Digital Payment Market to Reach $457.8 Trillion by 2032 at 17.2% CAGR: Allied Market Research
NEW CASTLE, Del., Jan. 10, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Digital Payment Market by Offering (Solution and Service), Transaction Type (Domestic and Cross Border), and Industry Vertical (BFSI, IT & Telecom, Healthcare, Retail & E-commerce, Media & Entertainment, Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global digital payment industry generated $95.5 trillion in 2022, and is anticipated to generate $457.8 trillion by 2032, witnessing a CAGR of 17.2% from 2023 to 2032.
- In addition, the ongoing global shift towards a cashless economy has encouraged businesses and consumers to embrace digital payment solutions.
- Based on transaction type, the domestic segment held the highest market share in 2022, accounting for more than two-thirds of the global digital payment market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to the growing popularity of peer-to-peer (P2P) payments which is propelling the growth for domestic segment in digital payment market.
- However, the cross border segment is projected to manifest the highest CAGR of 19.3% from 2023 to 2032, owing to the rise of digital wallets and mobile payment apps that facilitate cross-border transactions.
- Surge in adoption of online payments by various private players, government programs supporting digital transactions, and increase in contactless payments are expected to boost the digital payment market in Asia-Pacific.