment market, with service providers investing heavily and using extensive R&D to make advancements in payment processing services, resulting in moderate rivalry in the market.
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Analytics
Digital Payment Market — Key Findings
Analytical insights on Digital Payment Market covering market dynamics, competitive landscape, and strategic outlook.
Key Analytical Findings
Digital Payment Market represents a significant market opportunity with multiple growth drivers across regions and segments.
Market Dynamics
The growth of the Global digital payment market is expected to be driven by key factors such as increasing digital payment transactions in e-commerce and m-commerce and the need for user-friendly methods for digital payments and reservations. However, factors such as security concerns regarding digital payment and increasing rate of cyber-attacks in banking solutions are expected to restrict market growth. On the other hand, the rising real-time payment modes over the pandemic and the growing use of smartphones for digital payments pose lucrative opportunities for the Global market.
Market Drivers
The introduction of e-commerce is altering the retail industry landscape. Through innovative business structures, start-up companies are seizing new opportunities in the electronic economy. The established corporations are attempting to adapt their old business models to the new environment. E-commerce generates money, primarily through entrepreneurial businesses and corporate ventures.
Global government organizations are encouraging digital transactions that have led to the development of card payment platform. Payment gateways are used as a transactional authority while paying on any merchant website via credit cards, debit cards, and charge cards. Since the introduction of Interchange Fee Regulation, the use of debit cards has become even cheaper for both merchants and their customers. Moreover, debit card processors like Paymill serve the e-commerce transaction needs worldwide. It does not charge any monthly or set-up fees, thus making it an attractive choice for e-commerce merchants looking for a flexible and scalable payment processor.
The increasing penetration of smartphones, tablets and other Internet-enabled devices is fueling the m-commerce market. By eliminating the physical presence of the user and other intermediaries, M-Commerce decreases overhead costs and boosts transactional efficiency. Wireless and mobile technology advancements are likely to boost the volume of transactions over the forecast period. Increasing mobile Internet usage owing to improved bandwidth is expected to drive the m-commerce market. Furthermore, mobility in m-commerce transactions enables a broader reach, which is expected to drive the market further. The aforementioned factors are likely to drive the growth of the digital payment market.
Market Opportunities
The use of digital payment options has expanded because to the rise of internet payments and real-time payment modes during the epidemic. Furthermore, many organisations and industries are fast transitioning to cashless transactions, such as MPOS transactions. The rules and regulations, as well as the global government partnership, are likely to provide profitable growth opportunities for the digital payment business.
The shift to UPI payments in India is also creating various opportunities for the global digital payment business to flourish. According to the National Payments Corporation of India (NPCI), UPI payments achieved a monthly record of 2.3 Lakh billion transactions in January 2021, worth INR 4.3 Lakh crore.
One of the most prominent applications for COVID-19 is to assist gig economy workers, who would be paid for their services immediately rather than having to wait for 14-day payment periods. Real-time payments have huge potential to aid underbanked societies in areas without bank branches. Realtime payments offer a number of benefits to corporate clients, including faster processing, rapid settlement, and the ability to transmit and receive data-rich payments messages, which can aid in automating time-consuming portions of payments processing. Real-time payments can help banks find efficiencies through least-cost routing and aid in fraud prevention by enabling multifactor authentication and targeted scanning. Real-time payments can enable access to a multitude of value-added services, increasing transaction volume and, as a result, bank revenue. Real-time payments have the potential to change payments from a commodity service to a critical, strategic service with consequences across the value chain of industries. To capitalise on this shift, financial institutions (FIs) have begun to consider payments as part of a larger business and value-based context within which each payment transaction occurs rather than merely as the settlement of an exchange.
Market Restraints
Security is one of the primary concerns that keeps the consumers from engaging in e-commerce purchase, especially, the web-based e-commerce applications, enabled with payment methods such as electronic transactions, online banking, credit cards, debit cards, and others. The major threat to e-commerce is malware programs which can pose as a threat to the user’s private data such as passwords and credit card information, which can be collected by Trojan Horses. The malicious computer program that misleads the user’s authentication mechanisms and is generally used in an e-commerce transaction.
The other major threat to disrupt the security of the e-payment system is a denial-of-service attack (DoS) which typically involves flooding a system or a network with traffic resulting in a system shutdown, making it inaccessible for the intended user. By doing this, they attempt to make computer resources unavailable to its intended users. The DoS attacks typically target sites or services hosted on web servers of digital payment.
Card-based security thefts mainly occur during an e-commerce transaction. There are multiple vulnerable areas that can serve as an intrusion point for hackers to gain access to the user information. Using malware, an attacker can extract the user’s credit card information and use it to make unauthorized purchases.
The increasing number of digital payment mediums have made monetary and other online transactions easier, however, they carry vulnerabilities which can lead to data theft, malware attacks, DoS, and other means of online frauds. Such instances are likely to discourage the use of digital payment to a certain extent in the years to come.
Strategic Outlook and Future Directions
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Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.
Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.
Companies
Key companies profiled in Digital Payment Market
Profiles of 101 companies operating in the Digital Payment Market market, including revenue, employee count, and market positioning where available.
Showing 101 of 101 companies
Orum
Orum
ICT
Company Headquarters: Switzerland Founded: 1988 Workforce: ~146,000 Company Working: Orum is a leading company in the digital payments industry, providing innovative solutions that enable businesses to streamline and optimize their payment processes. The company was founded in 2018 and has quickly gained recognition for its cutting-edge technologies and industry expertise. Orum's core product is a real-time payments platform that leverages machine learning and artificial intelligence to enable businesses to process payments faster, more securely, and with greater efficiency. The platform is designed to work seamlessly with existing banking systems, allowing businesses to modernize their payment operations without disrupting their existing workflows.
RevenueN/A
Employees146,000
Market CapN/A
Founded1987
Switzerland
Papaya Pay
Papaya Payments
ICT
Company Headquarters: US Founded: 2016 Workforce: ~75 Company Working: Papaya Payments is a financial management and bill payment platform provider company. The company has two business lines including Papaya Collect provides services to the healthcare, government authorities, field services, and insurance. Additionally, Papaya Bill Pay is used for the crypto, banks, neobanks, digital wallets, earned wage accounts.
RevenueN/A
Employees75
Market CapN/A
Founded2015
US
Onbe
Onbe
ICT
Company Headquarters: US Founded: 1921 Workforce: ~146,518 Company Working: Onbe manages and organizes financial performances of businesses and individuals. The company provides incentives, alternative income & donation, payouts, and workforce solutions to automotive, banks & FIS, consumer goods, energy, gig, creator & influencer economy, healthcare, insurance, maritime, market research, property management, and telecom sectors. Onbe is providing international payment options to more than 175 countries globally.
RevenueN/A
Employees146,518
Market CapN/A
Founded1920
US
Mesh
Mesh
ICT
Company Headquarters: US Founded: 2018 Workforce: ~28 Company Working: Mesh is a finance management platform provider company offers spend management, SaaS spend management, expenses management, travel spend management, and Mesh cards for the corporate clients. The company also provides spend insights, spend control, spend optimization, account automation, and real-time reporting benefits for their clients. Mesh provides expenses and finance management solutions to the CEO/CFOs, accountants, controllers, purchasing managers, budget owners, IT employees, etc.
RevenueN/A
Employees28
Market CapN/A
Founded2017
US
Melio
Melio
ICT
Company Headquarters: US Founded: 2018 Workforce: ~540 Company Working: Melio is a digital payments platform provider for B2B customer across the globe. The company offers pay, get paid, payment link, and payment pricing products to different industries including food & beverages, construction, logistics, wine & spirits, retail, and non-profit organizations globally. Melio provides easy bill payments, international payments, multiple payments methods, and advance payment option platforms for their consumers
RevenueN/A
Employees540
Market CapN/A
Founded2017
US
Mastercard
Mastercard
ICT
Company Headquarters: US Founded: 1979 Workforce: ~ 29,900 Company Working: Mastercard is a global payment technology company that enables transactions and financial services across multiple channels, including credit, debit, prepaid cards, and digital payment solutions. Mastercard's main business is processing transactions between merchants and banks. It provides payment processing services to financial institutions, merchants, governments, and other organizations around the world. The company operates in more than 210 countries and territories and serves over 2.7 billion cardholders. Mastercard's products and services include credit and debit cards, prepaid cards, commercial payment solutions, mobile payments, fraud detection and prevention services, loyalty and rewards programs, and consulting services. The company also offers a range of digital payment solutions, including Masterpass, a digital wallet, and Mastercard Send, a platform for real-time payments. Mastercard has a global presence, operating in more than 210 countries and territories around the world. The company has regional headquarters in various locations, including the United States, Singapore, Dubai, and Belgium. Mastercard's network connects financial institutions, merchants, and consumers, enabling electronic payments and transactions across borders. The company has partnerships with various banks, retailers, and technology companies to provide a wide range of payment solutions
Revenue$0.0B
Employees29,900
Market CapN/A
Founded1978
US
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Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Noah Malgeri
Co-Founder, Mojave Rail Fabrication Limited
This is really good guys. Excellent work on a tight deadline. I will continue to use you going forward and recommend you to others. Nice job.
Michael Robert
Manager, JavolVision
Thanks, I am so happy that we worked together. Maybe we still can work together in the future.
Joseph Aguayo
Sales Operations & Pricing Manager, Intel
Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.
Bong Lau
Sales Leader, Bamberg
We bought your "2025 report" in 2020. Everything is fine and very good.
Peter Groot Koerkamp
Account and Business Manager, EFS-Holland BV
Thanks for sending the report it gives us a good global view of the Betaïne market.
Younghwan Choi
Senior Retail Manager, LG Chem
We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.
Mark Irwin
Management Consultant, Level 21
I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.
Rob Kooiker
Group Product Manager HVAC & Fire Protection GMA, Rockwool
I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!
Jason Lee
R&D Director, Seojin
Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.
Akif Moroglu
Strategy & Business Development Director, Dogan Holding
We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.
Digital Payment Market
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