The global digital payment market size is expected to reach USD 309.74 billion by 2030 according to a new study by Polaris Market Research.

The major factors contributing to the growth of the market include secure transactions, anytime, anywhere, any mode; the convenience of use, assisting financial inclusion, no fear of losing cash, and many others. The rising prevalence of mobile wallets, debit cards, virtual currencies, credit cards, net banking, point of sale, and the rapid use of mobile apps are boosting the demand for the industry over the forecast period.

The growing proliferation of e-commerce has led to the adoption of the virtual transaction system among people. Now, consumers prefer online shopping for groceries, personal care products, medicines, and other commodities, which also give them several lucrative offers in the form of discounts, coupons, shopping vouchers, cashback, etc.

On the basis of mode of payment, point of sale is expected to dominate the global market over the forecast period owing to a number of advantages associated with it, such as faster services, greater accuracy, improved security, expanded transaction capabilities, and many others. Digital wallet is projected to witness a lucrative share during the forecast period as e-wallet transactions have rapidly increased over the past years, especially among the generation Z.

North America has dominated the global industry growth in 2021 and is likely to witness the highest share over the forecast period. The growing evolution of digitalization along with the rapid technological advancements and investments in virtual transaction offerings is bolstering the demand for the market.

Top Market Players

Major participants such as Applepay, Paytrace, 2Checkout, ACI Worldwide, Fiserv, Adyen, Aliant Payments, Alipa, Due, Dwolla, Fattmerchant, Wex, FIS, Global Payments, Intuit, Jpmorgan Chase, Paysafe, PayU, Spreedly, Square, Stripe, Visa, Paypal, and Worldline are some of the key players operating in the global market.

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