Digital Payment Market Size Worth USD 215.88 Billion in 2028

Insurance Market

According to the most recent report by Emergen Research, the size of the global digital payment industry is anticipated to reach USD 215.88 billion in 2028, growing at a steady CAGR of 13.3%. Rising Internet usage and the development of the e-commerce industry are two factors influencing the continuous expansion of market revenue. Over 4 Billion people (51% of the world’s population) had access to the Internet in 2019, up 8.1% over the previous year, according to the International Telecommunication Union (ITU). Growing e-commerce sales have been largely attributed to the proliferation of the Internet, which has increased demand for digital payment methods like digital wallets as a fast, easy, and secure payment option for e-commerce customers.

By removing difficulties with checkout procedures—the main causes of customers abandoning their shopping carts—digital wallets provide a pleasant and better online shopping experience. Digital wallets also help to increase client loyalty, which motivates e-commerce service providers to include digital wallets in their selection of digital payment methods.

Some Key Highlights from the Report

  • MyFin, a digital wallet for online purchases and quick money transfers, was introduced by Mastercard and Fibank in February 2021. Advanced capabilities from MyFin make it possible to transfer money between people through payment connections.
  • Innovative security elements like biometric authentication and tokenization are included into digital payment security and fraud management solutions to help reduce the risks posed by scams and chargebacks.
  • To enable better rates of transaction approval than traditional payment methods, a digital wallet like Alipay uses tokenization and sophisticated customer authentication. Digital payments therefore enable businesses to safeguard their revenue by preventing client turnover brought on by inadequate funds at the time of a purchase.
  • Key players in the market include Mastercard Inc., Fiserv Inc., Visa Inc., JPMorgan Chase & Co., PayPal Holdings Inc., Intuit Inc., Global Payments Inc., Stripe, PayU, and ACI Worldwide Inc.

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Emergen Research has segmented the global digital payment market on the basis of offering, organization size, mode of deployment, industry vertical, and region:

Offering Outlook (Revenue, USD Billion; 2018–2028)

  • Solutions
    1. Payment Gateway Solutions
    2. Payment Wallet Solutions
    3. Payment Processing Solutions
    4. Payment Security & Fraud Management Solutions
    5. Point of Sale Solutions
  • Services
    1. Professional Services
    2. Managed Services

Organization Size Outlook (Revenue, USD Billion; 2018–2028)

  • Large Enterprise
  • Small & Medium-sized Enterprises

Mode of Deployment Outlook (Revenue, USD Billion; 2018–2028)

  • On-Premises
  • Cloud

Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)

  • BFSI
  • Healthcare
  • Retail
  • Transportation & Logistics
  • Travel & Hospitality
  • Media & Entertainment
  • Others

Regional Outlook (Revenue, USD Billion; 2018–2028)

  • North America
    1. S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. K.
    3. France
    4. Italy
    5. Spain
    6. Sweden
    7. BENELUX
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Israel
    5. Rest of MEA

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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