The global payment instruments market was valued at USD 111.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.3% from 2022 to 2030. The growth is expected to be driven by the increasing digital payment platforms such as mobile banking, personal finance management, and digital wallets. The growing development of non-cash payment instruments such as mobile wallets, credit cards, and smart cards is anticipated to further fuel the growth. Moreover, the widespread availability of smartphones has led to the increasing use of mobile wallet applications, thereby contributing to the growth of the industry.

The rising digitalization in the banking sector has fueled the development of digital payment systems, thus increasing the demand for mobile wallets among others. The rise in digital transactions has reduced bank operation costs, eventually boosting market growth. Several banks, such as Wells Fargo, Bank of America, and others, have seen an upsurge in the usage of digital banking. For instance, in the U.S., bank loan sales accounted for 61% via digital channels in Feb 2021 compared to the previous year.

The growing consumer preference for cashless payment as it offers convenience is anticipated to increase the demand for payment instruments over the forecast period. Moreover, the rising adoption of digital payment among the younger generation further boosts the growth of the market. According to a survey conducted by Business Wire, 71% of the Gen Z population across the globe prefer cashless payment solutions and 68% of millennials have adopted cashless payment methods.

Payments Instruments Market Report Segmentation

• The desktop segment accounted for the largest revenue share of over 39.0% in 2021. The growing integration of payment gateway platforms within the desktop by payment instrument solution providers is anticipated to drive the growth of the segment.
• The retail e-commerce segment accounted for the largest revenue share of more than 22.0% in 2021. The growth is attributed to the rising popularity of online shopping and consumers' preference for cashless payment.
• North America accounted for the largest revenue share of over 31.0% in 2021. The growing preference for contactless and digital payment across the North American region is expected to boost the growth.

Global Payment Instruments Market Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global payment instruments market report based on type, end-use, and region:

• Type Outlook (Revenue, USD Billion, 2017 - 2030)
  • Desktop
  • Handheld
  • Mobile
    
    
• End-use Outlook (Revenue, USD Billion, 2017 - 2030)
  • BFSI
  • Healthcare
  • IT Telecom
  • Media Entertainment
  • Retail E-commerce
  • Transportation
  • Others
    
    
• Regional Outlook (Revenue, USD Billion, 2017 - 2030)
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
  • Middle East Africa

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