With the global economy accelerating rapidly due to advances in digital payment technology, the analytics and statistics of digital objects are an increasingly important tool for understanding the world’s digital economy. From payments to remittances, an abundance of digital payment statistics can help us gain insights into how people interact with digital economy. This article will explore the global statistics of digital payments and its implications for the future of digital transactions.
Digital Payments Market Overview
The digital payments market is experiencing revolutionary growth as users and businesses move to online mechanisms. According to the latest Global Payments Report, the market is forecast to reach USD 399 billion by 2031. Growth will be driven by increased uptake of digital payments, primarily in the Asia-Pacific region, which currently commands the largest market share. China is the biggest single contributor to the sector, with a transaction value of USD 8.49 trillion. This is largely due to the success of buying and selling products and services through WeChat.
Overall, the global digital payments market is expected to register a CAGR of 11.83% up to 2027. This would result in a transaction value of USD 14.78 trillion. Despite the market being dominated by the Asia-Pacific region, the Middle East and Africa have also seen strong growth, with the region expected to register an especially high CAGR up to 2026.
Digital Payments Market Offering
The digital payments market is of comprehensive nature and is categorized into two main offerings: solutions and services. Solutions are further divided into four categories: consumer solutions, business solutions, government solutions, and education solutions. All of these solutions include features such as secured transaction, hassle-free transactions, and real-time alternate solutions. Additionally, services offerings are further classified into three categories: consulting services, integration services, and support services. Consulting services provide market analysis, deployment, and assessment services. Integration services enable the seamless flow of digital payments data into the enterprise system. Lastly, support services provide technical support, infrastructure management, data security, and post-implementation services.
Digital Payments Market Transactions Type
Another important segmentation of the digital payments market is based on the type of transaction. This includes point-of-sale, online payments, and mobile payments. Point-of-sale transactions account for the largest share of the market and are expected to continue to dominate in the foreseeable future. Online payment platforms such as PayPal and Apple Pay are growing in popularity as shoppers become more familiar with the concept of online payments. Mobile wallet payments systems such as Samsung Pay and Google Pay are also gaining traction due to the convenience and ease of use for customers.
Overall, the global digital payments market is expected to register a CAGR of 16.5% between 2023 and 2027, reaching a value of USD 14.78 trillion. This growth could be attributed to the increased uptake of digital payments among businesses, governments, and individuals. The emergence of fintech services and the changing consumer preferences are other factors contributing to the growth of the digital payment market.
