Meticulous Research®, a prominent global market research firm, has published a comprehensive report titled “Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size, and Geography—Global Forecasts to 2029.”

The report forecasts that the digital payment market will reach $274.61 billion by 2029, expanding at a compound annual growth rate (CAGR) of 16.6% from 2022 to 2029. This growth is driven by the rising adoption of digital payment methods, increased government support for digital transactions, and expanding partnerships between banks and fintech companies to enhance customer experiences. The growing use of payment applications across various sectors and the rise of contactless payments are also expected to provide substantial growth opportunities. However, limited awareness of online payments in rural areas may partially restrain market expansion.

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Market Segmentation:
• By Offering: The market is divided into solutions and services. In 2022, the solutions segment is anticipated to hold the largest market share, fueled by increasing smartphone penetration in emerging markets, higher adoption of mobile payment applications by businesses, and greater internet access.

• By Payment Mode: Segments include digital wallets, banking cards, point of sale (POS), internet banking, and other payment modes. Digital wallets are expected to dominate in 2022. According to FIS, digital-wallet-based transactions grew globally by 7% in 2020, and digital wallets are projected to account for over half of all e-commerce payments worldwide by 2024. WorldPay’s report also predicts that by 2023, digital wallets will account for 52.2% of e-commerce transactions and 29.5% of POS transactions.

• By End User: The market is segmented into BFSI, retail, travel & hospitality, healthcare, IT & telecom, media & entertainment, and others. The BFSI sector is expected to lead in 2022 due to increasing demand for digital remittances and enhanced banking solutions. The retail segment, however, is anticipated to experience the highest growth rate during the forecast period.

• By Organization Size: Segments include large enterprises and small and medium-sized enterprises (SMEs). Large enterprises are projected to dominate in 2022, driven by high transaction volumes and the need for sophisticated digital payment solutions. The adoption of omnichannel strategies and integration of digital payment solutions are crucial for large organizations.

• By Geography: The market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share in 2022, supported by strong financial resources, advanced technology investments, and a growing base of tech-savvy consumers.

Quick Buy – Digital Payment Market – Global Opportunity Analysis and Industry Forecast (2022-2029), Research Report: https://www.meticulousresearch.com/Checkout/93099245

Key Players:
Major players in the digital payment market include PayPal Holdings, Inc. (U.S.), Fiserv, Inc. (U.S.), FIS (U.S.), Block, Inc. (formerly Square, Inc.) (U.S.), Stripe, Inc. (U.S.), Visa, Inc. (U.S.), Mastercard (U.S.), Worldline (France), Temenos (Switzerland), PayU (Netherlands), Apple Inc. (U.S.), JPMorgan Chase & Co. (U.S.), WEX Inc. (U.S.), ACI Worldwide, Inc. (U.S.), and FleetCor Technologies, Inc. (U.S.).

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