Online Payment Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Online Payment Market
The online payment market size was valued at USD 3286.52 billion in 2019, and the market is now projected to grow USD 17643.35 billion in 2027 exhibiting a CAGR of 23.7% during the forecast period of 2020-2027.
The experience of Covid-19 has pushed people towards card and phone payments, online shopping, and e-Wallets. While 79% of consumers worldwide found it comfortable to use contactless payments for safety during the pandemic, according to MasterCard survey. Also, 46% of card users also began the growth of mobile payments and digital wallets, which they will sustain beyond the pandemic. The implication is that they are slowly revolutionizing the payment market.
All governments across the world are embracing digital payments solutions to enhance the transactions done with other businesses as well as individuals. For instance, the European Central Bank put in place the TARGET Instant Payment Settlement to offer instant transactions in 19 countries of Europe. This is centrality and optimization of financial operations.
In the payment industry, AI is used to improve the application of the transaction processing method and detection of frauds using machine learning. AI is used to dissect the customer data and compute patterns for the sake of detecting fraud, and enhancing the quality of the service delivered. For example, Citigroup links the Treasury and Trade Solutions to perform accounts payable through AI to boost the online payment market.
Comprehensive Analysis of Online Payment Market
The online payment market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by payment type analysis and by industry analysis. By payment type analysis include mobile payment, online banking, and digital wallet. By industry analysis include media & entertainment, retail, BFSI, food & beverages, IT & telecom, transportation, and others.
The Asia Pacific region lead the online payment market share by benefitting a market size of USD 1148.51 billion in 2019 due to the increasing owing to the government initiatives.
The top players in the markets have a central responsibility in the information & communication technology industry to be sure of industrial prospectus development and to establish the market norms. These players include, Alipay.com Co Ltd, Adyen, American Express Co, ACI Worldwide Inc, JPMorgan Chase & Co, Facebook Inc, MasterCard Incorporated, Apple Inc, Amazon Inc, PayPal Inc, Visa Inc these market players provide a level-playing competitive landscape.
In October 2018, PayPal Holdings, Inc. partnered with American Express Banking Corp. to improve online payment experiences for American Express cardholders using Venmo and PayPal.
Segmentation Table
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)
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 3.3.1. Short-term Impact
- 3.3.2. Long-term Impact
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Porter’s Five Force Analysis
- 4.4. Global Market Share Analysis and Matrix, 2019
- 5. Key Market Insights and Analysis, By Segments
- 6. Global Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 6.1. By Payment Type
- 6.1.1. Mobile Payment
- 6.1.2. Online Banking
- 6.1.3. Digital Wallet
- 6.2. By Industry (Value)
- 6.2.1. Media & Entertainment
- 6.2.2. Retail
- 6.2.3. BFSI
- 6.2.4. Food & Beverages
- 6.2.5. IT & Telecom
- 6.2.6. Transportation
- 6.2.7. Others (education, consumer electronics, etc.).
- 6.3. By Region (Value)
- 6.3.1. North America
- 6.3.2. Europe
- 6.3.3. Asia Pacific
- 6.3.4. Middle East & Africa
- 6.3.5. Latin America
- 7. North America Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 7.1. By Payment Type
- 7.1.1. Mobile Payment
- 7.1.2. Online Banking
- 7.1.3. Digital Wallet
- 7.2. By Industry (Value)
- 7.2.1. Media & Entertainment
- 7.2.2. Retail
- 7.2.3. BFSI
- 7.2.4. Food & Beverages
- 7.2.5. IT & Telecom
- 7.2.6. Transportation
- 7.2.7. Others (education, consumer electronics, etc.).
- 7.3. By Country (Value)
- 7.3.1. United States
- 7.3.2. Canada
- 8. Europe Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 8.1. By Payment Type
- 8.1.1. Mobile Payment
- 8.1.2. Online Banking
- 8.1.3. Digital Wallet
- 8.2. By Industry (Value)
- 8.2.1. Media & Entertainment
- 8.2.2. Retail
- 8.2.3. BFSI
- 8.2.4. Food & Beverages
- 8.2.5. IT & Telecom
- 8.2.6. Transportation
- 8.2.7. Others (education, consumer electronics, etc.).
- 8.3. By Country (Value)
- 8.3.1. U.K.
- 8.3.2. Germany
- 8.3.3. France
- 8.3.4. Rest of Europe
- 9. Asia Pacific Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 9.1. By Payment Type
- 9.1.1. Mobile Payment
- 9.1.2. Online Banking
- 9.1.3. Digital Wallet
- 9.2. By Industry (Value)
- 9.2.1. Media & Entertainment
- 9.2.2. Retail
- 9.2.3. BFSI
- 9.2.4. Food & Beverages
- 9.2.5. IT & Telecom
- 9.2.6. Transportation
- 9.2.7. Others (education, consumer electronics, etc.).
- 9.3. By Country (Value)
- 9.3.1. China
- 9.3.2. Japan
- 9.3.3. India
- 9.3.4. Southeast Asia
- 9.3.5. Rest of Asia Pacific
- 10. Middle East & Africa Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 10.1. By Payment Type
- 10.1.1. Mobile Payment
- 10.1.2. Online Banking
- 10.1.3. Digital Wallet
- 10.2. By Industry (Value)
- 10.2.1. Media & Entertainment
- 10.2.2. Retail
- 10.2.3. BFSI
- 10.2.4. Food & Beverages
- 10.2.5. IT & Telecom
- 10.2.6. Transportation
- 10.2.7. Others (education, consumer electronics, etc.).
- 10.3. By Country (Value)
- 10.3.1. GCC
- 10.3.2. South Africa
- 10.3.3. Rest of Middle East and Africa
- 11. Latin America Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 11.1. By Payment Type
- 11.1.1. Mobile Payment
- 11.1.2. Online Banking
- 11.1.3. Digital Wallet
- 11.2. By Industry (Value)
- 11.2.1. Media & Entertainment
- 11.2.2. Retail
- 11.2.3. BFSI
- 11.2.4. Food & Beverages
- 11.2.5. IT & Telecom
- 11.2.6. Transportation
- 11.2.7. Others (education, consumer electronics, etc.).
- 11.3. By Country (Value)
- 11.3.1. Brazil
- 11.3.2. Mexico
- 11.3.3. Rest of Latin America
- 12. Profiles of Key Players (Would be provided for 10 players only)
- 12.1. Overview
- 12.1.1. Key Management
- 12.1.2. Headquarters etc
- 12.2. Offerings/Business Segments
- 12.3. Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- 12.3.1. Employee Size
- 12.3.2. Past and Current Revenue
- 12.3.3. Geographical Share
- 12.3.4. Business Segment Share
- 12.4. Recent Developments
- 12.4.1. Alipay.com Co Ltd.
- 12.4.2. Adyen(Netherlands)
- 12.4.3. American Express Co.
- 12.4.4. ACI Worldwide Inc.
- 12.4.5. JPMorgan Chase & Co
- 12.4.6. Facebook Inc.
- 12.4.7. MasterCard Incorporated
- 12.4.8. Apple Inc.
- 12.4.9. Amazon Inc.
- 12.4.10. PayPal, Inc.
- 12.4.11. Visa, Inc.
- 12.4.12. Agile Payments
- 12.4.13. Alacriti, Inc.
- 12.4.14. Amdocs
- 12.4.15. Bottomline Technologies, Inc.
- 12.4.16. Discover Financial Services
- 12.4.17. Enterprise jBilling Software Ltd.
- 12.4.18. PayTM
- 12.4.19. Dwolla, Inc.
- 12.4.20. Exela Technologies, Inc.
- 12.4.21. WePay.
- 12.4.22. Fidelity National Information Services, Inc.
- 12.4.23. Fiserv, Inc.
- 12.4.24. IBM Corporation
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