Digital Payment Industry Predictions for 2024 – Top Trends to Watch

General Digital Payments Statistics 2023

  • In 2023, the total transaction value in the digital payments segment is estimated to reach $9.46 trillion
  • The digital payments market is expected to grow further to $14.8 trillion by 2027 (CAGR of 11.8% between 2023 and 2027)
  • Digital commerce is the largest segment in the digital payments market, with a $6 trillion estimated value of 2023
  • Two-third of the adults worldwide use digital payments to send or receive money

The rapid digitization of the global economy is reshaping the payment industry at an unprecedented pace. As 2024 unfolds, several pivotal trends are poised to redefine the digital payment landscape. Here’s a concise breakdown of the most impactful trends set to shape the industry:

62% of businesses say reducing payment fraud is an urgent concern

55% of businesses rank “security of customer data” as the most important trend going into 2024


1. AI and Machine Learning for Enhanced Security

The integration of AI and Machine Learning is revolutionizing fraud detection. By analyzing transactional patterns in real-time, these technologies can swiftly pinpoint and counteract fraudulent activities. Stakeholders are urged to prioritize these AI-backed solutions to fortify platform integrity and user trust.


2. Advanced Security Protocols

As digital payment volumes surge, the emphasis on robust security measures intensifies. 2024 will witness a surge in biometric authentication, AI-enhanced fraud monitoring, and multi-layered authentication techniques, ensuring users can engage with confidence in an increasingly digital world.


3. Cross-Border Payment Facilitation

The globalization of commerce amplifies the demand for efficient cross-border payment infrastructures. As businesses expand beyond local horizons, streamlined cross-border payment solutions will be paramount.


4. Rise of Touch-Free Transactions

The legacy of the pandemic endures in the form of accelerated contactless payment adoption. From NFC cards to mobile-based wallets, consumers will overwhelmingly gravitate towards seamless, touch-free payment modalities.

The global contactless payment market was worth $29 billion in 2022.

It is predicted to grow to $132 billion by 2032, with an annual growth rate of 16% from 2023 to 2032.


5. Personalized Payment Experience

Generic payment solutions are becoming obsolete. The modern consumer craves tailored experiences. Offering familiar local payment options is no longer a luxury but a necessity. Brands ignoring this trend risk alienating a significant portion of their potential customer base.


6. Emphasis on ESG Compliance

As sustainability and ethical considerations gain momentum, there’s an amplified call for digital payment platforms to align with ESG standards. Brands championing eco-friendly and socially responsible practices will undoubtedly resonate more with the modern consumer.


7. Regulatory Evolution

The burgeoning digital payment sphere will attract increased regulatory scrutiny. In 2024, expect to see evolving regulations aimed at ensuring consumer protection, preventing financial crimes, and fostering innovation. Industry stakeholders will need to navigate this complex regulatory landscape, balancing compliance with innovation.

Looking Ahead to 2024

The digital payment realm is on the cusp of transformative growth. Industry players attuned to these trends, recalibrating their strategies accordingly, are poised to lead the charge in this dynamic landscape.
At Nexway, we remain steadfast in our mission to craft powerful and personalized digital payment solutions, ensuring our partners to stay ahead of the curve. Connect with our team to discover how we can shape the future of digital transactions together.

Interested in boosting your global sales?

Trusted by global industry leaders, Nexway delivers customizable solutions catering to diverse business needs. Our individualized approach stems from a robust suite of solutions designed to empower enterprises. Learn more about our expertise by downloading our concise brief.

Learn how Nexway can Boost your global sales

Download Nexway Solution Brief