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The digital payment market size is projected to grow from USD 111.2 billion in 2023 to USD 193.7 billion by 2028, at a CAGR of 11.8% during the forecast period.

An increasing online consumer base and a change in consumer payment behavior will fuel the demand for digital payments. The payments industry is getting more crowded as new technology players enter the market to fill customer experience gaps left behind by large firms. Digital currencies are emerging in the global payments system and are likely to revolutionize the entire ecosystem of investments and monetary financing, owing to their characteristics of technological innovation, immediacy, and security.

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Top Digital Payment Companies includes:

• PayPal (US)
• Fiserv (US)
• FIS (US)
• Global Payments (US)
• Square (US)
• Stripe (US)
• VISA (US)
• Mastercard (US)
• Worldline (France)
• Adyen (Netherlands)

Major companies in the global digital payment market have used a variety of growth strategies, such as partnerships, collaborations, agreements, and new product launches, to expand their reach. New product launches and acquisitions have been the most common strategies used by major players from 2019 to 2023. These strategies have helped them to innovate their offerings and reach a wider range of customers.

PayPal:

• PayPal is a leading technology platform and digital payments company. It enables digital and mobile payments on behalf of consumers and merchants across the globe. In April 2023, the new version of PayPal Payment Solution provided acceptance of PayPal payments with Apple Pay, save payment methods with PayPal Vault, and real-time account updater. In October 2021, PayPal launched Zettle Terminal, a new, all-in-one point-of-sale solution that offered increased mobility in-store for small businesses. The Zettle Terminal will be available in the UK beginning today and will continue to roll out across additional markets in Europe in 2021 and into 2022 and the US next year.

Fiserv:

• Fiserv is a financial technology and solutions company. The company offers financial services to clients across various industries. The company operates through three business segments: Merchant Acceptance, Financial Technology (Fintech), and Payments. The Payments segment includes products and services required to process digital payment transactions, including card transactions such as debit, credit, and prepaid card processing and services, a range of network services, security and fraud protection products, and card production and print services for financial institutions and corporate clients. In March 2023, Fiserv launched version V11.0 of Banking Hub, bringing about a new API in the Indirect Liability service. In November 2021, Fiserv introduced Clover Online Ordering with Delivery, which provided flexible food delivery services with direct menu management, order and payment processing, and reporting through the Clover platform.

FIS (US):

• FIS offers a wide range of financial services and digital payment solutions, including payment processing, banking software, and e-commerce solutions. Their Worldpay division provides comprehensive payment processing services for merchants globally, supporting a variety of payment methods and currencies.

Global Payments (US):

• Global Payments provides technology and software solutions for processing payments across various channels, including in-store, online, and mobile. They offer a unified platform that enables businesses to accept payments, manage transactions, and optimize their operations.

Square (US):

• Key Offering: Square offers a suite of financial services and hardware products, including point-of-sale (POS) systems, online payment processing, and business management tools. Their Square POS system is widely used by small to medium-sized businesses for seamless payment acceptance and management.

Stripe (US):

• Stripe is a leading online payment processing platform that provides a robust API for developers to integrate payment processing into websites and mobile apps. Stripe supports a wide range of payment methods and currencies, focusing on ease of use and developer-friendly features.

VISA (US):

• VISA is a global payments technology company that facilitates electronic funds transfers through its credit, debit, and prepaid card products. VISA Direct allows real-time payments and transfers, while their contactless payment solutions enhance the digital payment experience for consumers and businesses.

Mastercard (US):

• Mastercard provides a wide array of payment solutions, including credit, debit, and prepaid cards, as well as innovative payment technologies like contactless and mobile payments. Their digital payment solutions, such as Mastercard Send and Masterpass, enable fast, secure, and convenient transactions.

Worldline (France):

• Worldline is a major player in the European digital payment market, offering comprehensive payment services for merchants, banks, and government institutions. Their offerings include POS solutions, e-commerce payment processing, and secure transaction services.

Adyen (Netherlands):

• Adyen provides a global payment processing platform that supports online, mobile, and point-of-sale payments. Adyen's single platform solution allows businesses to manage transactions, detect fraud, and gain insights into customer behavior across multiple channels and geographies.

Related Reports:

Digital Payment Market by Offering (Solutions (Payment Processor, Payment Gateway, Payment Wallet, POS Solution), Services (Professional and Managed), Transaction Type (Domestic and Cross Border), Payment Mode, Vertical & Region - Global Forecast to 2028