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:
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.
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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:
Fortune Business Insights™ lists out the names of all the online payment providers operating in the global market. They are as follows:
Online Payment Market Research Report: h https://www.fortunebusinessinsights.com/checkout-page/103417
Detailed Table of Content
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Have a Look at Related Research Insights:
Mobile Payment Market Size, Share & COVID-19 Impact Analysis, By Payment Type (Proximity Payment, Remote Payment), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2020-2027
Digital Payment Market Size, Share & Industry Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026
Blockchain Technology Market Size, Share and Industry Analysis by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment, Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Ent., Retail & Consumer Goods, Travel and Transportation), and Regional Forecast 2018-2025
Contactless Payments Market Size, Share & Industry Analysis, By Solution (Payment Terminal Solution, Device Management Solution, Contactless Mobile Payment Solution, Transaction & Data Management, Security and Fraud Management), By Industry (BFSI, Retail, Hospitality, Government, Others), By Payment Mode (Mobile Handsets, Smart Cards, Point of Sale Terminals, NFC Chips, Smart Watches, Others) Others and Regional Forecast, 2019-2026
Electronic Bill Presentment and Payment Market Size, Share And Global Trend By Product (Electronic Bill Presentment, Electronic Bill Payment, Electronic Bill Posting), By Application (Billers, Consumers, Bill Consolidator, Banks & Financial Institutions), By Channel(Application Programming Interface (API), Mobile, Web, Email, IVR, POS, Kiosk), By End Use Industries(BFSI, Insurance, Healthcare) And Geography Forecast Till 2026
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SOURCE: Fortune Business Insights
VIA: Globe News Wire
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
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