Real-time payments, or RTP, were commonly used in Asia-Pacific in 2023, with transactions in India being almost 10 times higher as in China. RTP is important in India due to its implementation in the country's Unified Payments Interface or UPI. An expanded ranking on the number of instant payments per country places India at the top with a figure that was higher than 43 other countries combined. India is expected to keep this position by 2028, although its predicted CAGR will be lower than Brazil, the United States, and Indonesia. UPI (India) and Pix (Brazil) are the two main systems Real-time payments generally have two main characteristics that make them appealing: One, as the name suggests, payments can be initiated and settled almost immediately, allowing consumers, businesses, bank to send and receive money across the world within minutes. Two, these schemes are not bound to the opening times of a bank, and are available "24/7" and 365 days in the year. These traits matter especially to countries with a complex payment market that need to be digitalized — such as in India with its UPI system, but also in Brazil (PIX). UPI in India and Pix in Brazil together reached nearly 100 billion transactions in 2022. A2A payments: An enabler of real-time payment technology UPI and Pix are both also examples of applications that allow for A2A payments. A2A or account-to-account payments refers to direct payments from one party to the other without the need for an intermediary. Such intermediaries are card rails from the likes of Visa and Mastercard, which are essentially bypassed in A2A. These typically domestically developed payment options come from banks. A2A apps were more common in Latin America than in other parts of the world in late 2022. It should be noted that sources sometimes interpret A2A in different ways, as bank transfers (push requests) and direct debit (pull requests) can technically be a part of A2A as well.

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 half 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.

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.

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The La

Finances are an important part of life. When looking at the online payment users in selected countries worldwide, Brazil and Finland lead the ranking. 85 percent of consumers from Brazil as well as 74 percent from Finland are part of this category. Statista Consumer Insights offer you all results of our exclusive Statista surveys, based on more than 2,000,000 interviews.

Mobile wallet penetration in 2023was much higher in Asia than in Europe, with countries like India and Indonesia significantly outranking a country like Sweden. This is according to consumer survey results from early 2023. It reveals that the market size of mobile wallets is much higher in emerging countries than in North America or Europe, as wallets are often the first digital payment method to gain widespread acceptance in Asia or the Middle East. Mobile wallets in Europe and North America compete against existing digital payment systems such as credit cards or debit cards. POS vs. e-commerce Are wallets preferred in physical stores or in online shopping? By and large, digital wallets are used more regularly online than offline. Asia leads here too, with nearly 70 percent of e-commerce transaction value in the region being handled by wallets. Wallets accounted for roughly half of global e-commerce transaction value in 2023, which is forecast to increase to 61 percent by 2027. Future growth The United States is expected to see an increase in the use of wallets, with card-linked wallets reaching a Compound Annual Growth Rate (CAGR) of 10.5 percent. This was lower than forecasts made for countries in Southeast Asia, however, with the predicted number of digital wallet users in Indonesia being a particular stand-out. This is attributed to the growth of so-called "super apps" in Asia - apps that combine multiple functionalities such as taxi services, online shopping, food delivery, and payment services. Notable brands for Indonesia are Ovo and ShopeePay.

Introduction

Google Pay Statistics: As digital payments continue to expand globally, Google Pay remains one of the leading mobile payment platforms, handling a significant share of online and in-store transactions. With millions of users in over 40 countries, the app plays a major role in the global shift toward cashless transactions.

In 2025, Google Pay’s usage is expected to continue growing, driven by new technologies, increased smartphone adoption, and the demand for secure, hassle-free payments. This report highlights the latest statistics, trends, and market insights that showcase Google Pay’s influence in the fast-changing world of digital payments. This article will shed more light on Google Pay Statistics.

Fintech Payment System Market Outlook

As of 2023, the global market size of the Fintech Payment System market has reached approximately $120 billion, and it is projected to grow to $350 billion by 2032, driven by a compound annual growth rate (CAGR) of 12.5%. This impressive growth is fueled by several factors, including the increasing digitalization of financial services, rising consumer demand for seamless and secure payment solutions, and the rapid adoption of e-commerce.

One of the primary growth factors of the Fintech Payment System market is the rapid advancement in technology. Innovations like blockchain, artificial intelligence, and machine learning have revolutionized the way payments are processed, making them faster, more secure, and more efficient. Furthermore, the integration of biometric authentication and tokenization has significantly enhanced security, enticing more users to transition to digital payment systems. The continual technological evolution in this sector ensures that companies can offer increasingly robust and user-friendly payment solutions.

The increasing penetration of smartphones and high-speed internet, especially in emerging markets, is another significant growth driver. As more consumers gain access to mobile devices and reliable internet connections, the convenience of online and mobile banking becomes more appealing. This has led to a surge in the adoption of mobile wallets and other digital payment platforms. The ease of access provided by these technologies helps bridge the gap between traditional banking and the digitally savvy consumer, further propelling the market forward.

Additionally, regulatory support and governmental initiatives aimed at promoting digital payments have played a crucial role in the market's expansion. Governments worldwide are increasingly recognizing the benefits of digital financial transactions, such as improved financial inclusion and reduced costs associated with cash handling. Supportive policies and frameworks are being established to encourage the adoption of digital payment systems, which further accelerates market growth. For example, the Indian government's Digital India campaign has significantly boosted the use of digital payment methods in the country.

When examining the regional outlook, North America holds the largest share of the market, driven by the presence of major fintech companies and early adoption of advanced payment technologies. However, the Asia Pacific region is anticipated to exhibit the highest growth rate due to the rising number of smartphone users and the increasing popularity of e-commerce. Countries like China and India are at the forefront of this growth, supported by favorable regulatory environments and a booming e-commerce sector.

Component Analysis

The Fintech Payment System market by component comprises software, hardware, and services. Software solutions dominate this segment, driven by the demand for mobile payment applications, digital wallets, and payment processing platforms. These software solutions are critical in providing the backbone for various fintech payment services, enabling secure transactions and seamless integration with existing financial systems. Furthermore, the continuous development of new functionalities and features within these software solutions ensures that they remain relevant and capable of meeting evolving consumer needs.

Hardware components also play a vital role in the Fintech Payment System market. This includes point-of-sale (POS) terminals, ATMs, and mobile card readers. With the rise of contactless payment methods, the demand for NFC-enabled devices has surged, contributing to hardware growth. These hardware solutions are essential for enabling physical transactions in retail environments, bridging the gap between digital and physical payment ecosystems. As consumers become more comfortable with contactless payments, the demand for sophisticated hardware solutions is expected to grow.

Services encompass a range of offerings, including consulting, implementation, and maintenance services. Companies often require expert guidance to navigate the complex landscape of fintech payment systems, ensuring that they implement the most suitable solutions for their needs. Additionally, ongoing support and maintenance are crucial for the smooth functioning of these systems, helping to address any issues promptly and minimize downtime. As the market expands, the demand for specialized services is expected to grow, providing significant opportunities for service providers.

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Digital Money Transfer and Remittances Market Outlook

The global digital money transfer and remittances market size was valued at approximately USD 17 billion in 2023, and it is projected to reach around USD 37 billion by 2032, growing at a compound annual growth rate (CAGR) of 9% during the forecast period of 2024-2032. This robust growth can be attributed to the increasing adoption of digital platforms for transferring money across borders and domestically, driven significantly by the convenience, speed, and cost-effectiveness they offer compared to traditional methods. Moreover, the market is benefiting from the rapid advancements in financial technology and the growing penetration of smartphones and internet connectivity globally.

The digital money transfer and remittances market is witnessing substantial growth due to a multitude of factors. One of the primary drivers is the increasing migration of people for employment, education, and better living conditions. As more individuals work and live away from their home countries, the need for efficient and cost-effective remittance services continues to rise. Additionally, digital platforms are providing solutions that bypass the traditional banking systems, offering faster and often cheaper alternatives to send money across borders. This has significantly democratized financial transactions, making it easier for even those without access to traditional banking services to participate in the global economy. The COVID-19 pandemic has also accelerated the shift towards digital money transfers, as consumers and businesses sought contactless ways to manage transactions.

Technological advancements have played a crucial role in shaping the digital money transfer and remittances market. The integration of blockchain technology and artificial intelligence has not only improved the security and efficiency of transactions but has also reduced the costs associated with cross-border payments. Blockchain, in particular, has revolutionized the way money is transferred internationally by enabling near-instantaneous transactions with minimal fees. Moreover, the increasing adoption of mobile wallets and digital payment platforms has further fueled market growth. These platforms allow users to send and receive money with just a few taps on their smartphones, making financial transactions more accessible to everyone, including those in remote and underserved areas.

Another significant growth factor for this market is the supportive regulatory environment in many countries. Governments and financial institutions are increasingly recognizing the importance of digital financial services in driving economic growth and financial inclusion. As a result, many regions have implemented regulatory frameworks that facilitate the operation and expansion of digital money transfer services. These regulations aim to protect consumers while encouraging innovation and competition within the industry. Additionally, the rise of fintech companies and the collaboration between traditional banks and digital platforms have created a more competitive landscape, leading to better services and lower costs for consumers.

Regionally, the digital money transfer and remittances market is experiencing varied growth patterns. The Asia Pacific region is leading the charge, with a significant portion of the remittance flows originating from this area due to the high number of migrant workers. The region's growth is further supported by the rapid digitalization of financial services and the widespread use of mobile payment platforms. North America and Europe are also seeing substantial growth, driven by the increasing preference for digital transactions over cash and check payments. Latin America and the Middle East & Africa regions, while currently smaller in terms of market size, are poised for rapid growth as financial inclusion initiatives gain momentum and digital infrastructure improves.

Type Analysis

The digital money transfer and remittances market can be segmented into domestic and international types, each with its own set of dynamics and growth prospects. The domestic money transfer segment is characterized by the need for quick and efficient transfer of funds within the same country. This segment is witnessing growth due to the increasing adoption of mobile payment solutions and peer-to-peer payment platforms that cater to the needs of both urban and rural populations. As more individuals turn to digital methods for paying bills, transferring money to family and friends, and making purchases, the demand for domestic digital transfer solutions continues to rise.

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Money Transfer App Market Outlook

The global money transfer app market size was valued at approximately USD 17.8 billion in 2023 and is expected to reach USD 34.7 billion by 2032, showcasing a CAGR of 7.2% during the forecast period. The market growth is driven by the increasing adoption of digital payment solutions, the proliferation of smartphones, and the rising demand for convenient, fast, and secure methods of transferring money both domestically and internationally.

One of the primary growth factors of the money transfer app market is the increasing penetration of smartphones and internet connectivity around the world. As more people gain access to mobile devices and the internet, the convenience of using money transfer apps becomes more appealing. This is particularly significant in developing countries where traditional banking infrastructure may be lacking or underdeveloped. Additionally, the global shift towards digitalization, accelerated by the COVID-19 pandemic, has further spurred the adoption of these applications.

Another contributing factor to the growth of the market is the rise of financial technology (fintech) companies that are constantly innovating and providing new solutions in the digital payments space. The introduction of blockchain technology and cryptocurrency for money transfers has also opened up new avenues for secure and efficient transactions. Moreover, the competitive landscape is seeing traditional banks and financial institutions partnering with fintech companies to offer their customers enhanced digital services, thereby expanding the reach and capabilities of money transfer apps.

Regulatory support and government initiatives promoting digital payments and financial inclusion also play a crucial role in the expansion of the money transfer app market. Governments worldwide are actively encouraging cashless transactions to enhance transparency and reduce the costs associated with cash handling. For instance, initiatives like India's Digital India campaign and the European UnionÂ’s directive on electronic payments are encouraging the use of digital solutions for money transfers, further driving market growth.

In addition to the growth driven by digital payment solutions, the emergence of Cashback Apps has added another layer of appeal to money transfer applications. These apps offer users the opportunity to earn cashback on transactions, making them an attractive option for cost-conscious consumers. By integrating cashback features, money transfer apps can enhance user engagement and loyalty, as users are incentivized to conduct more transactions to earn rewards. This trend is particularly popular among younger demographics who are more inclined to use digital solutions for their financial needs. As a result, the incorporation of cashback features is becoming a competitive differentiator in the money transfer app market.

Regionally, North America holds a significant share in the market due to the high adoption rate of digital payment solutions and the presence of major technology players. However, the Asia Pacific region is expected to witness the highest growth rate due to the increasing number of smartphone users, rising internet penetration, and supportive government policies promoting digital payments. Countries like China and India are at the forefront of this growth, contributing significantly to the overall market expansion.

Type Analysis

The money transfer app market can be segmented by type into domestic money transfer and international money transfer. Domestic money transfers refer to transactions made within the same country, while international money transfers involve cross-border transactions. Each of these segments has its unique drivers and challenges that influence market dynamics.

Domestic money transfers are increasingly popular due to the convenience and speed they offer. Users can easily send money to family and friends or make payments for goods and services without the need for cash or traditional banking methods. The rise of peer-to-peer (P2P) payment platforms has significantly contributed to the growth of this segment. Companies like Venmo, Zelle, and Square Cash have made it easier for individuals to transfer money using just a mobile number or email address. This segment is also driven by the increasing adoption of digital wallets that integrate seamlessly with money transfer apps.

International money t

In a survey conducted in 2024 regarding the usage of mobile payment services, **** percent of respondents in Singapore stated that they used mobile payment services monthly. In comparison, about **** percent of respondents in Japan used mobile payment services monthly. The rise of digital payments Digital payments gained significant momentum in recent years, becoming an increasingly popular payment method. Digital wallets have emerged as one of the most used payment methods, far ahead of credit or debit cards. The number of consumers using mobile wallets has already surpassed *** million in Indonesia, highlighting the widespread adoption of online transactions.
Asia-Pacific’s online population The internet population in the Asia-Pacific region is among the highest in the world, with the share of mobile internet users also continuing to grow. An increasing number of people use their phones for numerous purposes, which leads to a high rate of mobile phone usage. The average time spent using mobile internet has surpassed more than **** hours daily in the Philippines, with many other countries in the region not far behind.

Digital Money Transfer Market Outlook

The global digital money transfer market size was valued at USD 8.7 billion in 2023 and is projected to reach USD 25.4 billion by 2032, growing at a CAGR of 12.5% from 2024 to 2032. This significant growth is driven by the increasing penetration of smartphones, expanding internet connectivity, and the rising demand for convenient and fast money transfer solutions. Additionally, burgeoning e-commerce activities and the proliferation of digital payment platforms further bolster the market growth.

One of the primary growth factors for the digital money transfer market is the increasing adoption of digital payment modes facilitated by the widespread use of mobile devices. Smartphones have revolutionized the way people conduct financial transactions, with mobile wallets and banking apps enabling users to transfer funds effortlessly. This convenience and accessibility have spurred the demand for digital money transfers, particularly in emerging economies where traditional banking infrastructure may be limited.

Another notable driver is the growing remittance flows to low- and middle-income countries. Migrant workers and expatriates are increasingly relying on digital money transfer services to send money back home to their families. Digital platforms offer lower transaction fees, faster processing times, and enhanced security compared to traditional remittance services. Governments and financial institutions are also supporting this trend by implementing policies and partnerships that promote the use of digital remittances.

The increasing focus on financial inclusion is also contributing to market growth. Many governments and NGOs are working towards integrating unbanked and underbanked populations into the formal financial system. Digital money transfer services play a pivotal role in this effort by providing accessible and affordable financial solutions. The implementation of regulatory frameworks and infrastructure improvements to support digital payments is further fueling market expansion.

The emergence of Cryptocurrency Remittance Software is revolutionizing the way international money transfers are conducted. This innovative software leverages blockchain technology to facilitate secure, fast, and cost-effective cross-border transactions. Unlike traditional remittance methods, cryptocurrency-based solutions eliminate the need for intermediaries, significantly reducing transaction fees and processing times. This is particularly beneficial for individuals and businesses in regions with limited access to traditional banking services. As more people become aware of the benefits of cryptocurrency remittances, the demand for such software is expected to rise, further driving the growth of the digital money transfer market.

Regionally, Asia Pacific is expected to dominate the digital money transfer market owing to its large population, rapid economic growth, and high smartphone penetration. Countries like China, India, and Southeast Asian nations are experiencing a surge in digital financial services adoption. North America and Europe are also significant contributors to the market, driven by advanced technological infrastructure and high consumer awareness. Meanwhile, Latin America and the Middle East & Africa are witnessing steady growth fueled by increasing remittance inflows and digital payment initiatives.

Type Analysis

The digital money transfer market can be segmented into domestic and international transfers. Domestic transfers involve sending money within the same country, while international transfers involve cross-border transactions. Domestic digital money transfers have gained substantial traction due to the convenience and speed offered by digital platforms. With the rise of peer-to-peer (P2P) payment apps, consumers can transfer funds quickly and securely within their country. These platforms often provide additional services such as bill payments and mobile recharges, enhancing their appeal.

International digital money transfers, on the other hand, are primarily driven by the need for remittances. Migrants working in foreign countries send money to support their families back home. Digital platforms have revolutionized this process by offering lower fees, faster transaction times, and improved transparency compared to traditional methods. The ability to track transfers and receive instant notifications has further boosted consumer con

The mobile payment transaction market will touch USD 20.4 Trillion by 2025 with a spectacular growth of USD 60.8 Trillion by 2035 outlining a CAGR of 13.2% in the forecast period. Adoption of blockchain technology, improved security features, and stringent regulation of digital payments are fueling this high growth. Further, developing economies are transforming very fast to a cashless environment, which will further increase the size of the industry and the global trade quotient.

Contracts and Deals Analysis

Company	Contract Value (USD million)
WhatsApp and National Payments Corporation of India (NPCI)	Approximately USD 800 - USD 1,000
European Payments Initiative (EPI) and Major French Banks	Approximately USD 500 - USD 700
Apple Inc. and PayPal Holdings	Approximately USD 900 - USD 1,200

Country-wise Analysis

Countries	CAGR (2025 to 2035)
USA	8.5%
UK	8.2%
France	7.9%
Germany	8%
Italy	7.8%
South Korea	8.7%
Japan	8%
China	9.1%
Australia	7.6%
New Zealand	7.4%

Competitive Outlook

Company Name	Estimated Market Share (%)
PayPal Holdings Inc.	25-30%
Apple Pay	20-25%
Google Pay	15-20%
Samsung Pay	7-12%
Square (Block Inc.)	5-9%
Other Companies (combined)	20-30%

Abstract

The fourth edition of the Global Findex offers a lens into how people accessed and used financial services during the COVID-19 pandemic, when mobility restrictions and health policies drove increased demand for digital services of all kinds.

The Global Findex is the world's most comprehensive database on financial inclusion. It is also the only global demand-side data source allowing for global and regional cross-country analysis to provide a rigorous and multidimensional picture of how adults save, borrow, make payments, and manage financial risks. Global Findex 2021 data were collected from national representative surveys of about 128,000 adults in more than 120 economies. The latest edition follows the 2011, 2014, and 2017 editions, and it includes a number of new series measuring financial health and resilience and contains more granular data on digital payment adoption, including merchant and government payments.

The Global Findex is an indispensable resource for financial service practitioners, policy makers, researchers, and development professionals.

Geographic coverage

Tibet was excluded from the sample. The excluded areas represent less than 1 percent of the total population of China.

Analysis unit

Individual

Kind of data

Observation data/ratings [obs]

Sampling procedure

In most developing economies, Global Findex data have traditionally been collected through face-to-face interviews. Surveys are conducted face-to-face in economies where telephone coverage represents less than 80 percent of the population or where in-person surveying is the customary methodology. However, because of ongoing COVID-19 related mobility restrictions, face-to-face interviewing was not possible in some of these economies in 2021. Phone-based surveys were therefore conducted in 67 economies that had been surveyed face-to-face in 2017. These 67 economies were selected for inclusion based on population size, phone penetration rate, COVID-19 infection rates, and the feasibility of executing phone-based methods where Gallup would otherwise conduct face-to-face data collection, while complying with all government-issued guidance throughout the interviewing process. Gallup takes both mobile phone and landline ownership into consideration. According to Gallup World Poll 2019 data, when face-to-face surveys were last carried out in these economies, at least 80 percent of adults in almost all of them reported mobile phone ownership. All samples are probability-based and nationally representative of the resident adult population. Phone surveys were not a viable option in 17 economies that had been part of previous Global Findex surveys, however, because of low mobile phone ownership and surveying restrictions. Data for these economies will be collected in 2022 and released in 2023.

In economies where face-to-face surveys are conducted, the first stage of sampling is the identification of primary sampling units. These units are stratified by population size, geography, or both, and clustering is achieved through one or more stages of sampling. Where population information is available, sample selection is based on probabilities proportional to population size; otherwise, simple random sampling is used. Random route procedures are used to select sampled households. Unless an outright refusal occurs, interviewers make up to three attempts to survey the sampled household. To increase the probability of contact and completion, attempts are made at different times of the day and, where possible, on different days. If an interview cannot be obtained at the initial sampled household, a simple substitution method is used. Respondents are randomly selected within the selected households. Each eligible household member is listed, and the hand-held survey device randomly selects the household member to be interviewed. For paper surveys, the Kish grid method is used to select the respondent. In economies where cultural restrictions dictate gender matching, respondents are randomly selected from among all eligible adults of the interviewer's gender.

In traditionally phone-based economies, respondent selection follows the same procedure as in previous years, using random digit dialing or a nationally representative list of phone numbers. In most economies where mobile phone and landline penetration is high, a dual sampling frame is used.

The same respondent selection procedure is applied to the new phone-based economies. Dual frame (landline and mobile phone) random digital dialing is used where landline presence and use are 20 percent or higher based on historical Gallup estimates. Mobile phone random digital dialing is used in economies with limited to no landline presence (less than 20 percent).

For landline respondents in economies where mobile phone or landline penetration is 80 percent or higher, random selection of respondents is achieved by using either the latest birthday or household enumeration method. For mobile phone respondents in these economies or in economies where mobile phone or landline penetration is less than 80 percent, no further selection is performed. At least three attempts are made to reach a person in each household, spread over different days and times of day.

Sample size for China is 3500.

Mode of data collection

Mobile telephone

Research instrument

Questionnaires are available on the website.

Sampling error estimates

Estimates of standard errors (which account for sampling error) vary by country and indicator. For country-specific margins of error, please refer to the Methodology section and corresponding table in Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar. 2022. The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19. Washington, DC: World Bank.

Cash usage by country varied significantly — even within Europe — according to various payment diary studies held all over the world. The numbers provided here all stem from domestically held payment diary surveys, where consumers had to record how often and by how much they used certain payment methods. In the Euro area, for instance, Malta led the group of countries in proportion of cash to non-cash transactions in 2021, with 77 percent of all transactions carried out in cash. Other Mediterranean countries also saw high cash transaction rates. This contrasted with Canada and the United States, where their surveys suggested a far lower market share of cash. Cash usage is a relatively new field of Payments research Tracking the use of paper money or coins for most countries only began in the mid to late 2010s, and was especially adopted following the coronavirus pandemic. Central banks increasingly wanted to map out whether cash was declining in favor of digital payment methods, but no official means of tracking cash use was available. As this is based on domestically held surveys, data availability and data frequency varies significantly. This overview tries to collect all research done so far. It should be noted that all surveys are conducted separately from one another, so they might not be comparable. Another less reliable, but more easily available way to calculate the share of cash in a country is currency in circulation or CIC. This is a comparatively easy figure to research and calculate, but experts question its reliability. Digital payments expected to keep on growing Cashless payments are forecast to double between 2022 and 2027. Over 1.1 trillion non-cash transactions were carried out in the world, with the highest number being recorded in Asia-Pacific. The number of cashless payments in Asia-Pacific is forecast to be higher than transactions in Europe and North America combined. A significant growth in Latin America — consisting of Brazil, Peru, and Colombia in this particular ranking — is also expected, as they continue to implement real-time payments across the region.

Person To Person Payment Market Outlook

The global person-to-person (P2P) payment market size is projected to grow significantly, from USD 1.2 trillion in 2023 to approximately USD 5.1 trillion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.3%. This impressive growth is primarily driven by the increasing adoption of digital payment solutions, growing internet penetration, and the rising need for quick and secure money transfers.

One of the key factors propelling the growth of the P2P payment market is the widespread adoption of smartphones and mobile banking applications. These technologies have made it easier for individuals to transfer money directly from their bank accounts to others, without the need for physical cash or checks. Moreover, the increasing use of digital wallets and mobile payment platforms has further simplified the process of sending and receiving money, contributing to the market's growth.

Another significant driver of the P2P payment market is the growing preference for contactless payment methods, especially in the wake of the COVID-19 pandemic. The pandemic has accelerated the shift towards digital payments, as people seek to minimize physical contact and reduce the risk of virus transmission. This trend is expected to continue, further boosting the adoption of P2P payment solutions. Additionally, the continuous advancements in payment technologies, such as blockchain and biometric authentication, are enhancing the security and efficiency of P2P transactions, thus encouraging more users to embrace these solutions.

Furthermore, the rising awareness of the benefits of P2P payments among consumers and businesses is driving market growth. P2P payments offer several advantages, including lower transaction fees, faster processing times, and greater convenience compared to traditional payment methods. As more people become aware of these benefits, the demand for P2P payment solutions is expected to increase. Additionally, the expanding e-commerce sector and the growing use of social media platforms for conducting transactions are further contributing to the market's growth.

Regionally, North America is expected to hold the largest share of the P2P payment market, owing to the high smartphone penetration, well-established banking infrastructure, and the presence of major market players in the region. However, the Asia Pacific region is anticipated to witness the highest growth rate during the forecast period, driven by the increasing adoption of digital payment solutions, rapid urbanization, and the growing number of internet users in countries such as India and China.

Transaction Type Analysis

The person-to-person payment market is segmented by transaction type into domestic and international transactions. Domestic transactions currently dominate the market, accounting for the majority of P2P payments. This dominance is attributed to the high frequency of small-value transactions among individuals within the same country. Domestic P2P payments are widely used for various purposes, such as splitting bills, paying rent, and sending money to family and friends. The convenience and speed of domestic P2P payments make them an attractive option for many users.

International P2P transactions, while smaller in volume compared to domestic transactions, are gaining traction due to the increasing number of cross-border remittances. The rise in global migration and the growing number of people working abroad are driving the demand for efficient and cost-effective international money transfer solutions. Traditional methods of sending money across borders, such as wire transfers and money orders, are often expensive and time-consuming. In contrast, P2P payment platforms offer a more affordable and faster alternative, which is appealing to users who need to send money to family and friends in other countries.

Moreover, the advancements in financial technology are making international P2P transactions more accessible and secure. The use of blockchain technology, for instance, is enabling faster and more transparent cross-border payments. Additionally, regulatory initiatives aimed at promoting financial inclusion and improving the ease of cross-border payments are expected to support the growth of the international P2P payment segment. As more people become aware of these benefits, the adoption of international P2P payment solutions is likely to increase.

Furthermore, the growing popularity of digital wallets and mobile payment platforms that support inter

The Report Covers Payment Companies in Europe and the market is Segmented by Mode of Payment (Point of Sale (Card Payments, Digital Wallet, Cash), Online Sale (Card Payments, Digital Wallet)), by End-user Industries (Retail, Entertainment, Healthcare, Hospitality), and by Country.

Introduction

Apple Pay Statistics: Apple Pay is a payment service and digital wallet offered by Apple Inc. that operates on iPhones, iPads, and Apple Watches. It's widely used around the world because Apple has made it secure and easy to use with NFC technology. The company has partnered with major banks, credit card companies, and payment processors to ensure that Apple Pay integrates smoothly with their systems.

Apple Pay generates revenue in several ways. It charges merchants a fee for each transaction and earns interest from funds held in Apple Pay Cash accounts. In 2022, Apple Pay generated USD 1.9 billion, and projections indicate it could reach USD 4 billion by 2023. As of early 2024, the Apple Card boasts over 12 million cardholders. In 2023 alone, users earned more than USD 1 billion in Daily Cash from their spending on the Apple Card. Additionally, Apple Pay charges financial institutions fees to join its network and takes a small percentage of each transaction from the issuing bank.

Apple Pay also earns money from in-app purchases and through the Apple Card, which generates revenue from interest, fees, and late payments. Currently, there are 507 million Apple Pay users across 76 countries, showcasing Apple's commitment to expanding its payment service. We will further explore Apple Pay statistics through these figures.

Remittance Market Outlook

The global remittance market size was valued at USD 701.93 billion in 2023 and is projected to reach USD 1.08 trillion by 2032, growing at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2032. The growth of this market is driven by increasing migration trends, technological advancements, and rising demand for convenient and cost-effective money transfer services. The expansion of digital platforms and mobile wallets has significantly contributed to the ease and speed of cross-border money transfers, providing a robust foundation for market growth.

A significant growth factor contributing to the expansion of the remittance market is the increasing global migration rates. Economic disparities and the pursuit of better employment opportunities have led to a rise in the number of people moving to different countries. These migrants often send money back to their home countries to support their families, driving the demand for remittance services. Additionally, humanitarian reasons and international aid are playing essential roles in boosting remittance flows to regions in need.

Technological advancements have been another critical driver of growth in the remittance market. The advent of digital payment platforms and fintech innovations has revolutionized the way money is transferred across borders. These technological solutions offer faster, cheaper, and more secure transaction methods compared to traditional banking systems. Fintech companies are leveraging blockchain technology to enhance transparency and reduce transfer time, further propelling market growth. The increased penetration of smartphones and internet connectivity also aids in the widespread adoption of digital remittance services.

The rising demand for convenient and cost-effective money transfer services has prompted both traditional and non-traditional financial institutions to enhance their offerings. Money Transfer Operators (MTOs), banks, and online platforms are continuously improving their services to cater to the evolving needs of customers. Competitive pricing, reduced transfer fees, and additional services such as currency exchange and bill payments are attracting more users to formal remittance channels. This trend is particularly evident in developing economies where access to financial services was previously limited.

From a regional perspective, Asia Pacific holds the largest share in the global remittance market, driven by high migration rates and substantial volumes of inward remittances, particularly in countries like India, China, and the Philippines. North America and Europe also represent significant markets due to their large immigrant populations and established financial infrastructures. Latin America and the Middle East & Africa are emerging regions with growing remittance flows, fueled by economic growth and increasing outbound migration.

Type Analysis

The remittance market can be segmented into inward remittance and outward remittance. Inward remittance refers to money sent by expatriates to their home country, while outward remittance involves funds sent from a home country to other countries. Inward remittances constitute a major portion of the market due to the high number of migrant workers sending money back to support their families. This segment is particularly crucial for developing economies where remittances play a significant role in boosting household incomes and economic growth.

Outward remittance, although smaller in comparison to inward remittance, is also growing steadily. This segment is driven by factors such as international tuition fees, payments for overseas purchases, and investments in foreign properties. The increasing number of people traveling abroad for education and business purposes has led to a rise in outward remittance transactions. Additionally, with globalization and international trade on the rise, businesses are also contributing to outward remittance flows.

The inward remittance segment is expected to continue its dominance over the forecast period, supported by the growing migrant population and the necessity to support families back home. Government policies in various countries that encourage the inflow of remittances, such as reduced transaction fees and favorable exchange rates, are also bolstering this segment. Furthermore, international organizations and financial institutions are working towards making inward remittance processes more efficient, secure, and cost-effective.

The outward remittance segment, while s

Abstract

The fourth edition of the Global Findex offers a lens into how people accessed and used financial services during the COVID-19 pandemic, when mobility restrictions and health policies drove increased demand for digital services of all kinds.

The Global Findex is the world’s most comprehensive database on financial inclusion. It is also the only global demand-side data source allowing for global and regional cross-country analysis to provide a rigorous and multidimensional picture of how adults save, borrow, make payments, and manage financial risks. Global Findex 2021 data were collected from national representative surveys of almost 145,000 people in 139 economies, representing 97 percent of the world’s population. The latest edition follows the 2011, 2014, and 2017 editions, and it includes a number of new series measuring financial health and resilience and contains more granular data on digital payment adoption, including merchant and government payments.

The Global Findex is an indispensable resource for financial service practitioners, policy makers, researchers, and development professionals.

Geographic coverage

National coverage

Kind of data

Observation data/ratings [obs]

Sampling procedure

In most developing economies, Global Findex data have traditionally been collected through face-to-face interviews. Surveys are conducted face-to-face in economies where telephone coverage represents less than 80 percent of the population or where in-person surveying is the customary methodology. However, because of ongoing COVID-19–related mobility restrictions, face-to-face interviewing was not possible in some of these economies in 2021. Phone-based surveys were therefore conducted in 67 economies that had been surveyed face-to-face in 2017. These 67 economies were selected for inclusion based on population size, phone penetration rate, COVID-19 infection rates, and the feasibility of executing phone-based methods where Gallup would otherwise conduct face-to-face data collection, while complying with all government-issued guidance throughout the interviewing process. Gallup takes both mobile phone and landline ownership into consideration. According to Gallup World Poll 2019 data, when face-to-face surveys were last carried out in these economies, at least 80 percent of adults in almost all of them reported mobile phone ownership. All samples are probability-based and nationally representative of the resident adult population. Additionally, phone surveys were not a viable option in 16 economies in 2021, which were then surveyed in 2022.

In economies where face-to-face surveys are conducted, the first stage of sampling is the identification of primary sampling units. These units are stratified by population size, geography, or both, and clustering is achieved through one or more stages of sampling. Where population information is available, sample selection is based on probabilities proportional to population size; otherwise, simple random sampling is used. Random route procedures are used to select sampled households. Unless an outright refusal occurs, interviewers make up to three attempts to survey the sampled household. To increase the probability of contact and completion, attempts are made at different times of the day and, where possible, on different days. If an interview cannot be obtained at the initial sampled household, a simple substitution method is used. Respondents are randomly selected within the selected households. Each eligible household member is listed, and the hand-held survey device randomly selects the household member to be interviewed. For paper surveys, the Kish grid method is used to select the respondent. In economies where cultural restrictions dictate gender matching, respondents are randomly selected from among all eligible adults of the interviewer's gender.

In traditionally phone-based economies, respondent selection follows the same procedure as in previous years, using random digit dialing or a nationally representative list of phone numbers. In most economies where mobile phone and landline penetration is high, a dual sampling frame is used.

The same respondent selection procedure is applied to the new phone-based economies. Dual frame (landline and mobile phone) random digital dialing is used where landline presence and use are 20 percent or higher based on historical Gallup estimates. Mobile phone random digital dialing is used in economies with limited to no landline presence (less than 20 percent).

For landline respondents in economies where mobile phone or landline penetration is 80 percent or higher, random selection of respondents is achieved by using either the latest birthday or household enumeration method. For mobile phone respondents in these economies or in economies where mobile phone or landline penetration is less than 80 percent, no further selection is performed. At least three attempts are made to reach a person in each household, spread over different days and times of day.

Sample size for Lesotho is 1010.

Mode of data collection

Face-to-face [f2f]

Research instrument

Questionnaires are available on the website.

Sampling error estimates

Estimates of standard errors (which account for sampling error) vary by country and indicator. For country-specific margins of error, please refer to the Methodology section and corresponding table in Demirgüç-Kunt, Asli, Leora Klapper, Dorothe Singer, Saniya Ansar. 2022. The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of COVID-19. Washington, DC: World Bank.

Digital wallets were significantly more used in Asia-Pacific than in other parts of the world in 2024. Wallets accounted for over ** percent of e-commerce payments in the region, instead of roughly ** percent in both Latin America and MEA. Wallets accounted for less than half of global e-commerce payment transactions, which will increase to ** percent in 2026. Digital wallets are popular in China and India, with PhonePe in India and Alipay in China being notable brands. The APAC region also uses these wallets for mobile proximity payments in an offline POS environment. Wallets to grow fastest in Latin America Use of apps like Apple Pay or Google Pay in North America will double between 2020 and 2025, although Asia's market size will be significantly larger. This is according to a regional forecast on payments conducted with mobile wallets. Brazil is the leading country in Latin America for digital wallets. Two of Latin America's most used wallets come from Brazil. Brazilian neobank Nubank had ** million users, for example. The wallet from Argentian e-commerce giant Mercado Libre, Mercado Pago, had noticeably fewer users. Is Apple Pay big in either Asia or Latin America? Apple Pay was relatively more popular in the United States, Canada, and the United Kingdom than in other countries. One out of 10 respondents from Brazil indicated they had used Apple Pay in a store or restaurant between April 2022 and March 2023 - significantly less than the ** percent of respondents who said they did so from the UK. That is not to say that countries outside the Western world do not use this payment method. The market share of Apple Pay on websites in India and Brazil was * percent and * percent, respectively.