About Electronic Payment Devices
Digital payment is the method of automatically paying for a good or service to be procured. In digital transfers, no hard cash is involved and transactions are done electronically. With the introduction of emerging technology, such as blockchain, machine learning, and Artificial Intelligence ( AI), the proliferation of electronic payments and software computing has revolutionized digital payments. These innovations can make transfers easier and safer and are projected to give the digital payment industry considerable opportunities. The restructuring of the existing domestic payment systems would play a significant role in the evolution of the future digital payment industry. Thus enhancing the need for electronic payment devices across the world
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Electronic Payment Devices 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.
Verifone (United States), G&D (Germany), Posdata Group (United States), GCPC (India), Mswipe (India), Mosambee.in (India), SumUp Inc. (United States) and Panasonic (Japan) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Axis Bank (India), Sony (Japan) and Ezetap (India).
Segmentation Overview
AMA Research has segmented the market of Global Electronic Payment Devices market by Type (Handset Machine, Desktop Machine, Mobile Machine and Other), Application (Consuming Places, Service Places and Other) and Region.
On the basis of geography, the market of Electronic Payment Devices 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 Mode of Payment, the sub-segment i.e. Point of Sale (Contact Payment, Contactless Payment, and Bank Cards) will boost the Electronic Payment Devices market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Electronic Payment Systems, the sub-segment i.e. Credit Card Terminals will boost the Electronic Payment Devices 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. BFSI will boost the Electronic Payment Devices market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Development of Safe and Secure Payment Gateways are Pushing Market Players to Adopt New Devices for Payment
Market Growth Drivers:
Increasing the Digital Mode of Payment Across the World and Cumulating Initiatives have done by the Government across the World to Promote Digital Payments
Challenges:
Lack of Digital Literacy in Emerging Countries and Cyber-Attacks Affecting Digital Payment Market can Create a Challange for this Market
Restraints:
Lack of Global Standards for Cross-Border Payments can Restrain the Market
Opportunities:
Over the projected period, increased mobile use, combined with high internet penetration, is expected to propel the market. Furthermore, the quick usability of mobile digital payment apps is projected to fuel business growth.
Market Leaders and their expansionary development strategies
In May 2018, PayPal Holdings Inc. partnered with Synchrony to expand its strategic consumer credit relationship. Numerous vendors are incorporating Artificial Intelligence (AI) and machine learning technologies in their payment solutions to improve money transaction security. Also, vendors are focusing on offering omnichannel payment infrastructure, which helps in reducing fraud and improving overall customer experience
For instance, in September 2019, Canara Bank launched PIN + OTP cash withdrawal systems using ACI’s portfolio for Universal Payment solutions.
Key Target Audience
Manufacturers, Suppliers, Wholesalers, Distributors, and Retailers, Governmental bodies, End-User 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.