Digital Payment Market in the Growth Tragectory Phase By CIOTechOutlook Team

Digital Payment Market in the Growth Tragectory Phase

CIOTechOutlook Team | Monday, 23 October 2023, 05:58 IST

The worldwide digital payment industry is expected to grow from USD 102.60 billion in 2022 to USD 510.30 billion in 2032. Credit cards, cellphones, and the Internet are all used to make digital payments. By removing the need for physical cash and checks, digital payment technology simplifies and accelerates trading and payment which leads to the growth tragectory.

Digital payments often come in two varieties. Peer-to-peer (P2P) payments include two persons sending money, whereas business-to-consumer (B2C) payments involve customers paying for items or services they have acquired. Digital payment systems allow businesses and individuals to send money quickly and securely. Businesses no longer need to manage large sums of cash or employ staff to collect, process, and count payments, as per Brainy Insights.

Positive legislative frameworks and government laws promote cashless transactions across a variety of end-user company sectors, such as logistics delivery and e-commerce. This is the primary driver of the regional market's expansion and development. Regional market actors utilize a number of market methods to maintain their competitive edge, including partnerships, mergers, acquisitions, product innovation, and strategic alliances.

Professional services dominated, with a market share of about 55% in 2022, while payment processing dominated, with a market share of approximately 33% in 2022. Bank cards, digital wallets, point-of-sale, online banking, and other payment modes are classified. With a market share of roughly 36% in 2022, the point of sale category led.