The global digital payment market size is anticipated to reach $361,3-billion by 2030, expanding at a CAGR of 21,4% from 2025 to 2030, according to a new report published by Grand View Research.
The market’s growth can be attributed to the increasing number of non-cash transactions, alongside technological advancements within the fintech sector. Numerous fintech firms and banks are striving to enhance their digital services in order to align with evolving customer demands.
Biometric authentication in digital payments is expected to gain momentum in the coming years. It is a method used for authentication which involves the verification of biological characteristics related to particular person.
The authentications include factors such as facial recognition, fingerprint scanning, heartrate analysis, and vein mapping.
According to Payments Industry Intelligence, biometric authentication solutions are expected to be used to secure $2,5-trillion worth of mobile payment transactions by 2024.
The increase in the adoption of innovative technologies, such as assisted checkouts (ACOs) in the retail industry, is expected to push digital payment industry towards growth. In recent days, various companies have been making efforts to deploy assisted checkout systems in retail stores.
The Covid-19 pandemic and its impact on public life has favorably propelled the market towards unprecedented growth. The pandemic has led this industry to an increased number of mobile-based payment solutions and online sales.
These factors have been recognized as the major driving forces behind increasing demand for digital payment solutions across the globe.
According to the study conducted by Accenture, transactions worth $7-trillion are expected to shift from cash to card and digital payments by 2023.
In presence of events which are acting as a catalyst for growth, such as collaborative deals between top players, the market is most likely to witness significant growth.
Other highlights from Grand View Research’s Digital Payment Market Report include:
- Payment processing led the market and accounted for 26,7% of the global revenue in 2024. The increasing preference for online shopping across the globe is prompting retailers to adopt payment processing solutions to provide customers with seamless checkout experiences.
- Point of sales accounted for the largest market revenue share in 2024. Retail stores use point-of-sale systems for processing transactions.
- The on-premise segment accounted for the largest market revenue share in 2024. The on-premise deployment of digital payment provides organizations with complete control over applications and systems, which can be easily managed by the organization’s IT staff.
- Large enterprises accounted for the largest revenue share of 58,6% in 2024. Large retail stores increasingly demand digital payment solutions to enable their customers to conduct payments by maintaining social distancing.
- BFSI end use led the market with a share of 23,2% in 2024. The rising demand for digital remittance for domestic and cross-border transactions is encouraging banks to adopt digital payment solutions.
- North America dominated the digital payment industry and accounted for a 33,5% share in 2024.