Digital Payment Market Size, Share & Trends Report

Digital Payment Market Size, Share & Trends Analysis Report By Solution, By Mode Of Payment (Bank Cards, Digital Currencies, Digital Wallets), By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-4-68038-021-7
  • Number of Pages: 130
  • Format: Electronic (PDF)
  • Historical Range: 2017 - 2022
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the digital payment market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for digital payment market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of digital payment market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Digital Payment Market Categorization:

The digital payment market was categorized into six segments, namely solution (Application Program Interface, Payment Gateway, Payment Processing, Payment Security & Fraud Management, Transaction Risk Management), mode of payment (Bank Cards, Digital Currencies, Digital Wallets, Net Banking, Point of Sales), deployment (Cloud, On-premise), enterprise size (Large Enterprises, Small & Medium Enterprises), end-use (BFSI, Healthcare, IT & Telecom, Media & Entertainment, Retail & E-commerce, Transportation), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The digital payment market was segmented into solution, mode of payment, deployment, enterprise size, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The digital payment market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; the UK;, Germany; France; China; Japan; India; South Korea; Australia; Brazil; Mexico; Kingdom of Saudi Arabia; UAE; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Digital payment market companies & financials:

The digital payment market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Aliant Payments - Aliant Payments is an international credit card processing and merchant services company engaged in providing payment processing and credit card processing accounts for businesses. The company also offers a complete line of ATMs and credit card machines to ensure efficiency and convenience for businesses and their customers. The company processes transactions worth USD 560 billion on an annual basis. Aliant Payments client merchant base includes retailers, restaurants, mail order businesses, professional services, and e-commerce sites as well as nonprofit organizations and professional associations, such as dental and medical practitioners. The businesses served by the company include enterprises, small businesses, developers, and partners. Aliant Payments product portfolio includes payment gateways, crypto payments, point of sales, and developers. The company accepts payments from various payment gateways such as Visa, Mastercard, American Express, Discover, Apple Pay, Google Pay, and others.

  • Aurus Inc. - Aurus Inc. provides an entire portfolio of IT products and services that can match all the needs of businesses. As such, the company provides IT consulting and services, business process re-engineering, and application development and maintenance, among other services. The company’s product portfolio includes various products and solutions, such as Aurus Shield, Aurus StorePlace, Aurus AssetPulse, and Assure StateManagent, among others. The company categorizes its clientele under speciality retail, big box retail, health and beauty, grocery, auto & c-store, QSR & fine dining, and e-tailers. Aurus Inc. envisages being the preferred one-stop solution provider for businesses thriving on innovation and growing exceptionally in the petro, retail, financial, and payment services industries. The company has professional affiliations with the National Retail Federation, Merchant Advisory Group, U.S. Payment Forum, and PCI Security Standards Council. The company has offices in the U.S. in Norwood, Massachusetts, and in India in Pune, Maharashtra.

  • Adyen - Adyen develops payment platforms for businesses across the globe. The company’s offerings include authorized payment solutions that can be used by merchants across in-store, mobile, and online sales channels. These solutions are delivered to the merchants by connecting them directly with Mastercard, Visa, and other payment gateways. Adyen’s cross-functional teams, which the company refers to as workstreams, comprises technical, product, and commercial staff. These workstreams work cocreatively with merchants to provide effective and efficient services. These workstreams work in line with the company’s strategy to seek growth opportunities focusing on three strategic pillars, namely enterprise, unified commerce, and mid-market. The company’s product category includes unified commerce, online payment, and point of sales. The unified commerce product category enables the customers to grow their business by integrating online and offline platforms in single systems. The unified commerce product customers include Crocs, EasyJet, Casper, and others. The online payment provides businesses solutions for receiving online payments. Further the point of sales product category helps the businesses in optimizing their POS payment setups. Under its point of sales segment, the company includes customers such as Levi’s, Loreal, Happy Socks, and others. This customer portfolio enables the company to strengthen its market position. Further, the company has its presence in more than 23 offices across the globe in countries such as Mexico, Dubai, and others.

  • Authorize.Net - Authorize.Net is a payment gateway that helps merchants in accepting electronic payments and credit card payments over the phone, online, or in person. Trusted by over 430,000 merchants, the company handles over 1 billion transactions and USD 149 billion in payments annually. Authorize.Net operates as a subsidiary of Visa, a multi financial service provider. Authorize.Net’s services are sold via reseller partners, including merchant service providers, sales organizations, and financial institutes, which offer Authorize.Net’s payment solutions to merchants. The company’s services feature several features, such as customer information management, support for recurring payments, and simple checkout solutions, among others. The company has its presence in countries such as the U.S., the U.K., and Australia.

  • Financial Software & Systems Pvt. Ltd. - Financial Software & Systems Pvt. Ltd. is a payment gateway service provider that enables central regulators, banks, financial intermediaries, and payment and merchant associations to leverage the opportunities presented by the digital world. The company operates through three business segments, namely hosted services, software products, and custom solutions. Financial Software & Systems Pvt. Ltd. has issued more than 800 million debit cards while 130 million prepaid cards to customers across the world. The company has more than 150 customers spread across 25 countries and serves these customers through 8 offices worldwide. The company’s geographic presence spans across countries, including India, the U.S., Canada, the UK, Belgium, Australia, and the UAE, among others. Financial Software & Systems Pvt. Ltd. has industry association with The Southern India Chamber of Commerce and Industry, Indo-American Chamber of Commerce, and Internet and Mobile Association of India, and among others. The company’s global partners include Wipro, IBM, Tata Consultancy Services, Infosys, and DXC Technology, among others.

  • ACI Worldwide, Inc. - ACI Worldwide, Inc. offers mission-critical real-time payment solutions that can potentially allow businesses to manage and process digital payments, process and present bill payments, power omni-commerce payments, and manage risks and fraud. ACI Worldwide, Inc. serves incumbents of various industries and industrial verticals, including banks, transportation, retail, consumer finance, gaming, hospitality, fintech, and grocery, among others. The company’s ACI Secure e-commerce solution provides a frictionless checkout experience for customers for making payments at m-commerce, e-commerce, and in-store channels. This solution is used by the incumbents of the travel and transportation industry for providing travelers with fast, reliable, safer, and convenient payment solutions. ACI Worldwide, Inc. has offices located worldwide in 34 countries across the Americas, Asia Pacific, Europe, the Middle East, and Africa. In Europe, the company is in countries such as Austria, Belgium, France, Germany, among others. Further, in Americas the company has its presence in countries such as Brazil, Canada, the U.S., Mexico, and others.

  • PayPal Holdings Inc. - PayPal Holdings Inc. is a digital payment and technology platform company that enables mobile and digital payment on behalf of the merchants and customers worldwide. The company is focused on providing simpler and safer ways for all businesses of all sizes to accept payments from mobile devices, merchant websites, offline retail locations, applications, and other platforms. The company’s combined payment solutions include PayPal Credit, PayPal, Venmo, Braintree, and Xoom, among other payment platforms. PayPal Holdings Inc. added 37 million new active payment accounts to its business in 2019 and witnessed a growth of an average of 40.6 transactions per active account during the year. The company’s geographical presence spans across Africa, the Americas, Asia Pacific, and Europe. The company’s European footprint spans Austria, Italy, Greece, and the U.K., among other European nations.

  • Novatti Group Pty Ltd. - Novatti Group Pty Ltd. is a payment and digital banking company. The company’s billing, fintech, and business automation platforms make payments simple, secure, and faster. The payment services provided by the company include card issuing, payment settlements and processing, and merchant acquiring, among others. The company’s business segments include technology solutions and payment processing. Under the payment processing segment, the company provides solutions, such as card issuing, cross-border payments, vouchers and wallets, and billing systems. Novatti Group Pty Ltd. focuses on delivering financial solutions to Tier-1 companies operating in travel, telecom, aviation, retail, financial institutions, and supply chain management, among other industries and industry verticals. The platform provided by the company allows enterprises to expand their product offerings. The company’s technology solutions are further categorized into bill payment, branchless banking, cardless banking, cross-border payments, digital gift card, digital wallet, and international money transfers, among others.

  • Global Payments Inc. - Global Payments Inc. helps organizations from startups to enterprise businesses in simplifying commerce by providing cutting-edge payments and software solutions under a single roof. The company is focused on offering seamless payment experiences for online, in-person, and on-device transactions. The company operates through two business segments, namely payment solutions, and business solutions. Under the business solutions segment, the company provides HR solutions, customer engagement, business loans, and merchant portal. The company has partnerships with more than 1,300 financial institutes globally. Global Payments Inc. provides payment solutions to incumbents of various industries and industry verticals, including retail, restaurant, healthcare, education, petroleum, and convenience, among others. The company’s geographic presence spans across the Americas, Europe, and Asia Pacific. In Europe, the company is located in countries such as Austria, Spain, Russia, and others.

  • Wirecard - Wirecard offers digital platforms for cashless payments to customers across the globe. The company offers innovative digital payment solutions, including mobile, online, and point of sales for individual consumers as well as business clients. The company offers customized payment solutions for accepting and making payments. The company caters to incumbents of various industries and industry verticals, including retail, travel and mobility, and financial services, among others. Wirecard’s business model envisages establishing transactions between retailers and customers by means of secured payment processes. These transactions can be processed through sales channels using credit cards or alternative payment methods, such as direct debit, e-wallets, and WeChat, among others. Wirecard provides a white-label as well as an outsourcing solution for electronic payments to businesses. International payment acceptance and prevention solutions as well as card issuing are provided to customers through the company’s global platforms. The company’s geographic presence spans Africa, Europe, Asia, and the Americas.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Digital Payment Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2017 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Digital Payment Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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