With 23.7% CAGR, Online Payment Market Size to Reach USD 17,643.35 Billion [2022-2027]

GlobeNewsWire
Monday, August 8, 2022 at 8:46am UTC

Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) -- As Per the Report Published by Fortune Business Insights™ in report, titled, “Online Payment 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 payment market is set to gain traction from the increasing deployment of artificial intelligence (AI) for improving payment processing, surging transactional volume, and detecting payment fraud.

Industry Developments:

  • November 2019: Facebook introduced Facebook Pay, its latest online payment system that can be used across WhatsApp, Instagram, Messenger, and Facebook. People can easily send money to each other through the Messenger app and store their data for usage across the company’s family of apps.
  • October 2018: PayPal & American Express broadened their partnership for enhancing digital payments experience for the members of the U.S. American Express Card. It will only be applicable to those paying with Venmo and PayPal.


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Report Scope:

Report Coverage Details
Forecast Period 2022-2027
Forecast Period 2022 to 2027 CAGR 23.7%
2028 Value Projection USD 17,643.35 billion
Base Year 2019
Online Payment Market Size in 2021 USD 3,286.52 billion
Historical Data for 2016-2018
No. of Pages 120
Segments covered By Payment Type; Industry and Region
Growth Drivers Increasing Adoption of Online Payment Platforms by Retail Industry will Boost Growth


Regional Analysis-

Asia Pacific to Remain at the Forefront Fueled by Rising Online Transactions

In Asia Pacific, China is expected to be the dominant country and a major contributor to the market growth. India is experiencing higher adoption of online payment platforms backed by the increasing government initiatives. Asia Pacific generated USD 1,148.51 billion in terms of revenue in 2019. Europe, on the other hand, is anticipated to showcase a considerable growth during the forthcoming years stoked by the rising investments by the international online payment providers, namely, PayPal and Alipay, as well as the increasing competition among various companies.

Drivers & Restraints-

Increasing Adoption of Online Payment Platforms by Retail Industry will Boost Growth

The retail industry is considered to be one of the major contributors to the online payment market growth as it is adopting such platforms rapidly. The main aim behind this is to gather consumer data, such as the intervals of shopping, preferences, and their most purchased items. They are further utilizing such data to deliver personalized customer services. Starbucks, for instance, introduced its this payment app for customers where they can choose food and beverages and pay for the same directly from their bank accounts. Besides, the company started offering services, such as loyalty points and discount codes for enhancing customer engagement.

However, the outbreak of the COVID-19 pandemic has started to cause a shift in the Online Payment Market. The consumer behavior is transforming at a fast pace owing to the increasing need to prevent the spread of the virus. Hence, they are opting for contactless transactions and are using digital wallets. As per a survey by the MasterCard Corporation, around 79% of customers are using contactless payment worldwide to maintain safety. There is also a reduction in transactions because of the complete shutdown of hospitality, aviation, travel, and entertainment industries. It may hamper the demand for online payment solutions.

To get to know more about the short-term and long-term impact of COVID-19 on this Online Payment Market,

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Report Coverage-

  • The Digital Payment Market report highlights information on various segments at the global, regional, and country level.
  • The report contains various details like market share, growth rate, product and their pricing by region/country.
  • The report elucidates the market dynamics that are expected to drive the market growth in the forthcoming years.
  • The report encompasses the details in relation to application, distribution channel, product type, business strategies, etc.
  • The report also covers the COVID-19 impact on the prospected Online Payment Market.

Market Segmentations-

Digital Wallet Segment to Exhibit Steady Growth Owing to Presence of Renowned Players

Based on payment type, the market is segregated into digital wallet, online banking, and mobile payment. Out of these, the online banking segment held 38.4% in terms of digital payment market share in 2019. The digital wallet segment is set to exhibit significant growth backed by the emergence of several providers, such as Facebook, Amazon, and Google. They are constantly offering excellent customer experiences and value-added features.

 

 

 

 

 

 

 

 

 

 

 

Segmentations:
By Payment Type
  • Mobile Payment
  • Online Banking
  • Digital Wallet
By Industry
  • Media & Entertainment
  • Retail
  • BFSI
  • Food & Beverages
  • IT & Telecom
  • Transportation
  • Others (education, consumer electronics, etc.).
By Region
  • North America (the U.S., Canada)
  • Europe (U.K., Germany, France, Italy, and the Rest of Europe)
  • Asia-Pacific (Japan, China, India, South east Asia, and the Rest of Asia- Pacific)
  • Latin America (Brazil, Mexico, and the Rest of Latin America)
  • The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)


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Competitive Landscape-

Key Players Aim to Gain Competitive Edge through Partnerships & App Launches

The Online Payment Market houses a large number of renowned companies that are presently striving to gain a competitive edge either by launching novel apps or by joining hands with the other enterprises. Some of them are also trying to widen their geographic footprints by launching in-house services.

Fortune Business Insights™ lists out the names of all the online payment providers operating in the global Online Payment Market. They are as follows:

  • 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 Content Online Payment Market:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, 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 Force Analysis
    • Global Market Share Analysis and Matrix, 2019
  • Key Market Insights and Analysis, By Segments
  • Global Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
    • By Payment Type
      • Mobile Payment
      • Online Banking
      • Digital Wallet
    • By Industry (Value)
      • Media & Entertainment
      • Retail
      • BFSI
      • Food & Beverages
      • IT & Telecom
      • Transportation
      • Others (education, consumer electronics, etc.).
    • By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America
  • North America Digital Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
    • By Payment Type
      • Mobile Payment
      • Online Banking
      • Digital Wallet
    • By Industry (Value)
      • Media & Entertainment
      • Retail
      • BFSI
      • Food & Beverages
      • IT & Telecom
      • Transportation
      • Others (education, consumer electronics, etc.).
    • By Country (Value)
      • United States
      • Canada
  • Europe Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

TOC Continued…!

FAQ’s:

  1. How big is the online payment market?

The global online payment market size was valued at 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.

  1. Who are the most popular online payment system?

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

  1. What is the future of the payments industry?

The rising E-commerce and online retail industry are driving the growth. Increasing Adoption of Online Payment Platforms by Retail Industry will Boost Growth. The rising local competition along with the investment of international payment providers such as Alipay Co. Ltd. and PayPal Inc.

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