About Electronic Payment
An Electronic Payment is likewise called an online payment, an advanced exchange between two individuals. In other words, Electronic Payment is a method of making exchanges or paying for goods and products through an electronic medium, without the utilization of checks or money. Electronic Payment has become progressively in the course of the last a very long time because of the developing spread of web-based banking and shopping. As the world advances more with innovation improvement, the ascent of electronic Payment frameworks and Payment processing devices. As this expansion, improve, and give perpetually secure online payment exchanges the level of check and money exchanges will diminish. The electronic payment market is well-positioned for continued growth in the coming years. With the factors mentioned above, the market is on track to reach new heights and transform the way we pay for goods and services.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The Electronic Payment market is a fragmented market with the availability of different big companies like Visa, JP Morgan Chase & Co., and others. The companies are increasing their investment in integrating advanced technology to increase their market presence and expand their business operation in developing economies. Moreover, companies are developing infrastructure in the developing regions by collaborating and making new acquisitions with the banking and government authorities. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Electronic Payment market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
JP Morgan Chase & Co. (United States), Visa Inc. (United States), PayPal Holdings Inc. (United States), Mastercard Incorporated (United States), Fiserv Inc. (United States), Stripe (United States), Intuit Inc. (United States), Global Payments Inc. (United States) and ACI Worldwide Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Alipay (China), Amazon Pay (United States), Apple Pay (United States), Google Pay (United States) and PayU (Netherlands).
Segmentation Overview
AMA Research has segmented the market of Global Electronic Payment market by Type (Mobile payments, Online banking, Point-of-sale (POS) payments, Digital wallets and Peer-to-peer (P2P) transfers) and Region.
On the basis of geography, the market of Electronic Payment has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Enterprise Size, the sub-segment i.e. Small Size will boost the Electronic Payment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Transaction Methods, the sub-segment i.e. Credit Cards will boost the Electronic Payment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. End-User Industry will boost the Electronic Payment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase adoption of electronic payment methods from small to big enterprise and Growing technology infrastructure and banking services across the globe
Market Growth Drivers:
Increase in adoption of electronic payment worldwide to make payment faster and Increase fintech companies with advanced technology implementation which provide a high level of quality
Challenges:
Lack of global rules and regulations for the cross border payment and Different methods of cyber-attacks affect the electronic payment
Restraints:
A high-security related problem facing electronic payment across the globe and Lack of banking and fintech infrastructure in developing countries
Opportunities:
Development of the new and innovative features in electronic payment with the integration of advanced technology and Increase investment in developing electronic payment services in the developing countries
Market Leaders and their expansionary development strategies
In November 2023, Stripe entered a strategic partnership with Visa to develop new payment solutions for small businesses and entrepreneurs. The announcement generated significant excitement within the industry. Both Stripe and Visa hold significant positions in the market, and their collaboration holds the potential to significantly impact how small businesses and entrepreneurs accept and manage payments.
In October 2023, Worldpay launched Global OmniPay a centralized platform for businesses to manage complex cross-border payments. The launch of Global OmniPay received positive attention from businesses and industry experts, recognizing its potential to address the challenges and inefficiencies often associated with cross-border transactions.
Key Target Audience
Industry Association, Government Regulatory Bodies, Private Electronic Payment Service Providers, IT Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.