The payment instruments growth will be fuelled by the growing use of smartphones and increasing expectations for secure and fast payments
Payment platforms such as mobile wallets or “scan to pay” are driving market growth. Image: shutterstock.com
ResearchAndMarkets.com has published a report on global payment instruments. The market size is expected to reach $364.86 billion by 2030, growing at a CAGR of 14.3% in the forecast period.
Modern consumers are used to multiple payment systems such as “tap on the go” or “scan to pay”, and have high expectations for secure and fast payments. That contributes significantly to market development, along with the increasing use of smartphones and digital wallets.
In particular, digital wallets are empowering people in emerging markets by making financial services readily available to those unbanked. Thus, the number of digital wallet users is expected to reach 4 billion by 2024.
In addition, payment instrument providers that offer consumers credit-based payments are heavily investing in the market and collaborating with partners to expand their businesses. Such investments are expected to create new opportunities for market growth over 2022-2030.
The final factor that will promote market growth is increasing digitalisation and the introduction of tech-based payment terminals. Besides, the growing popularity of e-commerce platforms also increases the demand for digital payment instruments.
The study expects the mobile segment to witness the fastest growth over the forecast period since major players are now aggressively introducing digital payment software and apps. Geographically speaking, the Asia Pacific market will grow the fastest.
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