Global spending through digital payments grew from $1.7 trillion in 2014 to $18.7 trillion in 2024. Over the next five years, this figure could nearly double.
According to the annual Global Payments Report by Worldpay, the total volume of digital payments increased 18 times from 2014 to 2024, reaching $18.7 trillion. The report accounts for payments made via A2A transfers, BNPL solutions, digital wallets, and cryptocurrencies. Analysts predict that the volume of digital payments could exceed $33.5 trillion by 2030.
The report states that in the U.S., around 67% of all consumer purchases, both online and offline, are made using credit, debit, and prepaid cards. Meanwhile, cash usage in the U.S. declined from 44% in 2014 to 15% in 2024.
Moreover, in 2024, approximately 39% of online purchases and 16% of point-of-sale transactions in the U.S. were made using mobile wallets. In the Asia-Pacific region, these figures reach 81% and 59%, respectively.
Analysts forecast that by 2030, digital wallet payments will account for around 52% of global e-commerce transactions and 30% of point-of-sale transactions. At the same time, credit card usage is expected to decline to 22% in e-commerce and 32% at physical stores over the next five years.
Other key insights from the report:
- Global e-commerce spending grew more than sixfold over the past decade, from $1.2 trillion in 2014 to $6.8 trillion in 2024.
- The share of payments made via smartphones tripled in the last ten years, from 19% in 2014 to 57% in 2024.
- Digital wallet usage in online and offline stores quadrupled from $3.6 trillion in 2014 to $12 trillion in 2024.
- Spending through BNPL services surged from $2.2 billion in 2014 to $342 billion in 2024.
- Crypto payment volumes have the potential to double over the next five years, from $16 billion in 2024 to $38 billion by 2030.
Adam Coyle, Chief Strategy Officer at Worldpay, noted that payment methods underwent a fundamental transformation over the past decade, driven by mobile technology advancements, the rise of the FinTech industry, and regulatory developments. He also emphasized that evolving consumer expectations for greater convenience in daily transactions continue to be a major driver of change in payment systems.
Previously, research showed that by 2024, 81% of companies adopted virtual cards and other digital payment solutions for working capital management.
