Payments Instruments Market: Trends, Insights, and Forecast 2022-2030
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 Ameri...