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North America Digital Payment Market Size, Share, Growth: By Solution: Application Program Interface, Payment Gateway, Payment Processing, Payment Security and Fraud Management, Others; By Mode of Payment; By Deployment Mode; By Organisation Size; By End Use; Regional Analysis; Competitive Landscape; 2024-2032
North America Digital Payment Market Outlook
The North America digital payment market size was approximately USD 33.36 billion in 2023. The market is assessed to grow at a CAGR of 16.3% between 2024 and 2032, reaching a value of USD 133.78 billion by 2032.
Key Takeaways
| Statistic | Value | Location | Year |
| Percentage of Americans using digital payment | 80% | USA | 2021 |
| Growth of online transfers by value | 19% | Canada | 2021-2022 |
| Areas of innovation with potential for future growth | BNPL financing, cryptocurrency | N/A | N/A |
Digital payments refer to monetary transactions where the transfer of funds takes place via electronic devices in possession of both the payer and the payee. The electronic or digital devices that support these transactions, include smartphones, computer, laptops, and a credit or debit card, among others. To tackle illegal activities including money laundering and corruption, the adoption of cashless payment methods is set to become popular. This can lead to vast changes in the financial landscape of North America’s digital payment market.
The market is being driven by the increased safety and flexibility associated with digital payments. The global transition towards cashless economies is also driving people towards the adoption of digital payments. Digital payments are easy to track and trace, provide a seamless experience of shopping/bill payments, and are encrypted for large and small value transactions. This is expected to drive their popularity in North America over the forecast period.
Key Trends and Developments
Rising popularity of BNPL financing model; increase in usage of cryptocurrency; preference for contactless payments; and a tech savvy younger generation are the major trends shaping the market growth trajectory
| Date | Event |
| Aug 23rd, 2023 | Interac recorded 1billion+ debited mobile transactions which points towards the growing popularity of mobile payments in Canada. |
| Nov 22nd, 2023 | The Bank of Canada published the final regulations of Retail Payments Activities Act 2021 that governs payment service providers in Canada. |
| Nov 7th, 2023 | The Consumer Financial Protection Bureau is expected to extend its supervisory examinations to financial companies that process 5 million+ transactions annually. |
| July 20th, 2023 | The Federal Reserve (Central Bank) of USA launched an instant payments services called FedNow to introduce a fast cash flow system between businesses and individuals. |
| Trend | Impact |
| Rising popularity of BNPL financing model | Many businesses are providing Buy Now Pay Later option, especially in Canada, to attract consumers and increase their sales. |
| Rise in the usage of cryptocurrency and blockchain | The launch of consumer-friendly cryptocurrency trading platforms is accelerating the switch towards digital payments. |
| Increasing preference for contactless payments | The preference for contactless payments, especially after the COVID-19 outbreak, has increased significantly, with contactless debit and credit cards being the popular choice. |
| Tech savvy younger generations prefer digital transactions | Young people find digital payment methods, including net banking or digital wallets, much more convenient, which is gradually displacing cash as the primary payment method. |
North America Digital Payment Market Trends
The growth in popularity of Buy Now Pay Later financing option is driven by its relatively easier credit terms as compared to credit cards. Consumers use it to finance high margin products, including laptops, fashionable clothes, and cosmetic products. Such innovations support the North America digital payment market development.
Moreover, inflation, currency devaluation, and political instability have challenged North American’s faith in traditional financial systems which is marking a shift towards block chain technology, including cryptocurrency. Improvements in user interface of cryptocurrency platforms have simplified trading, providing a safe storage space for people to manage their digital assets. This is expected to aid the North America digital payment market growth.
Market Segmentation
“North America Digital Payment Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Solution | Application Program Interface, Payment Gateway, Payment Processing, Payment Security and Fraud Management, Transaction Risk Management, Others |
| Mode of Payment | Bank Cards, Digital Wallets, Digital Currencies, Net Banking, Others |
| Deployment Mode | On-premises, Cloud |
| Organisation Size | Small and Medium Enterprises, Large Enterprises |
| End-Use | BFSI, IT and Telecom, Healthcare, Retail and E-commerce, Others |
| Country | United States of America, Canada |
Based on solution, the payment security and fraud management segment is expected to dominate the North America digital payment market
The payment security and fraud management segment is expected to lead the market. In 2020, the United States lost $4 billion to cybercrime because of vulnerabilities that remained unchecked in the existing payments security mechanism. The healthcare sector, in particular, reported high incidences of ransomware attacks.
In 2021, Canada lost $100 million to online fraud centering around investment and romance. Malicious attacks accounted for over 42% of data breaches which occurred in Canada. This is expected to enhance the adoption of strong payment security and fraud management software in North America digital payment market.
Small and medium enterprises are expected to boost their reliance on digital payments for internal operations and external dealings
Small and medium enterprises are expected to account for a major chunk of the North America digital payment market share. This is because digital transactions reduce paperwork and processing fees and facilitate faster reconciliation of bank account statements. It also enables businesses to leverage consumer’s digital footprint to personalise products and services and increase conversion rates. The development of digital fraud prevention tools and software has boosted the adoption of digital payment methods by small enterprises, improving the security of all online transactions and enhancing consumer confidence. Meanwhile, the reliance of large enterprises on digital payment systems and databases is expected to remain higher in the forecast period as well, as these solutions enable businesses to reduce the number of declined transactions caused by invalid card details.
Competitive Landscape
Collaborations among market players, banks, and the government are expected to be crucial in accelerating the transition towards a cashless economy and improving the accessibility, transparency, and security of digital transactions
| Company | Founded | Headquarters | Services |
| JPMorgan Chase & Co. | 1799 | New York, United States | Investment banking, asset management |
| Fiserv, Inc. | 1984 | Brookfield, Wisconsin | Payment processing, transaction risk management, customer service, channel management |
| Global Payments Inc. | 1970 | Georgia, United States | High technology enabled software solutions |
| Visa Inc. | 2007 | San Francisco, United States | Connects financial institutions, government entities, consumers, businesses, and merchants digitally |
Other notable players operating in the North America digital payment market include Apple Inc., PayPal Holdings Inc., Samsung Electronics Co. Ltd., Mastercard Inc., Aurus Inc., Adyen N.V., and ACI Worldwide, Inc., among others.
North America Digital Payment Market Analysis by Country
Depending upon their requirements, Canadians use a variety of digital payment options, aiding the North America digital payment market expansion. For instance, mobile payments can be utilised for point-of-sale purchases and person to person payments, while electronic fund transfers can be utilised for work payments.
More than 50% Canadians prefer paying for their credit card bills, government taxes, and household rent in real time. This is expected to make the nation an important market for digital payments over the forecast period. Online transfers recorded a growth of 11% and 19% from 2021 to 2022 in terms of volume and value, respectively. The increased safety, convenience, and high speed associated with digital payments is leading to a surge in its adoption.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Solution |
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| Breakup by Mode of Payment |
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| Breakup by Deployment Mode |
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| Breakup by Organisation Size |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Digital Payment Market Overview
8.1 Key Industry Highlights
8.2 Global Digital Payment Historical Market (2018-2023)
8.3 Global Digital Payment Market Forecast (2024-2032)
8.4 Global Digital Payment Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Digital Payment Market Overview
9.1 Key Industry Highlights
9.2 North America Digital Payment Historical Market (2018-2023)
9.3 North America Digital Payment Market Forecast (2024-2032)
10 North America Digital Payment Market by Solution
10.1 Application Program Interface
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Payment Gateway
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Payment Processing
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Payment Security and Fraud Management
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Transaction Risk Management
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 North America Digital Payment Market by Mode of Payment
11.1 Bank Cards
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Digital Wallets
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Digital Currencies
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Net Banking
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 North America Digital Payment Market by Deployment Mode
12.1 Cloud
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 On-Premises
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 North America Digital Payment Market by Organisation Size
13.1 Small and Medium Enterprises
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Large Enterprises
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 North America Digital Payment Market by End Use
14.1 BFSI
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 IT and Telecom
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Healthcare
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Retail and E-Commerce
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Others
15 North America Digital Payment Market by Country
15.1 United States of America
15.1.1 Historical Trend (2018-2023)
15.1.2 Forecast Trend (2024-2032)
15.2 Canada
15.2.1 Historical Trend (2018-2023)
15.2.2 Forecast Trend (2024-2032)
16 Market Dynamics
16.1 SWOT Analysis
16.1.1 Strengths
16.1.2 Weaknesses
16.1.3 Opportunities
16.1.4 Threats
16.2 Porter’s Five Forces Analysis
16.2.1 Supplier’s Power
16.2.2 Buyer’s Power
16.2.3 Threat of New Entrants
16.2.4 Degree of Rivalry
16.2.5 Threat of Substitutes
16.3 Key Indicators of Demand
16.4 Key Indicators of Price
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Apple Inc.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 PayPal Holdings Inc.
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Samsung Electronics Co. Ltd.
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Mastercard Inc.
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Visa Inc.
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 JPMorgan Chase & Co.
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Fiserv, Inc.
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Aurus Inc.
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Adyen N.V.
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 Global Payments Inc.
17.2.10.1 Company Overview
17.2.10.2 Product Portfolio
17.2.10.3 Demographic Reach and Achievements
17.2.10.4 Certifications
17.2.11 ACI Worldwide, Inc.
17.2.11.1 Company Overview
17.2.11.2 Product Portfolio
17.2.11.3 Demographic Reach and Achievements
17.2.11.4 Certifications
17.2.12 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Digital Payment Market: Key Industry Highlights, 2018 and 2032
2. North America Digital Payment Market: Key Industry Highlights, 2018 and 2032
3. North America Digital Payment Historical Market: Breakup by Solution (USD Billion), 2018-2023
4. North America Digital Payment Market Forecast: Breakup by Solution (USD Billion), 2024-2032
5. North America Digital Payment Historical Market: Breakup by Mode of Payment (USD Billion), 2018-2023
6. North America Digital Payment Market Forecast: Breakup by Mode of Payment (USD Billion), 2024-2032
7. North America Digital Payment Historical Market: Breakup by Deployment Mode (USD Billion), 2018-2023
8. North America Digital Payment Market Forecast: Breakup by Deployment Mode (USD Billion), 2024-2032
9. North America Digital Payment Historical Market: Breakup by Organisation Size (USD Billion), 2018-2023
10. North America Digital Payment Market Forecast: Breakup by Organisation Size (USD Billion), 2024-2032
11. North America Digital Payment Historical Market: Breakup by End Use (USD Billion), 2018-2023
12. North America Digital Payment Market Forecast: Breakup by End Use (USD Billion), 2024-2032
13. North America Digital Payment Historical Market: Breakup by Country (USD Billion), 2018-2023
14. North America Digital Payment Market Forecast: Breakup by Country (USD Billion), 2024-2032
15. North America Digital Payment Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 33.36 billion.
The market is estimated to grow at a CAGR of 16.3% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 133.78 billion by 2032.
The market is being driven by the growing convenience and flexibility of digital payments, and reduced risk of theft associated with it.
The key trends aiding the market include rising popularity of BNPL financing model, increase in usage of cryptocurrency, preference for contactless payments, and a tech savvy younger generation.
The major solutions include application program interface, payment gateway, payment processing, payment security and fraud management, and transaction risk management, among others.
The major modes of digital payments include bank cards, digital wallets, digital currencies, and net banking, among others.
The major players in the market are Apple Inc., PayPal Holdings Inc., Samsung Electronics Co. Ltd., Mastercard Inc., Visa Inc., JPMorgan Chase & Co., Fiserv, Inc., Aurus Inc., Adyen N.V., Global Payments Inc., and ACI Worldwide, Inc., among others.
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