The size of the global online payment market, which was estimated to be worth USD 3,286.52 billion in 2019, is expected to grow to USD 17,643.35 billion by 2027, at a CAGR of 23.7%.
The payment market is growing as a result of rising digitalization. The demand for mobile payment transactions is growing as smartphone adoption is increasing and internet connectivity is becoming more widely available. In a similar vein, government initiatives are pushing people to use contactless payment systems. Furthermore, the incorporation of technologies like artificial intelligence and machine learning is probably going to improve the security system, further boosting consumer confidence in the payment system.
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Which company dominates the Global Online Payment Market?
- Alipay.com Co Ltd. (Hangzhou, China)
- Adyen (Amsterdam(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)
What are the factors driving the growth of the Online Payment Market?
Governments in numerous nations are increasingly implementing digital payment methods to interact with businesses and citizens in a more straightforward and convenient manner. For instance, the European Central Bank introduced the Target Instant Payment Settlement service, which uses the digital payment system to enable quick money transfers between consumers and businesses across 19 different European countries.
What are the geographical insights of the Online Payment Market?
The dominant nation and largest contributor to the Asia Pacific region is probably China. China is experiencing a revolution in retail payments thanks to the significant presence of businesses like Ali Pay, UnionPay, and WeChat Pay (Tencent). Due to government initiatives, online transactions are growing in India. The National Payment Corporation of India reports that as of January 2019, the volume of transactions made using the Unified Payment Interface (UPI) has surpassed those made using credit or debit cards.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2030, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2030.
Analysts have segmented the "Online Payment Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Online Payment Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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