With a CAGR of 23.7%, the online payments market size is expected to reach USD


Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) — According to the report published by Fortune Business Insights™ in the report, titled “Online payments market size, Share & COVID-19 Impact Analysis, By Payment, By Industry, and Regional Forecast, 2020-2027. The report further states that the market size was USD 3,286.52 Billion in 2019 and is projected to reach USD 17,643.35 Billion by 2027, exhibiting a CAGR of 23.7% during the forecast period. The global online payments market is expected to leverage the growing deployment of artificial intelligence (AI) to improve payment processing, increase transaction volume and detect payment fraud.

Industry developments:

  • November 2019: Facebook introduced Facebook Pay, its latest online payment system which can be used on WhatsApp, Instagram, Messenger and Facebook. People can easily send money to each other through the Messenger app and store their data for use in the company’s family of apps.
  • October 2018: PayPal and American Express have expanded their partnership to improve the digital payment experience for US American Express Card members. It will only be applicable to those who pay with Venmo and PayPal.

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Report Scope:

Report cover Details
Forecast period 2022-2027
Forecast Period 2022 to 2027 CAGR 23.7%
2028 value projection $17,643.35 billion
Year of reference 2019
Size of the online payments market in 2021 $3,286.52 billion
Historical data for 2016-2018
Number of pages 120
Segments Covered By type of payment; Industry and region
Growth engines Growing adoption of online payment platforms by the retail industry will drive growth

Regional Analysis

Asia-Pacific will remain at the forefront, fueled by the increase in online transactions

In Asia-Pacific, China is expected to be the dominant country and a major contributor to market growth. India is witnessing increased adoption of online payment platforms, supported by growing government initiatives. Asia-Pacific generated $1,148.51 billion in revenue in 2019. Europe, on the other hand, is expected to experience considerable growth over the next few years, fueled by rising investment from international online payment providers. , namely PayPal and Alipay, as well as the increasing competition between various companies.

Drivers and Constraints-

Growing adoption of online payment platforms by the retail industry will drive growth

The retail sector is considered to be one of the major contributors to the growth of the online payments market as it is rapidly adopting these platforms. The main purpose is to collect consumer data, such as purchase intervals, preferences, and most purchased items. They further use this data to provide personalized customer services. Starbucks, for example, has introduced this payment app for customers where they can choose food and beverages and pay for them directly from their bank accounts. Additionally, the company has started offering services, such as loyalty points and discount codes to improve customer engagement.

However, the outbreak of the COVID-19 pandemic has started to cause a change in the online payment market. Consumer behavior is changing at a rapid pace due to the growing need to prevent the spread of the virus. Therefore, they opt for contactless transactions and use digital wallets. According to a MasterCard Corporation survey, around 79% of customers worldwide use contactless payment to maintain security. There is also a reduction in transactions due to the complete shutdown of the hospitality, aviation, travel and entertainment industries. This can hamper the demand for online payment solutions.

To learn more about the short and long term impact of COVID-19 on this online payment market,

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Report cover-

  • The Digital Payment Market report highlights insights into various segments at the global as well as regional and country levels.
  • The report contains various details such as market share, growth rate, product and their pricing by region/country.
  • The report elucidates market dynamics that are expected to drive the market growth in the coming years.
  • The report includes the details related to application, distribution channel, product type, business strategies, etc.
  • The report also covers the impact of COVID-19 on the prospected Online Payment market.

Market Segmentations-

The digital wallet segment will show steady growth thanks to the presence of renowned players

Based on payment type, the market is divided into digital wallet, online banking and mobile payment. Among these, the online banking segment held 38.4% in terms of digital payments market share in 2019. The digital wallet segment is expected to show significant growth supported by the emergence of several vendors, such as Facebook, Amazon and Google. They consistently deliver great customer experiences and value-added features.

segments:

By type of payment
  • mobile payment
  • Online banking
  • Digital Wallet
By industry
  • Media and entertainment
  • Detail
  • BFSI
  • Food and drinks
  • IT & Telecom
  • Transportation
  • Others (education, consumer electronics, etc.).
By region
  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy and Rest of Europe)
  • Asia-Pacific (Japan, China, India, Southeast Asia and Rest of Asia-Pacific)
  • Latin America (Brazil, Mexico and Rest of Latin America)
  • Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)

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Competitive landscape-

Key Players Aim to Gain Competitive Edge Through Partnerships and App Launches

The online payments market is home to a large number of well-known companies that are currently striving to gain a competitive edge either by launching new applications or by partnering with other companies. Some of them are also trying to expand their geographic footprint by launching in-house services.

Fortune Business Insights™ lists the names of all online payment providers operating in the global online payments market. They are the following:

  • Alipay.com Co Ltd. (Hangzhou China)
  • Adyen (Amsterdam Netherlands)
  • American Express Co. (New York USA)
  • ACI Worldwide Inc. (Florida, USA)
  • JPMorgan Chase & Co (New York USA)
  • Facebook Inc. (California USA)
  • MasterCard Incorporated (New York USA)
  • Apple Inc. (New York, USA)
  • Amazon Inc. (Washington, USA)
  • PayPal, Inc. (California, USA)
  • Visa, Inc. (California, USA)

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Table of contents Online payment market:

  • Introduction
    • Definition, by segment
    • Methodology/Research Approach
    • Information source
  • Summary
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition Landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of key players
    • Porter’s Five Forces Analysis
    • Global Market Share Analysis and Matrix, 2019
  • Key market insights and analysis, by segments
  • Global online payments market size estimates and forecasts (quantitative data), by segments, 2016-2027
    • By type of payment
      • mobile payment
      • Online banking
      • Digital Wallet
    • By industry (value)
      • Media and entertainment
      • Detail
      • BFSI
      • Food and drinks
      • IT & Telecom
      • Transportation
      • Others (education, consumer electronics, etc.).
    • By region (value)
      • North America
      • Europe
      • Asia Pacific
      • Middle East and Africa
      • Latin America
  • North America digital payments market size estimates and forecasts (quantitative data), by segments, 2016-2027
    • By type of payment
      • mobile payment
      • Online banking
      • Digital Wallet
    • By industry (value)
      • Media and entertainment
      • Detail
      • BFSI
      • Food and drinks
      • IT & Telecom
      • Transportation
      • Others (education, consumer electronics, etc.).
    • By country (value)
  • Europe online payments market size estimates and forecasts (quantitative data), by segments, 2016-2027

TOC Continued…!

FAQs:

  1. What is the size of the online payment market?

The global Online Payments Market size was valued at USD 3,286.52 Billion in 2019 and is projected to reach USD 17,643.35 Billion by 2027, growing at a CAGR of 23.7% during the forecast period.

  1. What are the most popular online payment systems?

MasterCard, Visa Inc., Adyen, Alipay.com Co. Ltd, Amazon Inc., Facebook Inc. and Google Inc. are the major players in the market.

  1. What is the future of the payments industry?

The rise of e-commerce and online retail is driving growth. The growing adoption of online payment platforms by the retail industry will drive growth. Growing local competition as well as investment from international payment providers such as Alipay Co. Ltd. and PayPal Inc.

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