Change Language

Select Language

Global Digital Payment Market to Grow at 17.8% During 2022-2027, Propelled by Rising Penetration of Smartphones

Published on May 20, 2022

The latest report by IMARC Group, titled “Digital Payment Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global digital payment market is expected to grow at 17.8% during 2022-2027. Digital payment, also known as electronic payment, refers to a fast, convenient, and secure payment method that involves transferring money over the internet or electronic channels. Some commonly used digital payment methods include internet banking, mobile wallets, unified payments interface (UPI), and banking cards. It allows individuals to pay directly from their banks and enables efficient tracking of transactions by storing payment details in a merchant-specific database available to both consumers and merchants. It is more reliable, transparent, and safer than traditional payment methods as the transactions are processed by secure gateways. In recent years, digital payment solutions have gained immense traction due to their excellent payment security, traceability, ease of use, fast processing, and low theft risk.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Digital Payment Market Trends:

The rising penetration of smartphones and high-speed internet represents the primary factor driving the market growth. Besides this, the advent of the cashless age and the escalating demand for enhanced user experiences are other major growth-inducing factors. Additionally, governments of various countries are taking favorable initiatives to promote cashless transactions to reduce tax frauds and maintain money trails. In line with this, the implementation of lockdowns and social distancing norms amid the sudden outbreak of coronavirus disease (COVID-19) has accelerated the adoption of digital payments as they are contactless and help curb the spread of the virus. Furthermore, the leading players are leveraging innovative technologies, such as blockchain, big data, machine learning (ML), and artificial intelligence (AI), to enhance their product offerings and gain a competitive edge in the market. Besides this, the widespread adoption of the quick response (QR) code and near-field communication (NFC) technology has propelled the market growth. Other factors, including the emergence of the 5G network, surging popularity of mobile payments, rising trend of online shopping, increasing penetration of e-commerce channels, and technological advancements, are also providing a positive thrust to the market growth.

Market Summary:

  • Based on the component, the market has been bifurcated into solutions (application program interface, payment gateway, payment processing, payment security and fraud management, transaction risk management, and others) and services (professional and managed services). Amongst these, solutions represent the largest market segment. 
  • The market has been segregated based on the payment mode into bank cards, digital currencies, digital wallets, net banking, and others. Currently, digital wallets exhibit a clear dominance in the market.
  • On the basis of the deployment type, the market has been classified as cloud-based and on-premises, wherein on-premises account for the majority of the market share. 
  • Based on the end use industry, BFSI dominates the market. Other major end use industries are healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others.
  • Region-wise, North America (the United States and Canada) holds the leading position in the market. Other major regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some of the key players being ACI Worldwide Inc., Adyen NV, Aliant Payment Systems Inc., Inc., American Express Company, Apple Inc., Fiserv Inc., Mastercard Incorporated, Novetti Group Limited, Paypal Holdings Inc., Stripe Inc., Total System Services Inc., Visa Inc., and Wirecard AG.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US:
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800


Call us on

( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91-120-433-0800 )

Drop us an email at