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Online Payment Market to Reach USD 17,643.35 Billion by 2027; Rising Adoption by Retail Sector will Augment Growth

August 10, 2020 | Information & Technology

The global online payment market size is projected to reach USD 17,643.35 billion by 2027. It is expected to grow astonishingly backed by the increasing demand from the retail sector worldwide. Reputed companies, such as Starbucks are launching their mobile payment apps to enhance customer engagement. Such initiatives would also impact the market positively. Fortune Business Insights™ published this information in a recent 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 stood at USD 3,286.52 billion in 2019. However, it is expected to showcase a CAGR of 23.7% during the forecast period between 2020 to 2027.


Adyen Launches New Online Payment Service Powered by Open Banking


In February 2019, Adyen, a payment company based in Amsterdam unveiled its latest payment service. It is considered to be an alternative to card payments. It utilizes the European Union’s Payment Service Directive (PSD2) requirement for banks for developing APIs for third parties. It then initiates payments on behalf of consumers. The company stated that it is one of the early adopters of this type of payment method and will now be able to provide access to 90% of consumer accounts present in the U.K.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/online-payment-market-103417


Rising Government Initiatives to Promote Usage of Online Payment will Boost Growth


The governments of various countries are taking various initiatives to promote the usage of these payment solutions. Such solutions would help in increasing security and transparency. At the same time, they will eliminate fraudulent activities and corruption. The government of Mexico, for instance, mentioned that it showcased a drop in its cost by 3.3% by using online transactions for distributing wages and pensions. Besides, governments are adopting these platforms to transact with citizens and businesses conveniently. However, the increasing concerns regarding the safety and security of confidential data may hamper the online payment market growth in the coming years.


Key Players Focus on Generating Sales by Introducing New Platforms


The companies present in the global market are trying to generate more sales and usage of online payment platforms by introducing unique solutions and by engaging in strategic collaborations with each other. One of the leading players in the market is Alipay Co. Ltd. It is planning to expand its business outside China and hence, establishing partnerships with the other local players. 


Fortune Business Insights™ presents a list of all the online payment solution 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)


A Notable Industry Development-



  • June 2019: Visa, the world’s leading digital payment provider partnered up with Razer, a gaming hardware manufacturing company headquartered in the U.S. This partnership would help in transforming the gaming industry by bringing Visa’s global reach to Razer Pay e-wallet users. The companies would create a virtual Visa prepaid solution that will be embedded in Razer’s e-wallet.


Further Report Findings-



  • Asia Pacific held USD 1,148.51 billion in terms of revenue in 2019 owing to the major contributions of China and India. India is experiencing a high adoption of this platforms because of the increasing government initiatives.

  • Based on payment type, in 2019, the online banking segment earned 38.4% in terms of the market share.

  • The digital wallet segment is expected to grow steadily on account of the rising presence of several companies, such as Facebook, Amazon, and Google across the globe.


The global market can be segmented in the following way:














































 ATTRIBUTE



  DETAILS



Study Period



  2016–2027



Base Year



  2019



Forecast Period



  2020–2027



Historical Period



  2016 – 2018



Unit



  Value (USD billion)



Segmentation



  Payment Type; Industry and Region



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)



 

Global Online Payment Market
  • PDF
  • 2019
  • 2016-2018
  • 120

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