As the global payment processing market rockets toward a staggering $116.85 billion by 2030, the very fabric of how we exchange value is being rewoven at breathtaking speed.
Key Takeaways
- The global payment processing solutions market size was valued at USD 48.73 billion in 2023 and is projected to grow at a CAGR of 12.1% from 2024 to 2030, reaching approximately USD 116.85 billion by 2030.
- Digital payments market worldwide generated revenue of US$9.46 trillion in 2023, with a projected CAGR of 15.89% from 2023 to 2028.
- The mobile payment market size was valued at USD 1.6 trillion in 2023 and is expected to expand at a CAGR of 28.2% from 2024 to 2030.
- 76% of consumers prefer digital wallets for in-store purchases in 2023, up from 62% in 2020.
- Mobile wallet users worldwide reached 3.4 billion in 2023, representing 42% of the global population.
- Apple Pay accounted for 92% of all NFC transactions on iPhones in the US in Q2 2023.
- 81% of contactless payments in Europe were under EUR 50 limit in 2023.
- Contactless card penetration reached 88% of POS terminals in the UK by 2023.
- US contactless payments transaction value hit USD 1.1 trillion in 2023.
- Global cross-border payments volume reached USD 190 trillion in 2023.
- B2B payments market size USD 1.3 trillion in transaction fees annually in 2023.
- SWIFT cross-border messages hit 44.8 billion in 2022, up 11.4% YoY.
- Payment fraud losses worldwide reached USD 5.3 billion in 2023.
- 70% of payment fraud attempts targeted digital channels in 2023.
- PSD2 Strong Customer Authentication reduced fraud by 85% in Europe since 2019.
The global payments industry is experiencing massive and rapid growth driven by digital transformation.
Contactless & POS Payments
- 81% of contactless payments in Europe were under EUR 50 limit in 2023.
- Contactless card penetration reached 88% of POS terminals in the UK by 2023.
- US contactless payments transaction value hit USD 1.1 trillion in 2023.
- 75% of in-store transactions in Australia were contactless in 2023.
- Tap-to-pay on iPhone adopted by 10% of US merchants by end of 2023.
- Global contactless payment cards in circulation exceeded 10 billion in 2023.
- 92% of French consumers use contactless payments weekly in 2023 survey.
- POS terminal market saw 15% YoY growth in contactless-enabled units in 2023.
- 66% of global POS transactions expected to be contactless by 2026, from 45% in 2023.
- Square processed USD 210 billion at POS locations in 2023.
- 70% of Canadian retail payments were contactless in 2023.
- EMV contactless transactions grew 30% YoY in US to 19 billion in 2023.
- 85% of Singapore POS terminals support contactless payments in 2023.
- Adyen reported 25% increase in contactless POS volume in 2023.
- 58% of merchants cite faster checkout as top benefit of contactless POS in 2023.
- Stripe Terminal processed over 1 billion contactless taps in 2023.
- 78% of German consumers prefer contactless over cash at POS in 2023.
- Global POS software market share for contactless features at 62% in 2023.
- 95% of new POS deployments in China include contactless NFC in 2023.
- Worldpay saw 40% growth in contactless payment acceptance in 2023.
- 62% of US fast food chains fully contactless by 2023.
- Tap on phone transactions tripled in India to 150 million in 2023.
- 89% of Swedish POS transactions contactless in 2023.
- Clover POS contactless volume up 50% YoY in 2023.
- 73% of global consumers comfortable with contactless over USD 50 in 2023.
Contactless & POS Payments Interpretation
The world is rapidly tapping past cash, with contactless payments not only becoming the dominant choice for small, daily purchases but also steadily conquering larger transactions and merchant acceptance globally, signaling a point-of-sale revolution that's more about speed and convenience than just hygiene.
Cross-Border & B2B Payments
- Global cross-border payments volume reached USD 190 trillion in 2023.
- B2B payments market size USD 1.3 trillion in transaction fees annually in 2023.
- SWIFT cross-border messages hit 44.8 billion in 2022, up 11.4% YoY.
- 80% of cross-border B2B payments still via traditional methods in 2023.
- RippleNet processed over USD 30 billion in cross-border volume in 2023.
- Visa B2B Connect reached 11,000 financial institutions in 190 countries by 2023.
- Cross-border e-commerce payments grew 15% to USD 2.8 trillion in 2023.
- 65% of APAC businesses cite FX volatility as top cross-border payment challenge in 2023.
- Mastercard Cross-Border Services handled 2.5 billion transactions in 2023.
- B2B virtual cards market to grow from USD 108 billion in 2023 to USD 407 billion by 2028.
- 45% reduction in cross-border payment costs using blockchain per 2023 study.
- Wise transferred GBP 82.2 billion cross-border for 6.6 million customers in FY2023.
- 90% of large corporates want real-time cross-border payments by 2025, 30% have in 2023.
- Airwallex processed USD 50 billion in cross-border payments in 2023.
- Cross-border payment rails like CIPS handled CNY 123 trillion in 2023.
- 70% of SMEs face delays over 3 days in cross-border payments in 2023 survey.
- Payoneer facilitated USD 68 billion for 4 million users cross-border in 2022.
- SEPA instant payments reached 10 billion transactions in Europe by 2023.
- B2B marketplaces payment volume USD 3.2 trillion globally in 2023.
- Tipalti automated payments for 7,000+ clients cross-border in 2023.
- 55% of corporates plan to increase cross-border digital payment adoption in 2024.
- Currencycloud processed 1.2 billion payments worth USD 95 billion in 2023.
- Global ACH cross-border volume up 25% to USD 15 trillion in 2023.
- 42% of B2B payments in Latin America were cross-border in 2023.
- Nium grew cross-border volume 50% to USD 19 billion in 2023.
Cross-Border & B2B Payments Interpretation
The global payments industry, moving $190 trillion but still annoyingly stuck in the past, is a giant awakening—slowly, expensively, and with great frustration—to the digital, instant, and borderless future that customers and common sense have been demanding all along.
Digital Wallets & Mobile Payments
- 76% of consumers prefer digital wallets for in-store purchases in 2023, up from 62% in 2020.
- Mobile wallet users worldwide reached 3.4 billion in 2023, representing 42% of the global population.
- Apple Pay accounted for 92% of all NFC transactions on iPhones in the US in Q2 2023.
- 51% of smartphone users have used mobile payments in the past month as of 2023 survey.
- Alipay and WeChat Pay processed over 200 billion transactions in China in 2022.
- Digital wallet adoption in India surged to 65% among urban consumers in 2023.
- Google Pay had 500 million monthly active users globally in 2023.
- 68% of Gen Z consumers use digital wallets weekly for payments in 2023.
- Samsung Pay users completed 1.2 billion transactions in 2022 worldwide.
- Proximity mobile payment transaction value reached USD 1.9 trillion globally in 2023.
- 45% of Europeans used mobile wallets for payments in 2023, led by UK at 58%.
- PayPal had 428 million active accounts using digital wallets in Q4 2023.
- Remote mobile payment volume expected to hit USD 4.5 trillion in 2023 worldwide.
- 72% of Brazilian consumers use Pix digital wallet daily since its launch in 2020.
- Venmo processed USD 244 billion in payment volume in 2023.
- Cash App had over 57 million monthly active users in 2023.
- 83% of South Korean consumers use mobile payments regularly in 2023.
- PhonePe processed 7.8 billion transactions in India in Q3 2023.
- Zelle saw 2.7 billion transactions totaling USD 806 billion in 2023 in the US.
- 55% of merchants report increased digital wallet usage post-COVID in 2023.
- Rakuten Pay handled JPY 2.5 trillion in transactions in Japan FY2023.
- 40% of global e-commerce payments were via digital wallets in 2023.
- MPesa in Kenya had 51 million monthly active users in 2023.
- 67% of millennials prefer mobile wallets over cards for convenience in 2023.
- GCash in Philippines processed PHP 2.4 trillion in 2023.
- 49% of US consumers used BNPL via mobile wallets in past year 2023.
Digital Wallets & Mobile Payments Interpretation
The relentless, multi-continental march of the mobile wallet isn't just a trend—it's a full-scale global takeover of the physical and digital till, proving that convenience is a currency more powerful than cash.
Market Size & Growth
- The global payment processing solutions market size was valued at USD 48.73 billion in 2023 and is projected to grow at a CAGR of 12.1% from 2024 to 2030, reaching approximately USD 116.85 billion by 2030.
- Digital payments market worldwide generated revenue of US$9.46 trillion in 2023, with a projected CAGR of 15.89% from 2023 to 2028.
- The mobile payment market size was valued at USD 1.6 trillion in 2023 and is expected to expand at a CAGR of 28.2% from 2024 to 2030.
- Global BNPL market size reached USD 349.4 billion in 2023 and is anticipated to grow at a CAGR of 20.8% through 2030.
- Payments market in the US was worth USD 3.5 trillion in transaction volume in 2022, projected to hit USD 5.2 trillion by 2027.
- Real-time payments transaction volume worldwide is expected to reach 649.4 billion transactions by 2027, up from 152.3 billion in 2022.
- The contactless payment market size was USD 71.46 billion in 2023 and is projected to grow at a CAGR of 17.2% from 2024 to 2032.
- Embedded payments market expected to grow from USD 66.97 billion in 2024 to USD 138.67 billion by 2029 at a CAGR of 15.6%.
- Global payment gateway market size valued at USD 28.54 billion in 2023, projected to reach USD 85.43 billion by 2032 at CAGR 13.0%.
- P2P payments market size was USD 1.6 trillion in 2023, expected to grow at CAGR 21.5% to USD 7.8 trillion by 2032.
- Digital remittance market reached USD 100.7 billion in 2023, projected to grow at 10.5% CAGR to 2030.
- Open banking payments market size was USD 15.2 billion in 2022, expected to reach USD 124.7 billion by 2032 at CAGR 23.5%.
- Fraud detection and prevention market in payments valued at USD 32.5 billion in 2023, to grow at 18.2% CAGR to 2030.
- NFC payment market size USD 37.5 billion in 2023, projected CAGR 22.4% to USD 214.5 billion by 2032.
- Payment orchestration market to grow from USD 1.4 billion in 2023 to USD 7.5 billion by 2030 at CAGR 26.8%.
- Global cards and payments market transaction value to reach USD 50.5 trillion by 2028, up from USD 38.2 trillion in 2023.
- Subscription billing management market size USD 6.8 billion in 2023, CAGR 16.5% to USD 20.1 billion by 2030.
- Voice payment market expected to grow from USD 2.1 billion in 2023 to USD 15.7 billion by 2030 at CAGR 33.2%.
- Payment wallet market size USD 48.2 billion in 2022, projected to USD 127.5 billion by 2030 at CAGR 12.9%.
- Cryptocurrency payment gateway market to reach USD 6.5 billion by 2028 from USD 1.2 billion in 2023, CAGR 40.1%.
- Loyalty management market for payments USD 4.5 billion in 2023, growing to USD 12.3 billion by 2030 at 15.4% CAGR.
- Digital payment security market size USD 25.6 billion in 2023, expected CAGR 14.7% to USD 68.9 billion by 2032.
- Payment analytics market to grow from USD 3.2 billion in 2024 to USD 12.1 billion by 2032 at CAGR 18.2%.
- Multi-cloud management for payments market USD 8.7 billion in 2023, CAGR 22.1% to 2030.
- Payment-as-a-Service (PaaS) market size USD 2.9 billion in 2023, projected to USD 10.5 billion by 2030 at 20.3% CAGR.
- Global POS software market valued at USD 12.4 billion in 2023, to reach USD 28.7 billion by 2030, CAGR 12.7%.
- Invoicing software market size USD 10.2 billion in 2023, expected growth at 13.5% CAGR to 2030.
- Payment automation market to expand from USD 7.8 billion in 2024 to USD 22.4 billion by 2032, CAGR 14.1%.
- Revenue cycle management market for payments USD 45.6 billion in 2023, CAGR 10.8% to 2030.
- Global merchant services market size was USD 35.2 billion in 2023, projected CAGR 11.9% to 2030.
- Online payment platforms market reached USD 55.8 billion in 2023, to grow at 16.2% CAGR through 2032.
Market Size & Growth Interpretation
The future of finance is a high-stakes game where we are all racing to build faster, smarter, and more convenient ways to spend money we increasingly don't have in ways we won't even notice.
Security, Fraud & Regulations
- Payment fraud losses worldwide reached USD 5.3 billion in 2023.
- 70% of payment fraud attempts targeted digital channels in 2023.
- PSD2 Strong Customer Authentication reduced fraud by 85% in Europe since 2019.
- Global payment fraud detection software prevented USD 40 billion in losses in 2023.
- 3DS 2.2 authentication success rate averaged 91% in 2023.
- US card-not-present fraud losses USD 13.5 billion projected for 2023.
- Biometric authentication used in 60% of mobile payments by 2023.
- Tokenization reduced card fraud by 50% for participating issuers in 2023.
- 25% of merchants experienced a breach in 2023, average cost USD 4.5 million.
- AI-based fraud detection blocked 95% of suspicious transactions in real-time 2023.
- Chargeback fraud cost merchants USD 2.9 billion globally in 2023.
- 82% of organizations prioritize payment security compliance in 2023.
- Open banking PSD3 expected to mandate enhanced fraud prevention by 2025.
- Mobile payment scams rose 32% to 300,000 incidents in US 2023.
- PCI DSS 4.0 compliance achieved by 70% of level 1 merchants in 2023.
- Behavioral biometrics detected 87% of account takeover fraud in 2023.
- Crypto payment fraud losses USD 3.7 billion in 2023 hacks.
- Real-time payments fraud up 20% but detection improved to 98% with RTP networks.
- 65% of consumers willing to share more data for better fraud protection in 2023.
- BNPL fraud incidents increased 25% to 1.2 million cases in 2023.
- Quantum-safe encryption adopted by 15% of payment processors in 2023.
- Synthetic identity fraud accounted for 30% of payment fraud in 2023.
- FedNow service includes built-in fraud monitoring blocking 99.9% threats in beta 2023.
- 90% of payment leaders investing in GenAI for fraud detection in 2024 plans.
- E-commerce friendly fraud USD 101 billion globally in 2023.
- ISO 20022 adoption reduces fraud via richer data in 70% of implementations 2023.
Security, Fraud & Regulations Interpretation
The payment fraud landscape is a grim testament to our collective digital ingenuity, showcasing a relentless arms race where the guardians of finance, armed with AI, biometrics, and robust regulations like PSD2, are valiantly stemming a tide of ever-morphing threats, from costly breaches and synthetic identities to crypto heists and BNPL scams, proving that for every dollar lost to villainy, multiple more are saved by our silicon sentinels.
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