The global digital payments market will grow from $96.19 billion in 2022 to $111.11 billion in 2023
The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The digital payments market is expected to grow to $197.87 billion in 2027 at a CAGR of 15.5%.
The digital payments market consists of revenues earned by entities that are engaged in facilitating payment transfers through digital medium such as the internet, cell phones and automated devices.The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts.
This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others.Revenue generated from the payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Digital payments are a payment mode that uses digital medium such as the internet, cell phones and automated devices to send and receive money. It needs both payer and payee to use the digital means to send and receive money, it is not mandatory in some situations for the payee to use a digital medium to receive money.
Asia Pacific was the largest region in the digital payments market in 2022.Western Europe was the second largest region in the digital payments market.
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