Payments Industry Report 2024: A $4.78 Trillion Market by 2029 - Global Industry Size, Share, Trends, Opportunity, & Forecasts

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Mar 06, 2024, 23:30 ET

DUBLIN, March 6, 2024 /PRNewswire/ -- The "Payments Market - Global Industry Size, Share, Trends, Opportunity, & Forecast 2019-2029" report has been added to ResearchAndMarkets.com's offering.

The Global Payments Market was valued at USD 2.64 Trillion in 2023 and is anticipated to grow during the forecast period with a CAGR of 10.5% through 2029, reaching USD 4.78 Trillion

Digital payments are quickly replacing cash in the global payment system. Cashless transactions are become more common and are fostering the growth of digital economies by providing payment infrastructure. Around the world, contactless payments are starting to take over as the preferred mode of payment in many nations.

The world of payments is evolving because to contactless payment technologies at the point of sale (POS) such as facial recognition, QR codes, and near-field communication (NFCs). After two years of drastically changing their behaviours to work and shop online, people are more at ease seeing the world via a digital lens, according to Global Payments. According to statistics, more than half of the company's customers identify as more digital; 39% of them shop on a smartphone either daily or weekly, and 23% say they shop online at least once a day.

Furthermore, factors such as government financial inclusion initiatives that continue to encourage people to open bank accounts for the first time in developing countries and growing smartphone and internet penetration are further driving the growth of the global payments market. Innovation in payment technology is ongoing across the world. Real-time payments are common in many geographies, including India and China.

Furthermore, because these methods are so convenient, digital and mobile payment apps are expanding quickly in many nations. The popularity of digital payment software solutions like QR codes, Apple Pay, and Google Pay is still rising. The rise in global e-commerce is another factor contributing to the growth of digital payments.

Although there are advantages to digital payment systems, there are also privacy and security dangers that could hurt customers, businesses, markets, and countries while impeding economic progress. Payment systems need to be completely reinvented with unbreakable encryption, open standards, and privacy protection in mind. Strong market regulation and data privacy laws are also essential.

End User Insights

All businesses that offer products and services to consumers are included in the retail industry. Because consumers' demand for retail sales has remained strong, the retail business witnessed a significant shift, particularly during the pandemic. It hastened digital services and quickly reacted to new customer needs.

Consumers today prefer to have the ease of current technology combined with the advantages of conventional buying habits. As a result, they may be found both online and in brick-and-mortar stores, as well as on the high street, utilizing tablets or smartphones for their online shopping. Thus, retailers are required to provide a hassle-free, seamless experience for the consumer to remain competitive.

Regional Insights

North America dominated the market with a revenue share in 2023. The region boasts a robust and mature insurance industry, driven by a early adoption of technology and financial infrastructure has led to a high volume of digital transactions. Moreover, due to the consistently high growth rates of China's and India's emerging economies, government initiatives aimed at digitization, and the increasing uptake of e-commerce in the region, Asia-Pacific has emerged as the most significant and fastest-growing payments market region in recent years.

Furthermore, with numerous fintech businesses launching their digital wallets in the region, the Asia Pacific payments sector has profited from a plethora of fintech activity aimed at digitizing small merchants and improving overall business efficiency. China is the largest payment revenue-generating region in the world and holds a sizable market share within the Asia Pacific area. Furthermore, with cutting-edge payment solutions, key participants in the sector like UnionPay and AliPay are growing their services throughout the region.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Payments Market.

Mastercard Inc.
Visa Inc.
PayPal Holdings, Inc.
AliPay (Alibaba Group)
UnionPay International
Stripe
Adyen
WeChat Pay
Worldpay
Klarna

Report Scope

Payments Market, By End User:

Retail
Entertainment
Healthcare
Hospitality
Others

Payments Market, By Mode of Payment:

Point of Sale (Card Payments, Digital Wallet, Cash)
Online Sale (Card Payments, Digital Wallet)

Payments Market, By Region:

North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Asia-Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE
Turkey
Egypt

For more information about this report visit https://www.researchandmarkets.com/r/kn9sab

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