Global Digital Payment Processing Market, By Deployment Type (On-Premises, Cloud), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Vertical (Banking, Financial Services and Insurance, Retail and E-commerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, Other Verticals) - Industry Trends and Forecast to 2031.
Digital Payment Processing Market Analysis and Size
The proliferation of global digitalization, increasing demand for digital payment services, the high adoption by merchants to provide their services in the digital payment services market space, and the increasing need to provide enhanced customer support at the point of sales (POS) terminal are the major factors driving the digital payment processing market. The unfavorable return policy as cash purchase tends to be final and irreversible unless the seller agrees upon a return policy; the popularity of digital payment for its user-friendly and digital payment features real-time, agile, and personalized payment services accelerate the digital payment processing market growth.
The digital payment processing market was valued at USD 117.95 billion in 2023 and is expected to reach USD 354.58 billion by 2031, registering a CAGR of 14.8% during the forecast period of 2024-2031. The “Cloud” segment dominates the digital payment processing market as cloud platforms offer the flexibility to efficiently handle varying transaction volumes while ensuring seamless access to payment processing services from any location, fostering widespread adoption and innovation in digital payments. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Digital Payment Processing Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Deployment Type (On-Premises, Cloud), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Vertical (Banking, Financial Services and Insurance, Retail and Ecommerce, Healthcare, Travel and Hospitality, Transportation and Logistics, Media and Entertainment, Other Verticals)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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Fiserv, Inc. (U.S.), FIS (U.S.), PayPal Payments Private Limited (Singapore), Global Payments Inc. (U.S.), Square Capital, LLC (U.S.), Visa Inc. (U.S.), Mastercard (U.S.), WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), JPMorgan Chase & Co. (U.S.), Intuit Inc. (U.S.), Stripe (U.S.), Due Inc. (U.S.), Adyen (Netherlands), PayTrace (U.S.), Apple Inc. (U.S.), ALIANT PAYMENTS (U.S.), Aurus Inc. (U.S.), Fattmerchant Inc. (U.S.), 2Checkout (U.S.), Paysafe Holdings UK Limited (U.K.), PayU (Netherlands), SPREEDLY, INC. (U.S.)
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Market Opportunities
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Market Definition
Digital payment is basically cashless electronic monetary transactions. It consists of mobile payments at point of sale (PoS) through mobile applications (apps) and monetary transactions made through the internet. Several organizations have adopted digital payment mode over traditional payment modes such as check, cash, demand draft and money order. Peer-to-peer transfers between consumers and private users are also categorized under digital payment. Digital payment provides numerous benefits including ease of convenience and accessibility to users and enabling users to mitigate thefts and losses.
Global Digital Payment Processing Market Dynamics
Drivers
- Proliferation of global digitalization
The proliferation of global digitalization has revolutionized the way financial transactions are conducted, giving rise to a dynamic digital payment processing market. As businesses and consumers increasingly embrace digital channels for financial transactions, the demand for secure, efficient, and convenient payment solutions has surged. This paradigm shift, fueled by advancements in technology and changing consumer preferences, has led to the widespread adoption of digital payment methods, reshaping the landscape of the financial industry and paving the way for innovative and streamlined payment processing solutions.
- Increasing need to provide enhanced customer support at the point of sales
Growing imperative to provide enhanced customer support at the point of sale. As businesses transition towards digital payment solutions, the focus on delivering a seamless and supportive customer experience has become paramount. With the surge in online and mobile transactions, ensuring that customers receive real-time assistance and troubleshooting at the point of sale has become a critical factor in maintaining trust, satisfaction, and fostering continued adoption of digital payment technologies. The ability to address customer queries promptly and efficiently not only enhances user confidence but also plays a pivotal role in shaping the success of digital payment platforms in an increasingly competitive market.
Opportunity
- Popularity of digital payment features real time, agile and personalized payment services
The popularity of digital payment within the digital payment processing market is undeniably rooted in its user-friendly nature and the provision of real-time, agile, and personalized payment services. As consumers seek convenience and efficiency in their financial transactions, digital payment platforms have emerged as the frontrunners by offering seamless, user-centric experiences. Real-time processing ensures swift transactions, while the agility of digital payment systems adapts to the dynamic needs of users and businesses alike. The personalized features embedded in these platforms further cater to individual preferences, solidifying digital payments as not just a transactional necessity but a tailored and responsive financial solution for the modern era.
Restraint/Challenge
- Lack of global standards for cross-border payments
Lack of global standards for cross-border payments. As the world becomes increasingly interconnected, the absence of uniform guidelines hampers the efficiency and transparency of cross-border transactions. The lack of standardized protocols complicates processes, leading to delays, higher costs, and increased complexities for businesses and consumers engaged in international transactions. Addressing this gap in global standards is crucial for fostering a more seamless and interoperable digital payment ecosystem, where cross-border transactions can be conducted reliably and efficiently across diverse regions and financial systems.
This digital payment processing market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the digital payment processing market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In June 2022, Trust Payments has entered into a deal with Fiserv, Inc. to assist its global expansion and growth objectives. Through this partnership, Trust Payments is expected to provide on-demand payment capabilities to its clients using acquiring-as-a-service (AqaaS) capabilities from Fiserv
- In November 2020, RealNet is a new cloud-based software as a service (SaaS) platform from FIS that will enable account-to-account (A2A) transactions for businesses, individuals, and governments across real-time payment networks
Global Digital Payment Processing Market Scope
The digital payment processing market is segmented on the basis of deployment type, organization size and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Deployment Type
- On-Premises
- Cloud
Organization Size
- Small and Medium-sized Enterprises
- Large Enterprises
Vertical
- Banking, Financial Services and Insurance
- Retail and E-commerce
- Healthcare
- Travel and Hospitality
- Transportation and Logistics
- Media and Entertainment
- Other Verticals
Global Digital Payment Processing Market Regional Analysis/Insights
The digital payment processing market is analyzed and market size insights and trends are provided by country, deployment type, organization size and vertical as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., Israel, Egypt, South Africa, rest of Middle East and Africa, Brazil, Argentina and rest of South America.
North America is expected to dominate the market due to the expansion of the mobile commerce industry, existence of a large number of digital payment solution providers, reliable broadband and network infrastructure, customer willingness and preference for cashless payments and banking economy and developed digital economy in the region.
Asia-Pacific is expected to witness show the highest growth rate in the market with the highest CAGR due to the proliferation of digitalization, increasing number of small and medium enterprises and government initiatives to use digital payments.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Digital Payment Processing Market Share Analysis
The digital payment processing market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the digital payment processing market.
Some of the major players operating in the digital payment processing market are:
- Fiserv, Inc. (U.S.)
- FIS (U.S.)
- PayPal Payments Private Limited (Singapore)
- Global Payments Inc. (U.S.)
- Square Capital, LLC (U.S.)
- Visa Inc. (U.S.)
- Mastercard (U.S.)
- WEX Inc. (U.S.)
- ACI Worldwide, Inc. (U.S.)
- JPMorgan Chase & Co. (U.S.)
- Intuit Inc. (U.S.)
- Stripe (U.S.)
- Due Inc. (U.S.)
- Adyen (Netherlands)
- PayTrace (U.S.)
- Apple Inc. (U.S.)
- ALIANT PAYMENTS (U.S.)
- Aurus Inc. (U.S.)
- Fattmerchant Inc. (U.S.)
- 2Checkout (U.S.)
- Paysafe Holdings UK Limited (U.K.)
- PayU (Netherlands)
- SPREEDLY, INC. (U.S.)
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