Government’s Push for Digital Economy Expected to Drive Digital Payment Market

According to Intent Market Research, the Digital Payment Market is expected to grow from USD 91.6 billion in 2023-e to touch USD 236.3 billion in 2030, growing at a CAGR of 14.5 %

Published: February, 2024
| Technology, Media, and Telecommunications
Government’s Push for Digital Economy Expected to Drive Digital Payment Market

Government push towards the digital economy has positively influenced the demand for real-time quick payment apps, and platforms. The strong backing from the government and the customers’ adoption of digital payment apps has boosted the global digital payment market. Several governments of the world are charting plans to integrate their economy with digitalization that can help to remove black money, increase flexibility, reduction in cost, and time-saving.

The US, UK, India, and China, are the leading countries for transforming their economies. India’s Digital India plan is expected to grow its digital economy to over USD 1 trillion by 2030. The UK government has also strongly pushed for the digital economy. In June 2022, the UK and Singapore signed a Digital Economy Agreement (DEA) which seeks to modernize digital trading rules for the benefit of goods and services exporters in both countries.

There are several digital payment options available for consumers. Among these, Digital Wallets, Banking Cards, POS, and Internet Banking are the preferred choices of consumers. Digital wallets offer users a convenient and accessible way to store and manage their payment information in one place. Users can make transactions, pay bills, and shop online with just a few taps on their smartphones.

The global shift toward contactless payments, accelerated by the COVID-19 pandemic, has boosted the popularity of digital wallets. Users appreciate the speed, convenience, and safety of contactless transactions. The digital wallet segment is expected to capture a significant share of the global market.

Source: Intent Market Research Analysis

North America sees strong adoption of digital payment from consumers. Over 80% of the US citizens have adopted digital payment in 2021. The COVID-19 pandemic has accelerated the adoption of contactless payments in North America. Consumers, seeking touch-free payment options, increasingly use contactless cards and mobile wallets for in-store transactions.

Additionally, the growth of e-commerce platforms has driven an increase in digital payments. Consumers prefer the convenience of making online purchases and payments, leading to the widespread use of digital payment methods for retail transactions. North America is home to several major banks and digital payment service providers. All these factors are expected to fuel the growth of North America in the coming years.

Major players operating in the global digital payment market are ACI Worldwide, Apple, Chase, FIS, Fiserv, Global Payments, Google, MasterCard, PayPal, and Visa among others. Additionally, Ant, Bharatpe, CRED, One97 Communications, Samsung Pay, Square, Tencent, VeriFone, Walmart, and Wex are the emerging companies in the market.  

These players are adopting organic and inorganic strategies to expand their business. Some of the important developments in the recent past are mentioned below

  • In December 2023, MasterCard launched its contactless payment solution in Nigeria. With approximately 40 million small businesses in Nigeria, contactless payment options will make it easier for Small and Medium Enterprises (SMEs) to accept payments, thereby boosting growth.
  • In December 2023, SAP announced that it has expanded its integration with financial services company, PayPal, through the creation of a digital payments plug-in for the PayPal Braintree platform built on the SAP Business Technology Platform (SAP BTP).

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