In financial year 2024, almost 164 billion digital payments were recorded across India. This was a significant increase compared to the previous three years.  Variety of digital payments  The total value of digital payments included large-scale interbank payments, such as Real Time Gross Settlement (RTGS) or National Electronic Funds Transfer (NEFT), as well as payments used by individuals, such as credit and debit cards. India’s mobile payment system, Unified Payments Interface (UPI), recorded strong gains, both in numbers and in value, since 2015. Thereby, it comes as no surprise that international key players, such as Google Pay or Amazon Pay, entered the market. Nevertheless, the most used app in 2021 was domestic app PhonePe.  COVID-19 effects  Since the beginning of the COVID-19 pandemic in India the number of digital payment transactions continued to grow. This was also true for the various methods of credit and debit transfers, including mobile payments through UPI. Nevertheless, the value of card payments and of large value credit transfers, such as RTGS, decreased considerably in financial year 2021.

The number of cashless payments across the world is forecast to nearly double between 2024 and 2028, as more countries transition into real-time payments. This was the conclusion reached by Capgemini, the source behind the figures shown. It states that the overall market share of debit and credit cards will stake up more than **** of digital payment transactions by 2027. However, it puts significant emphasis on the potential market size of real-time payments as consumers increasingly find transaction speed to be essential. As of 2022, India and Brazil are the main countries for such instant payments.

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 dataset contains year- and month-wise compiled data from the year 2020 to till date on the number of digital payment transactions done by location and through through the systems such as Aadhar Enabled Payment System (AEPS), Cheque Truncation System (CTS), National Automated Clearing System (NACH), National Electronic Toll Collection (NETC), Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS), National Electronic Fund Transactions (NEFT) and other modes of payment

Notes: i) The data published is only for RBI, NPCI-operated systems and Card Networks (domestic Off-Us transactions). ii) RTGS data includes only Customer and Interbank transactions. iii) AePS data under Payment transactions include AePS Fund Transfers and BHIM Aadhaar Pay transactions. iv) UPI data includes BHIM-UPI and USSD transactions. v) NACH Credit data includes Aadhaar Payment Bridge System (APBS) transactions. vi) NETC figures are for FASTags linked with all instruments and hence would be different from the monthly bulletin which only includes NETC linked to bank accounts vii) BBPS data is not included in the monthly bulletin as the data is captured under other systems. viii) Data on Prepaid cards are only those that are processed by card networks. ix) Blanks in the dataset represent holiday

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

Snapshot img

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 experiencing significant growth, driven by the increasing number of online transactions and the growing emergence of mobile apps for shopping transactions. This shift towards digital payments reflects consumers' changing preferences for convenience and contactless transactions. However, this market landscape is not without challenges. Privacy and concerns related to security remain key obstacles. As more financial information moves online, ensuring robust security measures becomes paramount. Companies must prioritize data protection and implement advanced encryption technologies to mitigate risks and build consumer trust. Navigating these challenges while capitalizing on the market's potential for growth requires strategic planning and a commitment to innovation. Companies that can provide secure, user-friendly digital payment solutions will be well-positioned to succeed in this dynamic market.

What will be the Size of the Digital Payment Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market continues to evolve, with cross-border payments and point-of-sale (POS) systems becoming increasingly integrated. Transaction fees, integration APIs, merchant services, virtual cards, data analytics, cash management, payment gateways, and payment processors are all key components of this dynamic landscape. Loyalty programs, subscription management, business intelligence, and predictive analytics are also gaining traction, providing valuable insights for businesses. Payment networks, biometric authentication, debit cards, contactless payments, QR codes, digital wallets, mobile payments, and regulatory compliance are shaping the future of transactions. Regulatory requirements, such as anti-money laundering (AML) and PCI DSS compliance, ensure secure and transparent processes. Innovations like blockchain technology, recurring billing, customer support, online payments, real-time payments, personal finance management, two-factor authentication, fraud detection, and risk management are driving advancements in the market. Prepaid cards, credit cards, cryptocurrency payments, and batch processing are further expanding the payment ecosystem. As the market continues to unfold, entities must adapt to the ever-changing landscape, ensuring seamless integration of these solutions to cater to the evolving needs of various sectors.

How is this Digital Payment Industry segmented?

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-userLarge enterprisesSMEsComponentSolutionsServicesDeploymentOn-premisesCloudMethodDigital walletsBank cardsDigital currenciesApplicationBFSIMedia and entertainmentIT and telecommunicationHospitalityHealthcareGeographyNorth AmericaUSCanadaEuropeFranceGermanyUKAPACChinaIndiaJapanSouth KoreaSouth AmericaBrazilRest of World (ROW)

By End-user Insights

The large enterprises segment is estimated to witness significant growth during the forecast period.The market is witnessing significant growth as businesses increasingly adopt contactless and card-based transactions. Major industries, including banking, securities, finance and insurance (BSFI), information technology, and manufacturing, are driving this trend. The expansion of BSFI enterprises and the rise of intraregional and cross-border banking activities have fueled the demand for digital payment services. Modern point-of-sale (POS) systems, payment gateways, and processors facilitate seamless transactions for various sectors, such as hotels, restaurants, grocery stores, shopping malls, and event management companies. Integration APIs and merchant services enable businesses to easily accept digital payments. Virtual cards, mobile payments, and digital wallets offer added convenience for consumers. Regulatory compliance, including anti-money laundering (AML) regulations, ensures secure transactions. Data analytics, business intelligence, and predictive analytics provide valuable insights for businesses. Security protocols, such as PCI DSS compliance, protect against fraud. Real-time payments, recurring billing, and personal finance management streamline financial processes. Blockchain technology and cryptocurrency payments offer new possibilities for transactions. Two-factor authentication and biometric authentication add an extra layer of security. Overall, the market is transforming the way businesses and consumers manage transactions.

Request Free Sample

The La

The number of cashless payments in Asia-Pacific is forecast to be almost ***** as high as transactions in Europe and North America combined. This is according to estimates released in late 2024. In 2023 - the most recent year estimated by the source - ***** billion non-cash transactions were carried out in Asia-Pacific. Europe and North America followed, with ***** and ***** billion transactions respectively. From 2024 onwards - which are all forecasts - the source predicts a significant growth in Latin America (Brazil, Peru, Colombia) due to the implementation of instant payments. By 2028, the number of cashless transactions in Asia-Pacific is projected to reach ****** billion. What are non-cash transactions? The major non-cash payment methods remain credit and debit cards, direct debits, and credit transfers. However, financial technology (fintech) firms have developed various mobile alternatives, though these depend largely on the existing methods. For example, the money transfer and payment service PayPal accepts credit card and bank transfer, and virtual wallets such as Apple Pay, Google Wallet, and Samsung Pay simply tokenize existing credit cards for more secure transfers. The persistence of cash While many countries are increasing the value of cashless payments they process, some are continuing to use cash. Advocates of cash payments argue that it requires no technological investment such as a smartphone, and that cash payments protect privacy by being impossible to track. There may also be an impact of generation on payment methods, but it does not seem to indicate a significant reluctance of older generations to embrace technology.

Digital Payment Market Outlook

As of 2023, the global digital payment market size is estimated at approximately USD 100 billion. This market is expected to experience a robust growth with a compound annual growth rate (CAGR) of 16% from 2024 to 2032, reaching an anticipated USD 280 billion by the end of the forecast period. This exponential growth is driven by a multitude of factors including the increasing adoption of digital technology, the proliferation of smartphones, and the subsequent rise in internet penetration globally, which have all contributed significantly to the expansion of digital payment platforms. Moreover, the pandemic has accelerated the shift from cash to digital transactions, solidifying the digital payment market's growth trajectory.

One of the primary growth drivers in the digital payment market is the widespread adoption of smartphones and mobile internet. The global smartphone penetration rate has increased dramatically, providing a solid foundation for mobile payment solutions. Consumers, particularly in emerging economies, are increasingly using their mobile devices for everyday transactions, driven by the convenience and speed that digital payment solutions offer. Additionally, technological advancements, such as near-field communication (NFC) and digital wallets, have further simplified and secured the payment process, encouraging more consumers and businesses to transition to digital payments.

Another significant factor contributing to the growth of the digital payment market is the increasing consumer demand for seamless and contactless payment methods. The COVID-19 pandemic has particularly amplified this demand, as consumers and businesses alike sought to minimize physical contact to prevent the spread of the virus. This resulted in a surge in contactless payments, which have now become a standard in many parts of the world. Moreover, the flexibility offered by digital payments, such as the ability to pay using various digital wallets and online platforms, has enhanced user experiences, further driving market growth.

Furthermore, supportive government policies and regulations have played a crucial role in fostering the growth of the digital payment market. Many governments around the world are actively promoting digital payments as part of broader financial inclusion strategies. Initiatives such as demonetization, the promotion of cashless transactions, and digital literacy programs are being implemented to encourage the adoption of digital payment systems. Additionally, regulatory frameworks are continuously evolving to ensure secure and transparent digital transactions, which boosts consumer confidence and facilitates market growth.

In this rapidly evolving digital payment landscape, the importance of a robust Digital Payment Security Suite cannot be overstated. As digital transactions become more prevalent, ensuring the security of these transactions is paramount. A comprehensive security suite offers a range of protective measures, including encryption, tokenization, and fraud detection, to safeguard sensitive financial data. This not only helps in building consumer trust but also ensures compliance with stringent regulatory requirements. By implementing advanced security protocols, businesses can protect themselves against cyber threats and data breaches, which are becoming increasingly sophisticated. As a result, investing in a Digital Payment Security Suite is not just a necessity but a strategic move to secure a competitive edge in the digital payment market.

Regionally, the digital payment market is exhibiting significant growth across various geographies, with the Asia Pacific region leading the charge. This region is expected to witness the highest growth rate due to rapid urbanization, the growing middle class, and increased mobile penetration, especially in countries like China and India. North America and Europe are also key markets, driven by established digital infrastructure and high consumer adoption rates. Meanwhile, Latin America and the Middle East & Africa are experiencing growth, albeit at a slower pace, driven by increasing internet penetration and digital payment initiatives. The regional dynamics highlight the global shift towards a more digital economy, with varying adoption rates reflecting local technological, economic, and cultural factors.

Component Analysis

The digital payment market is segmented by component into solutions and services, each playing a vital role

As of March 2025, the Bharat Interface for Money (BHIM) Unified Payments Interface (UPI) was the most used mode of digital payments in India, with a transaction volume of around *** billion transactions. National Automated Clearing House (NACH) followed with around ** billion transactions. The majority of the transactions across sectors such as online retail, food delivery, mobility, and e-health were made by UPI in the financial year 2023. What is BHIM UPI? BHIM is a mobile payment app developed by the National Payments Corporation of India (NPCI) based on UPI. It was launched in 2016, and it facilitates electronic payments directly through banks and promotes cashless payments. It allows users to send or receive payments using only a mobile number or UPI ID. As of June 2023, more than *** Indian banks had partnered with BHIM. Payment methods: a decade of transformation    The last decade has witnessed a significant transformation in the payments landscape in India. In the early decade, methods such as cash and cheques were prevalent. However, with the advent of smartphones and internet connectivity, digital payment methods started gaining traction. The government’s ‘Digital India’ campaign further propelled this shift, aiming to create a ‘digitally empowered’ economy that is 'Faceless, Paperless, Cashless’. Several digital payment methods emerged in this decade. Credit cards and debit cards became widely popular due to their convenience, portability, and security features. The introduction of UPI served as a game changer in the payments industry by facilitating instant money transfers between any two bank accounts via a mobile platform.

digital payments market size is expected to reach USD 221.93 Billion in 2028 ,factors such as worldwide promotion of using digital payments by governments of various countries, lower rates of mobile Internet data plans, rising acceptance of real-time and contactless payments, and increasing production and sales

In 2024, the gross transaction value (GTV) of digital payments in Indonesia amounted to 404 billion U.S. dollars. In comparison, the GTV of digital payments in the Philippines was 125 billion U.S. dollars in 2024.

g20.receive.t.d. The percentage of respondents who report using a mobile money account, a debit or credit card, or a mobile phone to receive a payment into an account in the past year. This includes respondents who report receiving remittances, receiving payments for agricultural products, receiving government transfers, receiving wages, or receiving a public sector pension directly into a financial institution account or into a mobile money account in the past year. The Gender Statistics database is a comprehensive source for the latest sex-disaggregated data and gender statistics covering demography, education, health, access to economic opportunities, public life and decision-making, and agency.

The US digital payments market is experiencing robust growth, fueled by increasing smartphone penetration, rising e-commerce adoption, and a shift away from traditional cash transactions. The market's expansion is driven by a confluence of factors including the convenience and speed of digital transactions, enhanced security features offered by various payment platforms, and the growing acceptance of digital payments by businesses across diverse sectors. The retail and e-commerce sectors are significant contributors to this growth, with the increasing preference for online shopping boosting demand for secure and efficient digital payment methods. Furthermore, the expansion of mobile wallets and the integration of digital payment solutions into existing financial applications are driving further market penetration. While the adoption of digital payments is widespread, challenges remain, including concerns about data security and privacy, particularly concerning the potential for fraud. Addressing these concerns through robust security measures and transparent data handling practices is crucial for sustaining the market's growth trajectory. The market is segmented by payment method (card payments, digital wallets, cash, others) and end-user industry (retail, entertainment, healthcare, hospitality, others), reflecting the diverse applications of digital payment technologies. Competition within this market is intense, with established players like PayPal and Stripe competing alongside newer entrants such as Amazon Pay and Google Pay. This competitive landscape is fostering innovation and driving down transaction costs, ultimately benefitting consumers and businesses alike. The continued development of innovative payment solutions, coupled with increased consumer trust and regulatory support, will likely fuel further expansion of the US digital payments market in the coming years. The forecast period of 2025-2033 projects sustained growth for the US digital payment market, reflecting the ongoing digital transformation of the economy. Given the 23.50% CAGR provided, even conservative estimations suggest substantial increases in market value. The integration of digital payments with emerging technologies like Artificial Intelligence and blockchain will further shape the landscape, enhancing security and efficiency while providing more personalized experiences for users. Expansion into niche sectors and geographic regions within the US will also contribute to growth. Regulatory efforts to ensure secure transactions and protect consumer data will play a significant role in fostering confidence and driving market expansion. Continuous innovation in payment solutions, such as improved biometric authentication and more seamless integration with various platforms, will attract new users and drive the adoption of digital payments across various demographics. Understanding consumer preferences and adapting to evolving security needs are key to success in this dynamic and rapidly growing market segment. Recent developments include: September 2021 - Global Payments Inc. announced an agreement to acquire MineralTree, a provider of accounts payable automation and B-2-B payments solutions. MineralTree's cloud-native solutions significantly expand the Global Payments target market and offer significant growth opportunities in the compelling technology markets., April 2022 - Dwolla, a fintech company driving innovation with sophisticated inter-account payment solutions, announced the release of Virtual Account Number (VAN), a long-awaited feature for disconnecting banks and fintech. These VANs are a process management tool enabling organizations to manage complex payment workflows.. Key drivers for this market are: High proliferation of smartphones and e-commerce driving the market. Potential restraints include: High proliferation of smartphones and e-commerce driving the market. Notable trends are: Retail businesses gaining more significant payment solutions.

g20.receive.t.d. The percentage of respondents who report using a mobile money account, a debit or credit card, or a mobile phone to receive a payment into an account in the past year. This includes respondents who report receiving remittances, receiving payments for agricultural products, receiving government transfers, receiving wages, or receiving a public sector pension directly into a financial institution account or into a mobile money account in the past year. The Gender Statistics database is a comprehensive source for the latest sex-disaggregated data and gender statistics covering demography, education, health, access to economic opportunities, public life and decision-making, and agency.

High Frequency Indicator: The dataset contains year-, month- and bank-wise compiled data from the year 2021 to till date on the transactions performed (responses) and failed (returns) by debit sponsor banks through National Automated Clearing House (NACH) system

Notes:

1. NACH Credit is an electronic payment service used by an institution for affording credits to a large number of beneficiaries in their bank accounts for the payment of dividend, interest, salary, pension etc. by raising a single debit to the bank account of the user institution
2. Business Declines (BD) are declined transactions due to a customer entering an invalid pin, incorrect beneficiary account etc. or due to other business reasons such as exceeding per transaction limit, exceeding permitted count of transactions per day, exceeding amount limit for the day etc.
3. Technical Declines (TD) transactions are those transactions are declined due to any technical reasons such as bank ID is empty or not in correct format or exception code not in Database or not in correct format, etc

In 2024, mobile easy payment transactions accounted for approximately **** percent of digital transactions conducted via mobile devices, PCs, or other methods in South Korea. The usage of mobile easy payment services has increased in recent years, especially after the outbreak of the COVID-19 pandemic in 2020.

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.

South Korea Electronic Payments: Value: Payment Gateway: Others data was reported at 37,357.000 KRW hm in Dec 2019. This records an increase from the previous number of 32,495.000 KRW hm for Sep 2019. South Korea Electronic Payments: Value: Payment Gateway: Others data is updated quarterly, averaging 3,352.000 KRW hm from Dec 2009 (Median) to Dec 2019, with 41 observations. The data reached an all-time high of 37,357.000 KRW hm in Dec 2019 and a record low of 1,501.000 KRW hm in Jun 2010. South Korea Electronic Payments: Value: Payment Gateway: Others data remains active status in CEIC and is reported by The Bank of Korea. The data is categorized under Global Database’s South Korea – Table KR.KA020: Electronic Banking Statistics. [COVID-19-IMPACT]

Artificial intelligence to help enhance payments was significantly more an option for younger respondents than it was for their older counterparts in 2024. This is according to a survey held in 14 different countries across North America, Europe, and Latin America. The source observed in 2023 already that most respondents - regardless of age - were not yet comfortable with the idea of AI in digital payments. This revealed itself, especially, in the reply from 10 percent of the respondents that they would perhaps use artificial intelligence in two years' time when it had become more established. In 2024, the source did not ask how many people actively used AI during their payments journey. Examples of AI in day-to-day digital payments for consumers The source lists three specific use cases of artificial intelligence in consumer-driven payments: Smart wallets, AI-powered checkouts, and chatbots. One example includes Amazon's Just Walk Out (JWO) in its Amazon Go shops in the United States. The technology uses machine learning to identify what customers picked off the shelves and then bill them automatically. This solution aims at the innovation consumers hope to see most in shopping, especially online: A seamless payments experience. Payment providers had a similar impression, in that they observed a demand among their clients for real-time payments. More so than for lower payment processing costs or cross-border payment solutions. The source adds certain payment solutions might already be using AI in the background, but that consumers are simply not aware of them. AI pros and cons for financial services The finance industry is expected to make heavy use of artificial intelligence's capabilities for years to come. AI's ability to monitor trends and improve data analytics, especially, is popular among financial service providers. Another popular use is that AI can help process large quantities of data. This is especially useful for larger investment-style banks. There are concerns, though. Data issues and growing concerns about keeping talent on board to help out with issues or data sciences ranked as the top AI concerns in 2024.

High Frequency Indicator: The dataset contains year-, month-, state- and district-wise compiled data on the volume of transactions which have been done through National Financial Switch (NFS) System

Notes:

1. NFS (National Financial Switch) is a financial service which has a ATM network of 37 members and connects about 50,000 ATMs. It primary enables cardholders of participating member banks to use NFS networked Cash Recyclers/Cash Deposit Machines to deposit cash in their own account or third party account through its services such as UPI-ATM Cash Withdrawal, Interoperable Cash Deposit (ICD), etc. Apart from this, the other financial and non-financial services that NFS enables through its network are Mobile Banking Registration (MBR), Card-to-Card Fund Transfer (C2C), Cheque Book Request (CBR), Statement Request (SR), Aadhar Number Seeding (ANS), etc. These services are available for customers of participating member’s banks on participating members ATMs.

2. NFS is taken over by National Payments Corporation of India (NPCI) from Institute for Development and Research in Banking Technology (IDRBT) on December 14, 2009