Digital Payments Statistics & Facts [2024]

Today, customers prefer e-payments over cash.

The traditional consumer behavior of cash payments shifted to digital payments during the 2020 Covid-19 phase. Payment methods such as plastic money, UPI, m-payments, and wallets have steadily been adopted in the past few years. Being an online store owner after having a look at ecommerce statistics worldwide you can know the increase in digital payments and ease of making it available.

Offering digital payments to consumers has become necessary for all businesses, from street vendors to online brands. The key is understanding the payment trends and aligning your business to market needs. The key digital payments statistics for 2024 will help you craft effective payment facilities for your business.

In this post, we’ve gathered some important statistics about digital payments.

For the ease of reading, online payment statistics have been categorized into:

• General Digital Payments Statistics 2023
• Leading Countries in Digital Payments
• United States Digital Payments Statistics
• Most Popular Digital Payment Methods
• Mobile Payments (M-Payments) Statistics

Now, let’s explore the e-payments statistics!

General Digital Payments Statistics 2023

1. In 2023, the total transaction value in the digital payments segment is estimated to reach $9.46 trillion.
2. The digital payments market is expected to grow further to $14.78 trillion by 2027 (CAGR of 11.8% between 2023 and 2027).
3. Digital commerce is the largest segment in the digital payments market, with a $6.03 trillion estimated value of 2023.
4. Two-third of the adults worldwide use digital payments to send or receive money.

Leading Countries in Digital Payments

Which country is leading the digital payments market? Let’s find out through these country-wise digital payments statistcs.

5. China leads the digital payments market in terms of total transaction value. The 2023 digital payments transaction value in China is estimated to be $3,639.00 billion.
6. India 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.
7. List of top five countries by the number of real-time transactions in 2021 is provided below:

   Country	Number of Real-Time Mobile Transactions in 2021
   India	48.6 billion
   China	18.5 billion
   Thailand	9.7 billion
   Brazil	8.6 billion
   South Korea	7.3 billion

8. Government of Taiwan is ambitious about digital payments and has set a goal of 90% mobile payment penetration by 2025.

Related Reads: WhatsApp Statistics

United States Digital Payments Statistics

Doing business in the United States? Read these U.S. Digital Payments statistics to learn more about your consumer’s preferred payment methods.

9. The total transaction value of digital payments in the United States is estimated to be $2,041.00 billion in 2023.
10. The United States Digital payments market is expected to grow at 14.66% CAGR and reach $3,528.00 billion by 2027.
11. In 2022, 7 out of 10 US customers surveyed agreed using a mobile app for making payments.
12. 56% of the US customers surveyed felt comfortable leaving wallet at home and relying on mobile phone for payments in 2022.
13. PayPal, Apple Pay, and Cash App are the top mobile payments brands used by the customers in the United States. More details are tabulated below:

    US Customers Survey of Top Used Mobile Payments by Brand in 2022
    Mobile Payments Company	Percentage of Respondents
    PayPal	56%
    Apple Pay	53%
    Cash App	53%
    Google Pay	38%
    Chase Pay	15%

Most Popular Digital Payment Methods

Struggling to decide the ideal payment method for your online business? Look into what payment methods do customers prefer through these online payment statistics.

14. Digital/Mobile Wallet, Credit Card, and Debit Card were the top 3 most used e-commerce and POS payment methods in 2021.

    Top Used Payment Methods in 2021
    Payment Method	E-commerce Usage	POS Usage
    Digital/Mobile Wallet	49%	29%
    Credit Card/Charge Card	21%	24%
    Debit Card	13%	23%
    Bank Transfer	7%	–
    Buy Now, Pay Later	3%	1%

15. The digital payments trends also show consumer’s shift towards BNPL payment methods.

Mobile Payments (M-Payments) Statistics

In the last few years, the convenience of paying anywhere using mobile phones has resulted into a significant growth of m-payments. The mobile payments market is expected to grow further in upcoming years as well.

Here are the key mobile payment statistics supporting its growth:

16. The global mobile payment market size was valued at $52.21 billion and is estimated to be $67.51 billion in 2023.
17. Total value of global mobile transactions was $2 trillion in 2022.
18. Mobile payments market is booming. It is expected to grow at a CAGR of 36.2% between 2023 to 2030.
19. The growth of mobile payments will continue in the upcoming years and it will overtake cash and card payments by 2025.
20. AliPay, WeChat Pay, and Apple Pay remained global leaders in the mobile payments in 2022. The table provided below lists the top 10 digital payments apps and the number of users:

    Name of Mobile/Digital Wallet	Number of Global Users in 2022 (in millions)
    AliPay	650
    WeChat Pay	550
    Apple Pay	507
    Google Pay	421
    PayPal	377
    Paytm	333
    PhonePe	300
    Samsung Pay	140
    Venmo	52
    Cash App	36

The aggregate user base of top 10 mobile payments apps in 2022 was over 3.3 billion.

The number of digital transactions is increasing every year, with a rapid adoption. Businesses and online store owners need to consider this incline of consumer behavior towards digital payments. The digital payments statistics suggest a further growth of e-payments market around the world.

Use these online payments statistics to understand the current state of e-payments in 2023.

Sources: Statista, The World Bank, Times of India, WorldPay Global, Statista, Marqeta, Grand View Research, Merchant Machine