Digital Payments to Hit $46.25 Trillion by 2031

According to Statista, the global digital payment market is going to hit $46.25 trillion by 2031, growing at a CAGR rate of $4.31%.

Entertainment is Driving the Trend

One of the biggest contributors to this growth is the entertainment sector. Consumers are paying digitally for streaming, games, and music platform access. As subscriptions are steadily increasing in price over time, with Netflix in particular hiking its prices significantly in 2025, online entertainment is a direct contributor to the value of digital payments. Introducing new tiers, such as family passes for an extra fee, has also increased the total revenue Netflix is bringing in online.

In iGaming, the global online casino market is expected to record a CAGR rate of 12.5% from 2026 to 2033. Payments in this sector work both ways, as they are used to deposit and withdraw funds. Games with low minimum bets, like Huff N Even More Puff Grand slots online, feature tiered jackpots ranging from mini prizes to ultra jackpots. The minimum bet is 10p, and the maximum payout is 10,000 times the original stake. Examples like this show how smaller deposits can lower the entry point for slot games, and the potential for larger withdrawals increases the money that’s being transferred online.

Other casino games, like 20p Roulette, have a higher minimum bet at 20p, which can translate to higher bets, meaning an increase in money sent between digital wallets. Deposit flexibility, game diversity and fast withdrawals are just a few of the reasons why iGaming is driving online payments, but it’s only a small part of the bigger picture.

In other areas of entertainment, like music gig ticket sales, there’s been a substantial increase in prices. Average UK music ticket prices have increased by 212% since 2000, climbing from an average price of £41 to £128.

Stadium tours and premium seating, as adopted by sites like Ticketmaster, have contributed to the amount of money being spent online, especially when you consider the fact that tickets can be resold through the same platform. As every ticket sold now is digital, the value flows through online systems again and again.

The same trend can be seen in cinemas, theater performances, and sporting events, as most of them rely on digital platforms.

International Payments are Easier than Ever

Consumers are making far more international payments than they once did. Exchanging pounds to euros for a holiday, or paying a freelancer overseas, was once a slow and extensive process.

Currency exchange services now offer people the chance to transfer large sums of money with lower fees than traditional banks. Multi-currency digital wallets and fintech providers have also made international spending seamless. Cross-border commerce is one of the strongest drivers behind payment growth, and the travel sector displays this quite well.

The average cost of a 7-day holiday overseas has increased by 30% since 2019, rising to £846 per person. 36% of UK adults expect to spend more abroad than they did last year. Buy Now, Pay Later is a major driver of this increase as people can book more expensive holidays without having to cover the cost immediately. It’s also possible to do this without incurring interest, which is a major draw for those who want to avoid paying fees on such high transactions. Klarna is a fintech company that made a strategic shift in the market. They have posted landmark multi-billion-dollar revenue and currently boast 118 million customers, showing how fintech as a whole is expanding into broader financial services.

Digital Wallets are Accelerating a Cashless Future

Digital wallets are now the preferred method for millions of customers and now account for half of eCommerce spending. The popularity mostly comes down to convenience, as instead of entering card details, users can now authorise a purchase in seconds via biometric authentication.

Businesses also benefit from fewer cart abandonments. The rapid growth of payments isn’t being driven by a single industry, but does show how countless everyday transactions are painting a picture of what the future of transactions looks like.

Whether someone is booking an overseas holiday, buying concert tickets, exchanging currency, or even paying for a car, the digital world has become a part of our everyday life. According to The Paypers, cashless payments are set to represent 68% of transactions by the end of 2026.

One of the biggest barriers preventing indefinite growth is concerns over fraud. 53% of people in the UK would like to see more measures put into place to prevent fraudulent transactions. This priority ranks higher than customer service, competitive rates, and accessibility, showing a strong need for secure systems. Even though advances are being made, such as two-factor authentication, security codes, biometric scanners and ID checks, prioritising security is essential.

If challenges like this can be addressed, and if payment providers can take the time to ensure that people’s concerns are heard, this could lead to even more exponential growth.