Top 7 Companies Ruling in the Global Digital Payment Market by Driving Contactless Payments

top digital payment companies


Square, Inc., Fiserv, Inc., PayPal Holdings, Inc., Visa Inc., MasterCard Incorporated, Apple Inc., and One97 Communications Limited, among others, are the major players in the global digital payment market.


The global digital payment market is expected to grow at a CAGR of 15.30% in the forecast period of 2023-2028. As per the analysis of Expert Market Research, the market is expected to be driven by the increasing smartphone ownership and the rising accessibility to high-speed internet.


The market for digital payment is being fuelled by the rising ownerships of smartphones, increased use of smart wallets, and ease of bookings through in-app services. The transitioning consumer behaviour towards contactless payments and robust digital transformation are driving the market growth. In addition, the introduction of favourable government initiatives, such as the Unified Payment Interface (UPI) by the Indian government, is driving the utilisation of digital payment methods by both consumers and businesses. With the rising demand for real-time payment models and personalised and convenient experiences by users, the digital payment market is likely to grow robustly in the coming years.


In September 2021, PayPal unveiled its new personalised and all-in-one PayPal app to enable consumers easily manage their finances. Some of the new features of the app include in-app shopping deals and PayPal Savings, a high-yield savings account offered by Synchrony Bank. It also enables consumers to streamline their management of bills and gift cards, earn rewards, receive and send money, manage and access credits, and pay with QR codes. Moreover, the app includes a wallet tab, a personalised dashboard of the consumer’s accounts, a payment hub, and a two-way messaging feature. Through the app, the company aimed to eliminate complexities associated with the management of numerous shopping and financial apps.


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Top 7 Digital Payment Companies in the World

Square, Inc.

Headquarters: California, United States
Establishment: 2009


Square, Inc. is a digital payment and financial service company that offers innovative services for various end-use sectors, including retail, food and beverages, and banking, among others. The company also provides professional services operations, banking products, embedded financial services, and versatile e-commerce tools. In May 2022, it acquired GoParrot to offer a customisable white-label app to merchants and enhanced consumer experiences.


Fiserv, Inc.

Headquarters: Wisconsin, United States
Establishment: 1984


Fiserv, Inc. is a leading financial services technology company, serving large and small enterprises, the public sector, fintech, and financial institutions. With nearly 10,000 financial institution clients, the company performs more than 12,000 financial transactions per second. Its services are used by about 6 million merchants across the globe whereas it boasts of 1.4 billion global accounts on file. In August 2022, the company partnered with Rutgers University-Newark for driving inclusivity and innovation in financial technology.


PayPal Holdings, Inc.

Headquarters: California, United States
Establishment: 1998


PayPal is one of the pioneers in digital payment and connects consumers and merchants in over 200 markets. As of Q2 2022, the company has 429 million active merchants and consumer accounts, total payment volume worth USD 340 billion, and payment transactions of USD 5.5 billion. In Q2 2022, the company generated net revenue of USD 6.8 billion.


Visa Inc.

Headquarters: California, United States
Establishment: 1958


Visa Inc. is a digital payment company that aims to deploy cutting-edge technology for connecting more people to the global economy. Business, merchants, financial institutions, governments, and banks in more than 200 countries worldwide utilise services of the company. Over 3.8 billion cards of the company are used across the globe, and it has facilitated payment transactions worth USD 232.5 billion. Its services and products are used by more than 70 million merchants across the globe.


MasterCard Incorporated

Headquarters: New York, United States
Establishment: 1966


MasterCard connects and powers an inclusive digital economy that makes transactions safe, simple, smart, and accessible. It caters to the requirements of consumers, small and medium businesses, governments and public sectors, large enterprises, and banks and credit unions. In June 2021, MasterCard completed the acquisition of Ekata, a leading provider of identity verification services, to offer seamless experience to consumers. In Q2 2022, the company generated net income of USD 2.3 billion and net revenue of USD 5.5 billion.


Apple Inc.

Headquarters: California, United States
Establishment: 1976


Apple Inc. is one of the largest technology companies in the world. It offers innovative devices such as iPhone, Apple TV, Macbook, and Apple Watch; breakthrough services like Apple Pay, Apple Music, iCloud, and App Store; and software platforms, including iPadOS, tvOS, and iOS, among others. With over 100,000 employees, the company offers flexible and advanced services for education institutions, businesses, governments, and healthcare.


One97 Communications Limited

Headquarters: Uttar Pradesh, India
Establishment: 2000


One97 Communications Ltd. (Paytm) is one of the leading digital payment companies in India. Over 200 million businesses and merchants use Paytm app to accept digital payments and above 300 million Indians use the app for payment applications. The company also offers innovative services like wealth management, insurance, mobile banking, and lending for merchants and consumers. It is listed on the BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) under the symbol 543396 and PAYTM, respectively.


*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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