Total transaction value in the Digital Payments segment is projected to reach US$6.56bn in 2023.
Total transaction value is expected to show an annual growth rate (CAGR 2023-2027) of 12.38% resulting in a projected total amount of US$10.47bn by 2027.
The market's largest segment is Digital Commerce with a projected total transaction value of US$6.33bn in 2023.
From a global comparison perspective it is shown that the highest cumulated transaction value is reached in China (US$3,851.00bn in 2023).
The Digital Payments market segment is led by consumer transactions and includes payments for products and services which are made over the Internet as well as mobile payments at point of sale (POS) via smartphone applications and cross-border money transfers made over the internet (digital remittances). The following are not included in this segment: transactions between businesses (business to business payments) and payment transactions at the point of sale where mobile card readers (terminals) are used.
Online processed payment transactions
Mobile POS payments processed via smart devices at point of sale
Digital consumer commerce transactions (e.g. credit card, online payment providers)
Online cross-border payments and remittance sending
Money transfers processed by online-pure players (e.g. TransferWise)
Transaction value equals money transfers out of the selected region
mPOS solutions (dongle payments) for card payments or mobile card readers
Business to business payments
Electronic banking (eBanking)
Provision fees from payment providers
Payments via social networks
Domestic payments and bill splitting services
Cross-border payments via traditional service providers (banks, post offices & Western Union, MoneyGram)