Digital Payment Market Shares Moving Ahead Massively Amid Corona Virus Outbreak

Market Research Future (MRFR) has published on the “Global Digital Payment Market”.

Digital payments are payments made through digital or online channels that do not entail the exchange of actual cash. This type of payment, also known as an electronic payment (e-payment), is the transfer of value from one payment account to another in which both the payer and the payee utilize a digital device such as a mobile phone, computer, or credit, debit, or prepaid card. The switch to digital payments and receipts offers some obvious advantages, particularly for small enterprises.  Consumers and businesses are now expecting digital payments to be available for faster and more secure payments with no risk or fees. The payer possesses a mobile phone, which allows for further validation via fingerprint or other verification or biometric approach, so reducing risk.

The Digital Payment market is estimated to register a CAGR of 15.08% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global Digital Payment market - PayPal Holdings Inc., Stripe, Square, First Data Corporation (Fiserv, Inc.), Worldpay, LLC (FIS), Global Payments Inc., ACI Worldwide, JP Morgan Chase & Co., Visa Inc., Elavon Inc., Zelis Healthcare, Aliant Payments, Aurus Inc., Mastercard Incorporated, PayTrace, FLEETCOR Technologies, Inc., Melio, Mesh Payments, Onbe, Orum.io, Papaya Payments, and Others.

Digital Payment Market Highlights

The global Digital Payment market is accounted to register a CAGR of 15.08% during the forecast period and is estimated to reach USD 343.91 billion by 2032.

The introduction of e-commerce is altering the retail industry landscape. Through innovative business structures, start-up companies are seizing new opportunities in the electronic economy. The established corporations are attempting to adapt their old business models to the new environment. E-commerce generates money, primarily through entrepreneurial businesses and corporate ventures.

Global government organizations are encouraging digital transactions that have led to the development of card payment platform. Payment gateways are used as a transactional authority while paying on any merchant website via credit cards, debit cards, and charge cards. Since the introduction of Interchange Fee Regulation, the use of debit cards has become even cheaper for both merchants and their customers. Moreover, debit card processors like Paymill serve the e-commerce transaction needs worldwide. It does not charge any monthly or set-up fees, thus making it an attractive choice for e-commerce merchants looking for a flexible and scalable payment processor.

The increasing penetration of smartphones, tablets and other Internet-enabled devices is fueling the m-commerce market. By eliminating the physical presence of the user and other intermediaries, M-Commerce decreases overhead costs and boosts transactional efficiency. Wireless and mobile technology advancements are likely to boost the volume of transactions over the forecast period. Increasing mobile Internet usage owing to improved bandwidth is expected to drive the m-commerce market. Furthermore, mobility in m-commerce transactions enables a broader reach, which is expected to drive the market further. The aforementioned factors are likely to drive the growth of the digital payment market.

Segment Analysis

The global Digital Payment market has been segmented based on Component, Deployment Model, Organization Size, and Vertical.

Based on component, the global Digital Payment market segmentation includes Solution, and Services. The solution segment held the majority share in 2022, contributing around ~71.1% to the market revenue. Solution consists of point of sale, payment gateway, payment processing, payment wallet, payment security, and payment fraud management. The point of sale in digital payment is the physical location where a customer makes a purchase for products or services, such as a retail store, restaurant, or other company. As the use of digital payment methods has grown, so has the popularity of digital POS systems. It supports a wide range of payment methods, including credit and debit cards, as well as contactless payments.

Based on Deployment Model, the global Digital Payment market segmentation includes SaaS, PaaS, and On-Premise. The On-Premise segment held the majority share in 2022 contributing around ~65.2% to the market revenue. The implementation of an on-premise solution takes longer than that of a SaaS solution. Most clients choose the on-premise option because they want a more customized solution with additional connectors, functions, and customizations. When the on-premises solution is installed on servers, there is need to calculate how much time it will take to finish the integration process and begin operations.

Based on the Organization Size, the global Digital Payment market segmentation includes Small & Medium Enterprise and Large Enterprise. By Organization Size, Large Enterprise segment hold the majority market share in 2022 contributing 57.2% of the market share. Maintaining a high cash flow in the business is one of the top priorities in large enterprises. Digital payment enables enterprises to give their clients an option to pay from a variety of digital payment gateways. Instant payment, quick & easy setup, credibility for merchants, merchant reliability, and recurring payments are some of the advantages of using digital payment in large enterprises.

Based on the Vertical, the global Digital Payment market segmentation includes BFSI, IT & Telecommunication, Retail & E-commerce, Hospitality, Healthcare, Media & Entertainment, and Others. By Vertical, BFSI segment hold the majority market share in 2022 contributing 29.4% of the market share. Many banks around the world are also attempting to form alliances with digital payment service providers in order to give real-time payment options to consumers and merchants. Yes Bank, for example, announced a relationship with Amazon Pay and Amazon Web Services (AWS) in November 2021 to provide a real-time payment system via the Unified Payment Interface (UPI) transaction capability. UPI supports inter-bank person-to-merchant and peer-to-peer network transactions via the Yes Bank digital payment platform because of this agreement.

Regional Analysis

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. In terms of revenue, North America held the largest share of 37.7% in the Digital Payment market in 2022 and is expected to maintain its dominance during the forecast period. The North America is the largest market for digital payment. Because it has more financial institutions than any other, the region has attracted international investors. Local players dominate the North American market, resulting in severe entry hurdles. With the region experiencing rapid expansion, foreign investors are becoming increasingly interested in entering the American market. Master Card expanded its ability deep into the area of digital assets or profits in September 2021 with a contract to adopt CipherTrace, a major crypto currency corporation with stakes in over 900 cryptocurrencies. The alliance gives CipherTrace's suite of digital benefits and Master Card's cyber security to supply trade and commerce with massive transparency to aid in identifying and understanding risks and assisting in managing their digital assets official and contractual needs.

The Western Europeans have been evident providers of digital payment owing to their digital transformation. Also, Western Europe has seen strong digital payment over the years due to open banking, public cloud, and AI, having transformed the industry to the core. Europe is predicted to increase significantly during the projection period. Banks in Europe are working to develop a European payment initiative that will create a single payments solution for retailers and consumers throughout the area. Over the projected period, such initiatives are expected to generate new development prospects for the market.

Asia-Pacific is the fastest-growing regional market in global digital payment. The penetration of the digital payment system is considerably higher in the region, which further results in quicker and more rapid deployment of new architectures to encourage digital banking.

South American banks are increasingly transitioning from in-house to Digital Now financial services. Because of the existence of regional and international providers, even small banks in South America are widely implementing modern digital payment systems.

Key Findings of the Study

• The global Digital Payment market is expected to reach USD 343.91 billion by 2032, at a CAGR of 15.1% during the forecast period.


• The North America region accounted for the fastest-growing global market, imperative factors, such as the significant number of investments in North America, making it the primary contributor to the market share.


• Based on component, the solution segment was attributed to holding the largest market in 2022, with an approximate market share of 71.1 %.


• PayPal Holdings Inc., Stripe, Square, First Data Corporation (Fiserv, Inc.), Worldpay, LLC (FIS), Global Payments Inc., ACI Worldwide, JP Morgan Chase & Co., Visa Inc., Elavon Inc., Zelis Healthcare, Aliant Payments, Aurus Inc., Mastercard Incorporated, PayTrace, FLEETCOR Technologies, Inc., Melio, Mesh Payments, Onbe, Orum.io, Papaya Payments, and Others are the key market players.