Payment services are a foundation of every economy. With digitization and continued technological development, they can increasingly offer consumers and businesses ways of paying that are tailored, convenient and flexible. Digital Payment is the method of payment using digital methods. In digital payments, both the payee and the payer employ automated methods to collect and move money. The whole transaction is completed online. There are several advantages to the introduction of digital payments across many sectors.

Digital payments can also aid financial inclusion, facilitate budgeting, and enable action to prevent and tackle economic crime. The government recognises that the growth in the use of digital payments has been swift, and it wants to ensure that everyone has the option to be able to pay for goods and services digitally. That is why the government has undertaken a significant program of work that, by supporting innovation and competition, has already helped make digital payments simpler, quicker, and cheaper.

Digital Payment Market to surpass US$ 167.6 billion by 2030 from US$ 77.9 billion in 2019 at a CAGR of 14.5% throughout the forecast period, i.e., 2020-30. The increase in the number of e-commerce industries, advances in mobile payment technology, increased use of mobile wallets to make payments, and the advent of stable & safe payment gateways are the main factors driving the growth of the digital payment industry. Moreover, the need to enhance customer support for companies and increase the promotion of digital payments is driving the market growth.

Large businesses are adopting digital payment solutions because of the need to digitize their payment landscape, adapt to dynamic customer trends, streamline business processes, and improve market competitiveness. They practice the omnichannel approach as they focus on enriching the experience of the customer. The integration of digital payment innovations such as digital wallets and payment processing with the existing payment environment of large organizations is important for the redemption of loyalty points and the facilitation of rapid payment at PoS terminals. The small and medium business segment is expected to experience significant growth over the forecast period due to an increase in the number of start-ups around the globe. Growing government initiatives through various digital SME campaigns across the globe are expected to power the segment over the forecast period.

Digital Payment Market is segmented by verticals into BFSI, healthcare, IT and telecom, media and entertainment, retail and e-commerce, transportation, and others. The major share was occupied by the BFSI segment as electronic payment solutions are widely adopted in the BFSI market due to secure money transactions. In addition, the rising digitalization of banks and financial institutions is expected to fuel the segment's growth over the next few years. The growth of the segment is further driven by various innovations in digital banking, such as mobile banking, management of personal finance, and digital wallets. The retail and e-commerce segment is projected to emerge as the fastest-growing end-use segment over the forecast period. A mobile wallet platform allows the retailer to ease the shopping process for the consumer. It also saves time at checkout for customers and eliminates the hassle of plastic payment cards. In addition to the rising use of mobile wallet apps, the wide availability of smartphones is also contributing to the growth of the market segment.

Countries around the world are embracing ICT technologies in order to promote digital economies. Governments are following numerous measures in order to digitize the payment process. Digital payments are one of the main growth imperatives for a country's economy. It can help boost productivity and economic growth, improve accountability, increase tax collections, boost financial inclusion, and create new economic opportunities for end-users.

The rise in Internet penetration offers lucrative opportunities for payment network providers. The global appetite for digital payments is also driving smartphone proliferation. The growth of government initiatives to promote digital and cashless payment methods is driving the global digital payment industry. Substantial growth is also anticipated in the e-commerce sector to fuel the global digital payment industry. The growth of the global digital payment industry is a significant factor in addition to this smartphone proliferation. As a result of convincing customers to offer it the digital payment industry is expected to see a significant boost.

Customers do not have to bring with them money and can take their ATM wherever they want. In fact, customers don't really have to be physically present for technology advancement payments. At any time, they can pay from any part of the world. Moreover, the market for digital payment solutions is expected to increase mainly due to the rise in the number of customer-centric payment applications, and the increasing focus on Omnichannel payment mode.

Digital Payment Market in North America is expected to continue its market dominance in the future due to the presence of a large number of solution providers in the region. Market growth can be attributed to the presence of a large number of providers of digital payment solutions in the region. The growth of the mobile commerce industry combined with the developed digital economy in North America are additional factors driving demand. The Asia Pacific is expected to emerge as the fastest-growing regional market during the forecast period. The growth of digitalization, coupled with government efforts to use digital payments in developed countries, is propelling the industry.

The Digital Payment market, which is highly competitive, consists of several major players such as PayU (Netherland), Aliant Payment Systems Inc. (US), Aurus Inc. (US), Fiserv, Inc. (the US), BlueSnap Inc. (US), Novatti Group Limited (Australia) hold a substantial market share in the Digital Payment market. Other players analyzed in this report are ACI Worldwide, Inc. (the US), Stripe (US), Adyen NV (Netherland), Global Payments Direct, Inc. (the US), First Data Corporation (US), PayPal Holdings, Inc. (the US), Worldpay, Inc. (US), Wirecard AG (Germany), and YapStone, Inc. (US) among others.