Covid-19 triggered a boom in digital payments, the market continues to surge, reaching a new record transaction value and more users than ever before.

According to data presented by, the total transaction value in the digital payments sector is expected to grow by 15% year-over-year and hit almost $9,5-trillern in 2023.

The global digital payments industry has seen many innovations over the past years, including mobile wallets, P2P mobile payments, real-time payments and cryptocurrencies. This new, simple-to-use, cashless payment methods have drawn millions of users and pushed the total transaction value to new record highs.

According to a Statista survey last year, the global digital payments industry has seen $8,38-trillion worth of transactions, 11% more than the year before. In 2023, the market is set to witness even bigger growth of 13% year-over-year, with digital payments reaching nearly $9,5-trillion in transaction value.

Digital commerce, the market’s largest segment, will make up 63% of that value, or $5,99-trillion, growing by 11% year-over-year. Although much smaller in transaction value, mobile POS payments will continue growing faster. Last year, mobile POS payments hit $2,86-trillion in transaction value. This figure is expected to grow by 17% YoY and hit $3,35-trillion in 2023.

By 2025, the entire digital payments market is forecast to reach an $11,95-trillion value. The transaction value in the mobile POS segment will grow by another 32% to $4,43-trillion in this period.

While China remains the world`s largest digital payments market, generating $3,85-trillion or one-third of total transaction value this year, the US market will still grow faster. According to Statista, Americans are expected to make over $2-trillion worth of digital payments in 2023, or 15,6% more than a year ago. On the other hand, the transaction value in the Chinese market is forecast to grow by 9,7% year-over-year.

Together, the two countries will generate 62% of total transaction value in the digital payments segment, far more than any other country. Far below, the UK ranked third with $433-million worth of digital payments in 2023. Japan and Germany follow, with $325-million and $245-million, respectively.

The Statista survey also revealed the number of people using digital payments would grow by 6% YoY to 4,43-billion in 2023. By 2025, the number of users in the digital payments segment is set to touch almost 5-billion worldwide.