The Report Covers Electronic Payments Industry Analysis and is Segmented by Mode of Payment (Point of Sale and Online Sale), End-User Industry (Retail, Entertainment, Healthcare, Hospitality), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The global digital payment market size reached USD 124.5 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 462.7 Billion by 2033, exhibiting a growth rate (CAGR) of 14.2% during 2025-2033. The market is growing rapidly driven by the increasing internet penetration and mobile phone usage, the implementation of various government initiatives and policies, changing consumer preferences for convenience and speed, significant growth in the e-commerce, and the ongoing financial inclusion efforts across the globe.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on component, payment mode, deployment type, and end use industry.

The global digital payment market is projected to grow from $127.8 billion in 2024 to $726.6 billion by 2035, representing a CAGR of 17.10% during the forecast period 2024-2035

Explore the Digital Payments Market trends! Covers key players, growth rate 9.7% CAGR, market size $198.99 Billion, and forecasts to 2034. Get insights now!

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Digital Payment Market Size 2025-2029

The digital payment market size is forecast to increase by USD 304.95 billion at a CAGR of 25.5% between 2024 and 2029.

The market is witnessing significant growth due to the increasing use of smartphones and the emergence of mobile payments through NFC systems and e-wallets. The convenience and speed of digital payments have made them increasingly popular, particularly among younger generations. However, data security remains a major concern, with payment gateways and ATMs being prime targets for cyber attacks. To address this issue, advancements in technology such as near field communication, wearables, and blockchain technology are being adopted to enhance security. Furthermore, the integration of machine learning and information services in digital payment systems is expected to improve user experience and streamline transactions. In addition, the rise of renewable energy solutions and the integration of digital payments in POS terminals and e-commerce platforms are further driving market growth. Despite these opportunities, challenges such as privacy concerns and the need for regulatory compliance persist. Overall, the market is poised for continued expansion, with mobile apps, computer-based payments, and LED displays becoming increasingly common in the US and North American markets.

What will be the Size of the Digital Payment Market During the Forecast Period?

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The market is experiencing significant growth as technological advancements and increasing smartphone penetration drive the shift towards cashless transactions. Mobile wallets, digital payment cards, and cloud-based digital solutions are transforming the way adults worldwide conduct business and make purchases. With the proliferation of smartphones and improved internet accessibility, consumers are increasingly relying on user-friendly mobile applications for making payments, whether it be at retail terminals, POS systems, or online.
The market's size is projected to reach billions of people, representing a substantial portion of the world's total transactions. Technological developments, such as EUPay, EPI, and Verve Card, continue to facilitate seamless digital payment processing, enabling businesses to cater to the evolving needs of consumers in the world of web commerce. The convenience offered by digital payments is a key driver of market growth, as more and more people embrace the ease and security of card-based transactions.

How is this Digital Payment Industry segmented and which is the largest segment?

The digital payment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Large enterprises
  SMEs


Component

  Solutions
  Services


Deployment

  On-premises
  Cloud


Method

  Digital wallets
  Bank cards
  Digital currencies


Application

  BFSI
  Media and entertainment
  IT and telecommunication
  Hospitality
  Healthcare


Geography

  APAC

    China
    India
    Japan
    South Korea


  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  South America

    Brazil


  Middle East and Africa

By End-user Insights

The large enterprises segment is estimated to witness significant growth during the forecast period. The digital payments market has experienced significant growth due to the increasing usage of mobile wallets, digital payment cards, and contactless payments. Technological developments, such as NFC and QR codes, have enabled user-friendly smartphones to facilitate mobile payment solutions, including Apple Pay, Google Pay, and Samsung Pay. These innovations have gained popularity among tech-savvy consumers, leading to an increase in e-commerce sales and cashless methods. Businesses across industries, including retail, hospitality, and finance, have adopted digital payment systems for their convenience and strong security measures. International trade and cross-border transactions have also increased, driving the demand for digital payment services.

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The large enterprises segment was valued at USD 28.1 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The digital payments market is experiencing significant growth, particularly in the Asia-Pacific (APAC) region. This expansion is primarily driven by the rapid urbanization and increasing internet penetration in the area. The

By the year 2025, revenue from offline and online electronic payments in Africa is expected to grow by 152 percent. A total of about 15 billion U.S. dollars was reported in 2020, and is predicted to increase to around 39 billion U.S. dollars in 2025. Offline payments are largely the preferred method of payment.

The digital payments segment in the Philippines was estimated to have generated around 37.65 billion U.S. dollars of revenue in 2023, which indicated an increase from the previous year. The digital payment market was estimated to continue growing in the next years. Drivers of digital payment market growth Digital commerce or e-commerce has been the main driver of the growth of the digital payment market in the Philippines. While cash used to dominate over other payment methods used in online shopping, the volume share of digital payments in the total monthly retail payments made in the Philippines jumped by 280 percent between 2019 and 2023. In fact, digital payments held a higher share of the volume of retail transactions in 2023 alone. The rise of mobile wallets  According to a PPRO report, mobile wallets have taken the lead among other payment methods used in online shopping in the Philippines in 2023. Among the several mobile wallet applications available in the country, GCash had the highest number of monthly active users in 2022, followed by Maya. GCash is an all-in-one application developed by Mynt, which is a subsidiary of Globe Telecom. Aside from allowing users to send and receive money, GCash also started offering investment products and insurance services not only in the Philippines but also in several locations abroad.

This research project, carried out in collaboration with the USAID’s Feed the Future Program, explored 1) how digital financial services (DFS) could help address the unmet financial needs of smallholder farmers (SHFs); 2) the conditions under which SHFs adopt DFS to meet these needs; and 3) how different stakeholders perceive farmer needs, DFS availability, and incentives and barriers to DFS Guatemala. This report is made possible by the support of the American People through the United States Agency for International Development (USAID). The contents of this report are the sole responsibility of MIT D-Lab.

The number of users is forecast to experience significant growth in all segments in 2028. This reflects the overall trend throughout the entire forecast period from 2018 to 2028. It is estimated that the indicator is continuously rising in all segments. In this regard, the Digital Commerce segment achieves the highest value of 85.1 million users in 2028. The Statista Market Insights cover a broad range of additional markets.

Digital Payment Market size was valued at USD 883.17 Billion in 2023 and is projected to reach USD 1875.59 Billion by 2031, growing at a CAGR of 22.19% from 2024 to 2031.

Global Digital Payment Market Dynamics

The key market dynamics that are shaping the global Digital Payment Market include:

Key Market Drivers:
Rising Adoption of Mobile Payments: The increasing penetration of smartphones and mobile apps is accelerating the use of mobile wallets and payment platforms, particularly in emerging markets. Consumers are moving towards contactless transactions for convenience and speed.
Growth of E-commerce: The rapid expansion of online shopping platforms has driven demand for seamless, fast, and secure digital payment methods. E-commerce has also fostered the growth of alternative payment methods such as buy-now-pay-later (BNPL) services, enabling flexibility in payment.

The Report Covers US Payment Industry Overview & Trends and it is Segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), and by End-user Industries (Retail, Entertainment, Healthcare, Hospitality).

The India Payments Market Report is Segmented by Mode of Payment (Point-Of-Sale [Card Payments, Digital Wallet, Cash, and Others] and Online Sale [Card Payments, Digital Wallet, and Others]) and End-User Industry (Retail, Entertainment, Healthcare, Hospitality, and Other End-User Industries). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The Asia-Pacific Payments Market Report is Segmented by Mode of Payment (Offline/Point of Sale (Card Payments, Digital Wallets, Cash), Online Sale/E-commerce (Card Payments, Digital Wallet)), End-user Industries (Retail, Entertainment, Healthcare, Hospitality), and Country (China, India, South Korea, Taiwan, Singapore, Philippines, Malaysia, Indonesia, Vietnam, Australia, and Japan). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

The global digital payment market size is expected to reach USD 309.74 billion by 2030 according to a new study by Polaris Market Research.

Vietnam digital payment market size is projected to exhibit a growth rate (CAGR) of 14.40% during 2024-2032. The growing prevalence of smartphones, the rise in online shopping and e-commerce activities, the shift towards contactless payments, the increasing government initiatives and regulatory support, the rapid innovations in payment technologies, and the changing consumer preferences are some of the factors propelling the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on component, payment mode, deployment type, and end use industry.

[237+ Pages Report] The global Digital Banking market size is expected to grow from USD 7.9 trillion to USD 10.3 trillion by 2028, at a CAGR of 4.50% from 2022-2028

The transaction value change in the 'Digital Payments' segment of the fintech market in Malaysia was forecast to continuously decrease between 2024 and 2028 by in total 10.4 percentage points. According to this forecast, in 2028, the indicator will have decreased for the fifth consecutive year to 8.11 percent. Find other key market indicators concerning the user penetration and number of users. The Statista Market Insights cover a broad range of additional markets.

Explore Indonesia's digital payments market outlook, revenue, share, and future trends. Get insights on top players, market growth, and projections till 2028.

The Swedish payments market, valued at approximately €[Estimate based on available data and industry knowledge for 2025 market size. For example, if the market size is not given, but the CAGR is 10.6%, one could estimate it using reverse calculations from an earlier year's data, or by comparison to similar markets], is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) of 10.6% from 2025 to 2033. This expansion is fueled by several key drivers. The increasing adoption of digital technologies, particularly mobile wallets and online payment platforms, is significantly impacting consumer behavior. E-commerce's continued growth across sectors like retail, entertainment, and healthcare is further accelerating demand for secure and convenient online payment solutions. Furthermore, government initiatives promoting digitalization and a robust fintech ecosystem in Sweden are contributing to this upward trajectory. However, the market is not without its challenges. While digital payments are prevalent, cash transactions still constitute a considerable portion of overall payments, indicating room for continued penetration of digital solutions. Concerns regarding data security and privacy surrounding online transactions can act as a restraint, alongside potential regulatory changes impacting the payments landscape. Segment-wise, the Point of Sale (POS) segment, encompassing card payments and digital wallets, is expected to dominate, followed by online sales. Within end-user industries, retail and e-commerce are likely to be major contributors to market growth, with the healthcare and hospitality sectors showing increasing adoption of digital payment solutions over the forecast period. Key players like Getswish AB, Stripe, Klarna Bank AB, and others are actively shaping the market's competitive landscape through innovation and expansion. This comprehensive report provides an in-depth analysis of the Sweden payments market, covering the period 2019-2033. It offers valuable insights into market size, growth drivers, challenges, and future trends, focusing on key segments like digital wallets, mobile payments, card payments, and online payments. The report utilizes data from the base year 2025 and provides forecasts until 2033, leveraging historical data from 2019-2024. This analysis is crucial for businesses operating in or considering entry into the dynamic Swedish payments landscape. Recent developments include: February 2022 - Adyen is the next bank to join Swish, providing enterprise customers with easy, fast, and secure Swish payments. About 8 million Swedes and more than 300,000 companies are connected to Swish. Currently, 12 banks offer Swish to their customers, and each bank is responsible for the provision, terms, and conditions of the Swish service it provides and for all fees., May 2022 - The United Kingdom, Sweden, and Netherlands sellers will now be able to accept contactless payments on standard Android NFC smartphones or other mobile devices using PayPal's Point of Sale (POS) software solution. To use Tap to Pay with Zettle, merchants download PayPal's Zettle Go application to their Android device and sign up for the service directly from the app or PayPal business account.. Key drivers for this market are: High Proliferation of E-commerce, including the rise of m-commerce and cross-border e-commerce supported by the increase in purchasing power, Enablement Programs by Key Retailers and Government encouraging digitization and contactless payments in the market; Government Trials of Sweden's first digital national bank currency e-krona. Potential restraints include: Security Concerns Related to Cyber Attacks and Data Breaches, Lack of Robust and Reliable Infrastructure in Remote Regions. Notable trends are: Retail is expected to grow significantly in the country.

The Report Covers Hong Kong Payment Market Share and It is Segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), End-User Industry (Retail, Entertainment, Healthcare, Hospitality). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.