The Digital Payment Market was estimated around

The Digital Payment Market was estimated around USD 79.3 billion in 2020 and is predicted to grow at a CAGR of 14.2% over the forecast period (2021-2028).

The factors driving the growth of Digital Payment Market includes increasing penetration of smartphones, tablets and laptops, improvements in the internet connectivity, rise in the e-commerce sales around the world and growing consumers preference for real-time payments. Moreover, Government schemes promoting digital literacy and opening of new bank accounts, technological advancements in digital payment solutions, growing popularity of mobile wallets and commercialization of 5G technology, are some of the additional factors supplementing the Digital Payment Market size. In addition, the increasing investments by leading players on research and development, strategic mergers, and collaboration between key players, rising disposable income and growing population growth rates, are further contributing to the market growth.

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However, growth of the Digital Payment Market is hindered due to lack of standards for international payments.

The leading players operating in the market are ACI Worldwide, Adyen, Aurus Inc., Dwolla, FattMerchant, FIS, Aliant Payments, Apple Pay, Dwolla and PayPal, among others.

Based on Component, the Solution segment is predicted to grow at a remarkable CAGR during the forecast period

Growing adoption of advanced technologies such as cloud computing and big data analytics by payment vendors, is pushing growth of the segment.

Based on Organization Size, the Large Enterprises segment is projected to capture the largest market share over the forecast period

Digital payment solutions enable large enterprise to promote contactless payment through smart banking cards and e-wallets, are propelling growth of the segment.

Based on Region, the Asia-Pacific is anticipated to hold the highest market share during the forecast period

Rise in the number of domestic digital solution providers, increasing focus on enhancing customer’s experience, Government policies supporting digital transactions, rapid urbanization, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

• In 2020, PayPal launched the QR code-based payment method to enable its target audience to buy and sell goods in 28 markets around the world.


• In 2020, Fiserv introduced the unique product offering, Authorization Lift, to reduce the number of legitimate debit card transactions, which are wrongly identified and unnecessarily declined as fraudulent.

Market Segmentation

Segmentation by Component

• Solutions


• Services

Segmentation by Deployment Type

• On-Premises


• Cloud

Segmentation by Organization Size

• Small and Medium-sized Enterprises


• Large Enterprises

Segmentation by Vertical

• Banking, Financial Services, and Insurance


• Retail and Ecommerce


• Healthcare


• Travel and Hospitality


• Transportation and Logistics


• Media and Entertainment


• Others

Segmentation by Region

• Asia Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Rest of APAC
  
  
  
  


• North America
  
  
  
  • United States of America
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • United Kingdom
  
  
  • Germany
  
  
  • France
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• RoW
  
  
  
  • Brazil
  
  
  • South Africa
  
  
  • Saudi Arabia
  
  
  • UAE
  
  
  
  

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