E-commerce Payment Market Scope
An e-commerce payment system assists in the approval of any sort of electronic payment done through online medium. E-Commerce payments are also known as a part of EDI, electronic payment systems have become highly popular due to the extensive use of internet-based banking and shopping. When goods and services are purchased online, then the payment is done through an electronic medium. This mode of payment, wherein there is no use of any direct cash or cheque, is known as an e-commerce payment system or electronic payment system.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | PayPal (United States), Due Inc. (United States), NPCI (India), Stripe Inc. (United States), Amazon (United States), CCBill, LLC (United States), Google (United States), Visa, Inc. (United States), MasterCard Incorporated (United States), American Express Company (United States), UnionPay International Co., Ltd. (China) and Square, Inc. (United States) |
CAGR | % |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global E-commerce Payment market throughout the predicted period.
PayPal (United States), Due Inc. (United States), NPCI (India), Stripe Inc. (United States), Amazon (United States), CCBill, LLC (United States), Google (United States), Visa, Inc. (United States), MasterCard Incorporated (United States), American Express Company (United States), UnionPay International Co., Ltd. (China) and Square, 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 are Alipay (China), WePay Inc. (United States) and Flagship Merchant Services (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global E-commerce Payment market by Type , by Application (Shopping, Banking and Others) and Region with country level break-up.
On the basis of geography, the market of E-commerce 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).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
In September 2023, Mastercard and WorldRemit Partner to Expand Digital Remittance Services the integration of WorldRemit's remittance platform into Mastercard's network aims to facilitate seamless and secure cross-border money transfers, making them more accessible and convenient for migrants and their families.
In November 2023, Amazon announced plans to facilitate online sales of Hyundai cars, marking a significant shift in the automotive retail industry. This partnership aims to revolutionize the car buying experience by providing customers with a convenient and seamless online platform to purchase Hyundai vehicles.
According to the Reserve Bank of India, Payment Gateways and Payment Aggregators shall be authorized under the Payment and Settlement Systems Act, 2007 (PSSA). They shall adhere to the regulations from the date of the issue of the regulations or as specified therein. Further, the authorized Payment Gateways and Payment Aggregators shall also, if required, maintain the funds received from customers in an escrow account with a scheduled commercial bank. Non-bank Payment Gateways and Payment Aggregators shall require authorization from RBI under PSSA. Entities undertaking Payment Aggregation and Payment Gateway activity shall be a company incorporated in India under the Companies Act, 2013. Provisions of Prevention of Money Laundering Act, 2002 and Rules framed thereunder, as amended from time to time shall also be applicable.
Influencing Trend:
Increasing urbanization and banking population and Growing adoption of all the Electronic modes of payments will significantly contribute towards the growth of the E-Commerce Payment Market
Market Growth Drivers:
The rising preference for making online payments and also the availability of several platforms to do the transactions, Increasing use of smartphones and the availability of high-speed internet is propelling the growth of E-Commerce Payment market and High growth in the population is also a driving factor of the E-commerce Payment market
Challenges:
Lack of Service Disruptions or Data Safety and Security
Restraints:
Lack of Proper Network Coverage in Some Parts of the Developing Nations
Opportunities:
Rising initiatives are taken by the government for the increase of the banking population and henceforth providing a better platform for electronic payments, Growth in revenues and ease in accessing data and Rising government ambitions, industrialization, evolving consumer behaviors and changing economic conditions would open new opportunities for the E-Commerce Payment Market
Key Target Audience
Internet Operators, Potential Investors, End-users, Government Agencies and Others