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Digital Payments Market Growth Between 2019 to 2024

In recent years, we have witnessed significant growth in the digital payments market, which is growing between the year and the year. According to Morder intelligence, the following data shows your digital payment market growth between 2018 and 2022. Let’s Discuss them!

Digital Payments Market Growth

In 2018, The global digital payments market was valued at USD 3,417.39 billion and In 2024, It expected to reach USD 7,640 billion with CAGR of 13.7%.

With the increasing use of the Internet, the market is booming due to the widespread use of online shopping in recent times and it is expected to continue to follow the same path due to increased investments by Internet service providers.

Security occupies a major role in the digital payments market as the chances of breaking into digital transactions that are being hacked on the smartphone are great, especially when most mobile phone wallets and banking applications do not deploy device-level security to make transactions online safer.

To enhance convenience and speed of transactions, digitization has become a global trend in recent times, yet it is vulnerable to penetration. Therefore, governments of different countries have strict regulations to deal with such attacks through a number of methods, such as the protection of EU public data and the Financial Services Department in New York. In the future, the number of such regulations issued by various central authorities is expected to increase in order to reduce cyber attacks.

Digital Payment hierarchy 

we could discuss with you the payment hierarchy as follow:

By Mode of Payment:

  • Point of Sale: Contact payment, Contactless payment, Bank Cards.
  • Online Sale: Digital wallets, Digital currencies, Net banking, Other online sales channels.

By End-user Industry:

  • Retailer.
  • Banking and financial services.
  • Telecommunication.
  • Government.
  • Transportation.
  • Other end-user industries.


  • North America: United States, Canada.
  • Europe: Germany, United Kingdom, France, Rest of Europe.
  • Asia Pacific: China, Japan, India, Rest of Asia Pacific.
  • Latin America: Brazil, Mexico, Rest of Latin America.
  • Middle East & Africa: United Arab Emirates, Saudi Arabia, South Africa, Rest of Middle East & Africa.

Digital payments growth

Contactless payment is an alternative payment channel. It uses short-range wireless technologies, such as radio frequency identification (RFID) or near field communication (NFC), to securely complete payments between a contactless card and contactless-enabled PoS terminal.

Driven by hassle-free and convenient experiences, contactless payments are witnessing robust adoption in countries, such as the United Kingdom, Australia, Canada, and Singapore. For instance, in the United Kingdom, the number of contactless transactions reached 2.86 billion in 2016, thereby, indicating a growth rate of about 174%.

The mobile contactless user base increased from about 20 million in 2015 to 144 million in 2017. Thus, with the increasing acceptance of mobile and digital payments, contactless payments are anticipated to record growth. Moreover, the adoption of contactless cards is projected to transform the landscape of traditional payments, as these cards act as significant threats to EMV cards and magnetic stripe technology.

Digital Payments Market Players

PayPal Holdings Inc is an American company operating a worldwide online payment system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.

Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, gift cards, and debit cards.

MasterCard Inc. is an American multinational financial services corporation headquartered in the Mastercard International Global Headquarters in Purchase, New York, United States. The Global Operations Headquarters is located in O’Fallon, Missouri, United States, a municipality of St. Charles County, Missouri.

Amazon.com, Inc., is an American multinational technology company based in Seattle, Washington that focuses on e-commerce, cloud computing, and artificial intelligence. Amazon is the largest e-commerce marketplace and cloud computing platform in the world as measured by revenue and market capitalization.

Alphabet Inc. is an American multinational conglomerate headquartered in Mountain View, California. It was created through a corporate restructuring of Google on October 2, 2015, and became the parent company of Google and several former Google subsidiaries.

Apple Inc. is an American multinational technology company headquartered in Cupertino, California, that designs, develops, and sells consumer electronics, computer software, and online services. It is considered one of the Big Four of technology along with Amazon, Google, and Facebook.

CCAvenue is a Commerce Service Provider, authorized as a Master Merchant, by Indian financial institutions, to appoint Sub Merchants, to accept and validate Internet payments via Credit Card, and Net banking facilities from the Sub Merchant’s (your) customers in real-time.

Paytm is an Indian e-commerce payment system and digital wallet company, based out of NOIDA SEZ, India.

Stripe is a technology company based in San Francisco, California. Its software allows individuals and businesses to make and receive payments over the Internet. Stripe provides the technical, fraud prevention, and banking infrastructure required to operate online payment systems.

Alipay is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company Ant Financial remains Hangzhou-based.

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