DUBLIN--(BUSINESS WIRE)--The "Global Payments Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The Global payments market is expected to register a CAGR of over 8.2% during the forecast period 2022-2027.
Companies Mentioned
- Mastercard Inc.
- Visa Inc.
- AliPay (Alibaba Group)
- UnionPay International
- PayPal Holdings, Inc.
- Google Pay (Google LLC)
- Apple Pay (Apple Inc.)
- Amazon Pay (Amazon.com, Inc.)
- American Express Company
- Adyen
Key Market Trends
E-commerce Supported by the Rise of M-commerce is Expected to Drive the Market
- The global E-commerce market is rapidly growing owing to the high internet and smartphone penetration, availability of easy payment checkout solutions, increasing number of online shoppers, and increased purchasing power of consumers. As per data published by EUROSTAT, the number of online shoppers in Europe increased from 60% in 2017 to 73% in 2021. Furthermore, the Asia Pacific region is witnessing tremendous growth in the E-commerce market.
- Many payment solutions provider companies partner with E-commerce giants for smooth payment checkout solutions. Additionally, many E-commerce giants have already launched their digital wallets to gain more market share, such as AliPay and Amazon Pay. It also results in the growth of the E-commerce market across the world.
- Another reason for the growth of E-commerce is Buy Now Pay Later services offered by most of the E-commerce giants across the world. Moreover, real-time payments such as buy now, and pay later are becoming a common sight at checkouts across the globe. As partnerships begin among BNLP brands, banks, and digital wallets, BNLP is expected to take a significant share of payments globally.
- The COVID-19 pandemic made a considerable impact on the E-commerce market globally. With brick-and-mortar stores shuttering overnight, shoppers flocked to the internet to buy their things. Pandemic accelerated the shift to online shopping supported by digital payment solutions. Furthermore, M-commerce continues to gain traction over the coming years. Technological advances like branded shopping apps, 5G wireless, and social shopping make it easier for people to shop on their phones.
Asia Pacific Region is Expected to Grow at a Significant CAGR
- Asia-Pacific has been the most significant and fastest-growing payments market region over the past few years, owing to the consistently strong growth rate of China's economy and the emerging economy of India, Government initiatives towards digitization, and the growing adoption of E-commerce in the region.
- Moreover, the Asia Pacific payments sector has benefited from extensive fintech activity focused on digitizing small merchants and enhancing overall business efficiency, with many fintech companies launching their digital wallets in the region.
- China accounts for a significant market share within the Asia Pacific region and generates higher payments revenues than any individual major region globally. Further, major market players such as AliPay and UnionPay are expanding their services across the region with innovative payment solutions.
- Furthermore, the growth of the Asia Pacific is further attributed to the rise of real-time payments in the region. India's real-time payment system generates significant revenue in the India Payments market. The emergence of Buy Now Pays Later services also drives the Asia Pacific payments market. Moreover, increased access to real-time payment rails has fueled rapid growth in bilateral cross-border payment activity: notable in Singapore, Indonesia, and Thailand corridors, an area with significant potential for value-added services.
- The Covid-19 pandemic has accelerated reductions in cash usage, particularly in markets such as Indonesia and Thailand, creating new digital revenue opportunities. A solid majority has moved permanently to card and digital wallet-based forms.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Stakeholder Analysis
4.3 Industry Attractiveness-Porter's Five Forces Analysis
4.4 Evolution of the Global Payments Landscape
4.5 Key market trends pertaining to the growth of cashless transaction
4.6 Impact of COVID-19 on the Global payments market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 E-commerce Supported by the Rise of M-commerce is Expected to Drive the Market
5.1.2 Enablement Programs by Key Retailers and Government Encouraging Digitization of the Market
5.1.3 Growth of Real-time Payments in Various Countries
5.2 Market Challenges
5.2.1 Challenges Related to Privacy and Security of the Digital Payments
5.3 Market Opportunities
5.3.1 Move towards Cashless Society
5.3.2 New Entrants to Drive Innovation Leading to Higher Adoption
5.4 Key Regulations and Standards in the Digital Payments Industry
5.5 Analysis of major case studies and use-cases
5.6 Analysis of key demographic trends and patterns related to Global payments industry (Coverage to include Population, Internet Penetration, Banking Penetration/Unbanking Population, Age & Income etc.)
5.7 Analysis of the increasing emphasis on customer satisfaction and convergence of global trends
5.8 Analysis of cash displacement and rise of contactless payment modes
6 Market Segmentation
6.1 By Mode of Payment
6.2 By End-user Industry
7 Competitive Landscape
7.1 Company Profiles
8 Investment Analysis
9 Future Outlook of the Market
For more information about this report visit https://www.researchandmarkets.com/r/88ckpq
