What is Enterprise Payment Platform Market?
Enterprise Payments Platform is a Software that offers intelligent, configurable routing and automated data enrichment. In this Highly Competitive Business era an Enterprise Payment Platform provides with infrastructure that delivers fast, accurate processing and connectivity across channels, payment types and clearing schemes. Enterprise Payment Platform not only Helps gain Edge over competition but also frees the Enterprise from facing Compliance & Regulatory challenges and improves Customer satisfaction. Software Dashboard shows real-time information on system health, exception handling, liquidity management, and other important processes
The market study is being classified by Type (Solutions (Gateway Solutions, Processing Solutions, Wallet Solutions, Retail Branch Payments, Cash Management, Payment Security and Fraud Management Solutions, and Point of Sale (POS) Solutions) and Services (Professional Services {Consulting, Implementation, Support and Maintenance} and Managed Services)), by Application (Banking, Financial Services, And Insurance, Retail and Ecommerce, Healthcare, Travel and Hospitality, Transportation and Logistics and Other Applications (Media and Entertainment)) and major geographies with country level break-up.
ACI Worldwide (United States), Adyen (Netherlands), Oracle Corporation (United States), Aliant Payments (United States), Alipay (China), Apple Pay (United States), FattMerchant (United States), Fiserv (United States), Global Payments (United States) and JPMorgan Chase (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Mastercard (United States), PayPal (United States), Paysafe (United Kingdom) and PayTrace (United States).
Enterprise Payment Platform Market comprises of High Degree of competition, well established players have an Edge over the new Entrants in terms of customer base & Better serviceability & Maintenance for their products & understand the consumer requirements well. Players are concentrated Majority in North America & Asia, Particularly in the United States & China. Currently key players are in the industry are looking to enhance their existing range of product by Implementing advance Technologies and at the same time deliver quality Payment Systems for changing regulatory Environment across core areas including Payment Platforms & Customer Service. Significant Merger & Acquisitions have happened in the recent years thus indicating towards the growth potential in the Customer Enterprise Payment Platform Market. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Enterprise Payment Platform market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Enterprise Payment Platform market by Type, Application and Region.
On the basis of geography, the market of Enterprise Payment Platform 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Integration with Machine Learning programs across the AI-based platforms
- Greater Customer Satisfaction, Due to Cost and Time efficiency
Market Trend
- Implementation of upcoming Technologies such as Block Chain & Artificial Intelligence (AI)
- Digitization in Payment systems across the globe
Restraints
- Chances of Cyber Theft
- Information Leakage on sensitive Payment Transactions
Opportunities
- Most Emerging countries are yet to implement Technologically Advance Payment Systems
Challenges
- Shift from Traditional Approach to Software based Payment Platform
- Fierce competitive pressures
Market Leaders and some development strategies
On 12th March, 2021 - Vietcombank launched “VCB CashUp” powered by iGTB's Payments and Cash Management, a Modern Infrastructure platform built with Superior Technology and Expertise to address the challenges of the Payments and On 12th March, 2021 - IFS launched cloud-Based, containerized ERP platform. Aimed to CIOs hosting flexibility, and better Payment Management
Reserve Bank of India (RBI), Guidelines on Regulation of Payment Aggregators and Payment Gateways (As on November 17, 2020) – Provides Framework for opening and operation of accounts including settlement of payments for electronic payment transactions involving intermediaries. and Payment services (PSD 2) Directive (EU) - European regulation for electronic payment services. It aims to make European payments more secure, facilitate innovation, and assist banking services in adapting to new technologies. PSD2 demonstrates the growing importance of Application Program Interfaces (APIs) in various financial sectors.
Key Target Audience
New Entrants & Investors, Research, Education & Training institutions, Software Service Providers, End Use Industries, Small, Large & Medium-Scale Enterprises, Analysts and Strategic Business Planners, Venture Capitalists and Private Equity Firms and Government Bodies