Digital Payment Market Worth $274.61 Billion by 2029

Digital Payment Market by Offering (Solution & Services), Payment Mode (Digital Wallets, Banking Cards, POS, Internet Banking), End User (BFSI, Retail, Travel & Hospitality, Healthcare, Others), Organization Size and Geography – Global Forecasts to 2029

The Digital Payment Market is projected to reach $274.61 billion by 2029, at a CAGR of 16.6% during the forecast period of 2022–2029. Factors such as increased adoption of digital payment modes, rising government initiatives for the adoption of digital payment and growing partnerships between banks and fintech to leverage customer experience are expected to drive the growth of the overall digital payment market growth. In addition, the increasing use of payment applications across different industry verticals and the rising adoption of contactless payment are expected to offer significant opportunities for market growth. However, a low level of awareness of online payments in rural areas can restrain the growth of this market.