Digital Payment Market size was valued at USD 9.61 Trillion in 2022, USD 10.53 Trillion in 2023 and is projected to grow USD 21.83 Trillion by 2031, growing at a CAGR of 9.55% in the forecast period (2024-2031).
Digital payment market is progressing at a speedy rate due to the convenience, ease, security, and speed it offers during the transaction process. There are over a trillion customers who prefer digital payment over traditional methods of banking and making money transactions. With this immense growth, digital payments are today a prospect for businesses that are aiming to lead the financial sector. The rise in digital payments along with the growing penetration of smartphone use and online payments are majorly pushing the digital payment market towards growth.
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Biometric authentication is emerging in 2024 as compared to other trends. With rising cases of fraud and theft, this is the most reliable and safest option. In addition, the GenZ population is impelling market growth as the generation uses digital payment on a large scale. Above 60% of the population have this payment method installed on their mobiles. Developing payment technologies, such as EMV (Europay, Mastercard, Visa) are popular since they use codes for each transaction. This use of temporary codes strengthens the security of bank accounts. Also, the growing use of online payment trend denotes that impending use of plastic cards will be replaced by more advanced payment services that offer unified, convenient, and improved online payment techniques.
Embedded Finance to Expand the Existing Digital Payment Ecosystem
Cryptocurrencies like Ethereum, bitcoin, and more are grabbing attention as alternate methods of payment. Businesses prefer cryptocurrencies as a prominent payment choice for transactions. The reason behind this traction is their decentralized behavior, low-transaction fees, and prospective for speedy inter-regional costs. Embedded finance integrates financial services in non-financial applications like ridesharing, shopping websites, mobile payment applications, and social media apps. This trend allows unified and relevant payments in the current digital network. These emerging developments are transforming the way consumers and businesses are engaged in online transactions, propelling modernization and innovations in the payment industry.
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- PayPal announced it will launch a novel offering enabling the SMEs (small and medium-sized enterprises) to use many online payments in March 2024. They will be able to use many alternative payment techniques in checkouts, comprising Apple Pay, PayPal payments, Google Pay, (BNPL) solutions, apart from the conventional debit and credit cards.
- In April 2024, Stripe Inc. announced that it will streamline services for merchants. Traders will be using their present technology to process payments. They could use options like PayPal or Adyen NV, and can also take advantage of Stripe’s tax and billing abilities.
- In May 2024, Razorpay on launched a novel offline payments service. Q-Zap, the new service will allow traders to make payments from anywhere in the store rather than just on their labelled billing section.
- In July 2024, Adyen joined hands with Noon, an e-commerce platform in the UAE. The partnership will speed up the region’s digital network. Adyen developed payments of Noon to support its own payment requirements.
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Digital Payment Industry to Prosper with Key Transformations in the Modernized Solutions
Digital payments domain is observing multiple trends in the market. In the near future, it will again transform with greater ground-breaking methods and options. Many novel online payment options will be seen in the market. Hence, it is opportunistic for adopters to use modern transaction methods and for creators to make every platform or service stronger and more reliable than the previous one. The world will further see key transformations in machine learning and artificial intelligence, voice-based online payment, and biometric authentication.
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