All transactions related to goods and services require money as a medium of exchange which constitute the payment system. The payment sector is rapidly evolving and encompasses a wide range of technologies and services. The revenue from this sector is projected to reach USD 2.8 trillion in revenue by 2023. Apart from just conventional transactions, digital payments are becoming increasingly popular with the global digital payment revenue and is projected to cross ~USD 19 trillion by 2035. As the payment industry is revolutionizing, businesses are required to stick to their goal of strategizing their processes for maximum efficiency, growth, and profits.
Two-thirds of the adults worldwide are known to use digital payment methods to send or receive money. For instance, China, which is known to lead the digital payments market in terms of total transaction value, recorded an estimated value of digital transactions worth USD 3,639.00 billion in 2023. India, on the other hand, reported the highest number of real-time transactions through mobile apps in 2021. The number of UPI & QR code-based transactions was 48 billion in India. On the other hand, digital commerce, with an estimated value of about USD 6.03 trillion in the year 2023, occupied majority of the share of all applications of digital payments. Moreover, contactless payments are also growing in preference after the onslaught of COVID-19. Cryptocurrency is another emerging trend in the payments industry which is riding a high wave of popularity and is expected to cross ~USD 5 billion in revenue in 2023.
The dynamically changing mediums, which include contactless, cross-border, online, and real-time P2P payments are revolutionizing the payments sector. The market is scattered with big organizations that have been in the industry for decades and also includes fintech start-ups, and merchant acquirers, that can be controlling different areas of expertise such as card issuing, payment processing, loan, asset management, among others. All of these organizations are working upon optimizing their existing processes to gain profits.
Research Nester with its ground-level study and analysis brings to you the estimated growth level, opportunities, and regional synopsis of the payments industry. All the information in our detailed report will help you thrive despite competition and stringent regulatory requirements. Our depth of understanding of related fields and how they can affect the industry can help you devise your next plan of action to minimize risks and increase sustainable and profitable growth profits.
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