GITNUX MARKETDATA REPORT 2024

Must-Know Digital Payments Statistics [Latest Report]

Highlights: The Most Important Digital Payments Statistics

  • In 2020, the global mobile digital payments market was valued at approximately 4109 billion dollars.
  • 75% of all financial transactions in the world are now made digitally.
  • In 2021, 2.5 billion people worldwide used digital wallets for payments.
  • In 2020, 67% of users trusted digital payments.
  • Over 50% of Millennials and Gen Z consumers in the U.S. use digital wallets for purchases.
  • Digital payments in the United States by consumers and businesses registered approximately 255 billion transactions in 2019.
  • In 2021, over 765 million people globally have used contactless payments.
  • As of 2021, contactless payments reached 121.2 billion dollars in the United States.
  • In 2020, digital payments accounted for 41.8% of e-commerce sales globally.
  • In 2021, digital payments in India have a market share of 15.6%.
  • In 2019, 29% of US consumers made mobile point of sale transactions.
  • In 2021, around 1.2 million transactions daily were recorded in the UK via bank-backed mobile app Paym.
  • In 2020, digital payments in China reached 49.3 trillion U.S. dollars.
  • In 2020, mobile payments in South Korea were at 84.59 million, up from 46.34 million in 2019.
  • In 2019, Brazil recorded 44.5 billion digital financial transactions.
  • In 2020, digital wallets were the preferred mode of payment for 44% of global e-commerce transactions.

Table of Contents

Digital payments have become an increasingly popular way to make purchases and transfer money around the world. According to recent statistics, global digital payment volumes are predicted to reach 5.4 trillion transactions by 2025, while in 2020 the global mobile digital payments market was valued at approximately 4109 billion dollars. In 2021, 2.5 billion people worldwide used digital wallets for payments and 75% of all financial transactions in the world were made digitally that same year.

The growth of this industry is expected to continue with a CAGR (Compound Annual Growth Rate) of 17.6%, reaching a value of over 10 thousand billion U.S dollars by 2024 according to Allied Market Research estimates; meanwhile 67% users trusted digital payments as reported by Global Web Index in 2020 and more than 50% Millennials & Gen Z consumers use Digital Wallets for their purchases according US Business Wire report from 2019 .
In addition, 255 Billion Transactions were registered within United States alone during 2019 as per Federal Reserve Payments Study Update from 2019 , 765 million people globally had used contactless payment methods such as cards or phones up until 2021 based on eMarketer research data ; 121 billions Dollars worth Contactless Payment took place within USA only during 2021 also based on eMarketer’s study results . Furthermore 41 % out total E-commerce sales across globe happened through Digital Payments back in 2020 which has been recorded via Statista survey result .

India holds 15 % share among other countries when it comes down into usage rate regarding Digital Payments whereas Non Cash Transaction Worldwide will exceed 1 Trillion mark By 2023 As Per Finextra Report From May 2021 , Mobile Point Of Sale transaction reached 29 % amongst US Consumers During Year 2019 Based On Statista Survey Result And UK Recorded Over 1 Million Daily Bank Backed Mobile App Paym Transactions During Year 2021 As Reported By UK Finance Organization Data & Research Department Results . Last but not least China Reached 493 Trillions USD Worth Of Total Digital Payment Volume Within Country Itself During The Year 2020 Which Has Been Recorded Via Statista Survey Result Whereas South Korea Registered 84 Millions Users For Their Mobile Payment Services Throughout The Year 2020 With 46 Millions Increase Compared To Previous Years Record Also Based On Statistics Provided By Same Source i:e “Statista”

The Most Important Statistics
In 2020, the global mobile digital payments market was valued at approximately 4109 billion dollars.

This statistic is a testament to the immense growth of the digital payments market in 2020. It highlights the increasing demand for digital payments solutions, as well as the potential for further growth in the coming years. It also serves as a reminder of the importance of staying up-to-date with the latest digital payments trends and technologies in order to remain competitive in the market.

75% of all financial transactions in the world are now made digitally.

This statistic is a testament to the growing prevalence of digital payments in the world. It highlights the fact that digital payments are becoming increasingly popular and are now the primary method of financial transactions. This is an important statistic to consider when discussing digital payments, as it demonstrates the impact digital payments have had on the global economy.

Digital Payments Statistics Overview

In 2021, 2.5 billion people worldwide used digital wallets for payments.

This statistic is a testament to the immense growth of digital payments in recent years. It shows that digital wallets have become a popular and convenient way for people to make payments, with 2.5 billion people worldwide using them in 2021. This highlights the importance of digital payments and the need for businesses to stay up-to-date with the latest trends in order to remain competitive.

In 2020, 67% of users trusted digital payments.

This statistic is a testament to the growing trust in digital payments, indicating that more and more people are comfortable with using digital payment methods. This is an important statistic to consider when discussing digital payments, as it shows that digital payments are becoming increasingly accepted and trusted by the public.

Over 50% of Millennials and Gen Z consumers in the U.S. use digital wallets for purchases.

This statistic is a testament to the growing popularity of digital wallets among Millennials and Gen Z consumers in the U.S. It highlights the fact that digital payments are becoming increasingly commonplace, and that more and more people are turning to digital wallets for their purchases. This is an important statistic to consider when discussing digital payments statistics, as it provides insight into the current trends in the industry.

Digital payments in the United States by consumers and businesses registered approximately 255 billion transactions in 2019.

This statistic is a testament to the growing prevalence of digital payments in the United States. It shows that digital payments are becoming increasingly popular among consumers and businesses alike, and that the trend is likely to continue in the future. This is an important statistic to consider when discussing the current state of digital payments, and the potential for further growth in the industry.

In 2021, over 765 million people globally have used contactless payments.

This statistic is a testament to the growing popularity of contactless payments, highlighting the immense potential of digital payments. It shows that more and more people are turning to digital payments as a convenient and secure way to make payments. This is a clear indication that digital payments are becoming increasingly accepted and adopted by people around the world.

As of 2021, contactless payments reached 121.2 billion dollars in the United States.

This statistic is a testament to the growing popularity of contactless payments in the United States. It shows that more and more people are turning to digital payments as a convenient and secure way to make purchases. This is an important trend to note, as it indicates that digital payments are becoming increasingly commonplace and accepted in the US.

In 2020, digital payments accounted for 41.8% of e-commerce sales globally.

This statistic is a testament to the growing importance of digital payments in the e-commerce space. It highlights the fact that digital payments are becoming increasingly popular and are being adopted by more and more people around the world. This is an important trend to note, as it indicates that digital payments are becoming a more accepted and preferred method of payment for online purchases. This statistic is a valuable insight into the current state of digital payments and can be used to inform decisions about how to best leverage digital payments in the future.

In 2021, digital payments in India have a market share of 15.6%.

This statistic is a testament to the growing popularity of digital payments in India. It shows that more and more people are turning to digital payments as a convenient and secure way to make payments. This is an important indicator of the progress being made in the digital payments space and is a key factor in understanding the current state of digital payments in India.

In 2019, 29% of US consumers made mobile point of sale transactions.

This statistic is a telling indication of the growing prevalence of mobile point of sale transactions in the US. It demonstrates that more and more consumers are turning to digital payments as a convenient and secure way to make purchases. This is an important trend to note for anyone interested in the digital payments industry, as it shows that the market is continuing to expand.

In 2021, around 1.2 million transactions daily were recorded in the UK via bank-backed mobile app Paym.

This statistic is a testament to the increasing popularity of digital payments in the UK. It shows that more and more people are turning to mobile apps like Paym to make their payments, which is a clear indication that digital payments are becoming the norm. This is an important statistic to consider when discussing digital payments statistics, as it provides a snapshot of the current state of the industry.

In 2020, digital payments in China reached 49.3 trillion U.S. dollars.

This statistic is a testament to the immense growth of digital payments in China, highlighting the country’s commitment to modernizing its financial infrastructure. It is a clear indication that digital payments are becoming increasingly popular in China, and that the country is embracing the digital revolution. This statistic is a valuable insight into the current state of digital payments in China, and can be used to inform decisions about the future of digital payments in the country.

In 2020, mobile payments in South Korea were at 84.59 million, up from 46.34 million in 2019.

This statistic is a testament to the rapid growth of digital payments in South Korea. It shows that the number of mobile payments more than doubled in just one year, indicating that South Koreans are increasingly embracing digital payments as a convenient and secure way to make payments. This is an important trend that should be noted in any blog post about digital payments statistics.

In 2019, Brazil recorded 44.5 billion digital financial transactions.

This statistic is a testament to the immense growth of digital payments in Brazil. It shows that digital payments have become an integral part of the Brazilian economy, with billions of transactions taking place each year. This is a clear indication that digital payments are becoming increasingly popular in Brazil, and that the country is embracing the digital revolution. This statistic is an important one to consider when discussing digital payments statistics, as it provides a valuable insight into the current state of digital payments in Brazil.

In 2020, digital wallets were the preferred mode of payment for 44% of global e-commerce transactions.

This statistic is a testament to the growing popularity of digital wallets as a payment method for e-commerce transactions. It highlights the fact that digital wallets are becoming increasingly accepted and trusted by consumers, and that they are becoming a more viable option for making payments online. This is an important trend to note, as it could have a significant impact on the future of digital payments.

Conclusion

The statistics presented in this blog post demonstrate the rapid growth of digital payments worldwide. Global digital payment volumes are predicted to reach 5.4 trillion transactions by 2025, and mobile digital payments market was valued at approximately 4109 billion dollars in 2020. 75% of all financial transactions globally were made digitally last year, with 2.5 billion people using digital wallets for payments as well. The global digital payments market is expected to have a CAGR of 17.6%, while 67% users trusted these methods in 2020 – an increase from previous years due to their convenience and security features offered by providers such as contactless cards or bank-backed apps like Paym which recorded 1 million daily transactions alone in 2021 across the UK only. In addition, 44% e-commerce spending was done through mobile wallets last year; this number is projected to rise up 28% by 2022 according to Juniper Research’s estimates
In conclusion, it can be seen that there has been a significant shift towards digitization when it comes to making financial transactions over recent years – both on consumer and business levels – with no signs of slowing down anytime soon given its numerous advantages compared traditional methods such as cash or cheques

References

0. – https://www.fisglobal.com

1. – https://www.businesswire.com

2. – https://www.federalreserve.gov

3. – https://www.grandviewresearch.com

4. – https://www.statista.com

5. – https://www.emarketer.com

6. – https://www.ukfinance.org.uk

7. – https://www.bcb.gov.br

8. – https://www.adyen.com

9. – https://www.six-group.com

10. – https://www.globalwebindex.com

ZipDo, cited June 2023: Digital Payments Statistics

Srive – Digital Payments Statistics

FAQs

What are digital payments?

Digital payments are electronic transactions made for goods and services using digital devices such as computers, smartphones, or wearable devices. They can include online transactions, mobile wallets, and contactless card payments.

What are some popular digital payment methods?

Some popular digital payment methods include credit/debit cards, mobile wallets (e.g. Apple Pay, Google Pay), online banking, electronic transfers (e.g. PayPal, Venmo), and cryptocurrencies (e.g. Bitcoin).

What are the advantages of using digital payments?

Digital payments offer numerous advantages, such as convenience, speed, increased security, reduced cash handling, minimal human error, and easy tracking of expenses.

How do digital payment platforms ensure secure transactions for users?

Digital payment platforms use encryption and user authentication processes to ensure data privacy and secure transactions. Additionally, they rely on industry standards, such as the Payment Card Industry Data Security Standard (PCI DSS), to maintain high levels of security.

What is the impact of digital payments on the global economy?

The widespread adoption of digital payments has led to increased financial inclusion, particularly in developing countries. It also fosters economic activity by facilitating faster and more efficient transactions, reducing cash-related expenses, and providing a platform for digital innovation and entrepreneurship.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

Table of Contents