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Digital Payment Market to Grow Worth $86.76 Billion by 2023

According to rcent research “Digital Payment Market by Type (Solutions & Services), Solution Type (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management), Deployment Mode, Organization Size, and Region – Global Forecast to 2023″, The digital payment market is estimated to be USD 38.00 billion in 2018 and is projected to reach USD 86.76 billion by 2023, at a CAGR of 18.0% during the forecast period. Major factors driving the growth of the digital payment market include initiatives undertaken for the promotion of digital payments, increased proliferation of smartphones, and the need to provide improved customer service at POS terminals.

Browse 63 market data Tables and 48 Figures spread through 143 Pages and in-depth TOC on “Digital Payment Market”
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The solutions segment is expected to lead the digital payment market during the forecast period.

The solutions segment is the largest type segment of the digital payment market. The growing demand for digital payment solutions is mainly attributed to the increase in the number of customer-centric applications, expansion of the E-commerce industry, and increased focus on omnichannel payment mode.

The SMEs segment is expected to grow at a higher CAGR during the forecast period.

Based on organization size, the SMEs segment of the digital payment market is projected to grow at a higher CAGR from 2018 to 2023 as compared to the large enterprises segment. Governments of countries across the globe have launched various initiatives to promote the adoption of new technologies in SMEs. In addition, they have also reduced the Merchant Discount Rate (MDR) for SMEs to facilitate large-scale deployment of digital payment solutions. Hence, SMEs in countries such as India, Australia, China, and Germany are increasingly adopting digital payment solutions to improve business outcomes.

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North America is estimated to account for the largest market share in 2018.

North America is estimated to account for the largest share of the digital payment market in 2018. The well-developed digital economy in North America and the expansion of the mobile commerce industry are key factors contributing to the growth of the digital payment market in this region. Moreover, organizations in this region are implementing digital payment solutions, owing to the rising trend of mobile app purchases, mobile Person-to-Person (P2P), and mobile bill payments.

Key market players profiled in this report include ACI Worldwide (US), Aurus (US), Aliant Payment (US), Authorize.Net (US), Adyen (Netherlands), BlueSnap (US), Chetu (US), Dwolla (US), FSS (India), First Data (US), Fiserv (US), Global Payments (US), Net1 UEPS Technologies (South Africa), Novatti (Australia), PayPal (US), Paysafe (UK), PayU (Netherlands), SIX (Switzerland), Stripe (US), TSYS (US), WEX (US), Wirecard (Germany), Worldline (France), Worldpay (US), and YapStone (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Mr. Shelly Singh
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441   

Contact Information

  • Name: Telecom IT

    Company: MarketsandMarkets

    Telphone: 88-600-6441 , -

    Address: 630 Dundee Road
    Suite 430
    Northbrook, IL 60062