Pune, Aug. 10, 2020 (GLOBE NEWSWIRE) -- 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. This information is given by Fortune Business Insights™ in a new report, titled, “Online Payment Market Size, Share & COVID-19 Impact Analysis, By Payment Type (Mobile Payment, Online Banking, and Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Food & Beverages, IT & Telecom, Transportation, and Others), 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.
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The emergence of COVID-19 pandemic is taking a toll on a wide range of industries by causing heavy losses. Several companies have shut down their operations because of the strict government norms. A few have commenced production by following social distancing and reducing their workforces. Our reports would offer valuable insights into the present scenario of every market.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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This Report Answers the Following Questions:
- Which segment is set to lead the market?
- How will the COVID-19 pandemic affect the market?
- Which companies would generate the highest revenue?
- What are the market dynamics, drivers, and hindrances?
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 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.
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 online 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.
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.
Key Players Aim to Gain Competitive Edge through Partnerships & App Launches
The 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. Below are two of the latest 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.
Fortune Business Insights™ lists out the names of all the online payment providers operating in the global 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)
Online Payment Market Research Report: h https://www.fortunebusinessinsights.com/checkout-page/103417
Detailed Table of Content
- 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
- Food & Beverages
- IT & Telecom
- Others (education, consumer electronics, etc.).
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- By Payment Type
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