The Digital Payment Market 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. Key factors driving the growth of the digital payment market include initiatives undertaken for the promotion of digital payments, high proliferation of smartphones, and the need to provide improved customer service at POS terminals.
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Technological advancements in the digital payment landscape have propelled companies in the financial sector to provide frictionless and secure payment solutions. For instance, the application of blockchain in the payment landscape makes digital payment more reliable, transparent, and secure. Blockchain is the decentralized public ledger that maintains permanent and tamper-proof record. This new technology is expected to disrupt the payment landscape in the near future. Moreover, advancements in payment modes such as Unified Payment Interface (UPI) and Biometric Payment are reinventing the existing digital payment process.
The digital payment market has been segmented based on type, deployment mode, organization size, and region. Based on type, the solutions segment is estimated to account for a larger share of the digital payment market in 2018 as compared to the services segment. The rising demand for digital payment solutions can be attributed to the increase in the number of customer-centric applications, expansion of the E-commerce industry, and increased focus on omnichannel payment mode. Based on organization size, the SMEs segment is projected to grow at a higher CAGR during the forecast period as compared to the large enterprises segment. The growth of the SMEs segment can be attributed to the increasing adoption of cloud-based digital payment solutions by SMEs worldwide. Based on deployment mode, the cloud segment is expected to grow at a higher CAGR during the forecast period as compared to the on-premises segment. This growth is mainly driven by the high demand for cloud-based digital payment solutions among small merchants, as these solutions enable them to focus on their core competencies, instead of spending on the payment infrastructure.
The digital payment market in the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. China, India, Australia, and New Zealand are key countries considered for market analysis in this region. The growth of the digital payment market in the Asia Pacific region can be attributed to the increased demand for digital payment solutions and advancements in digital technologies. Increase in the number of mobile subscribers and feasible digital payment solutions provided by banks, MNOs, and payment agents are additional factors contributing to the growth of the digital payment market in Asia Pacific.
Rapid decline in unbanked people across the globe and progressive changes in the regulatory framework are providing significant opportunities for digital payment solution providers. Key vendors such as First Data, TSYS, and ACI Worldwide are focused on expanding their presence in the digital payment market.
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