Network Payment Services Market Scope
Network payment services are a method of payment that is done by the network interconnection and with the help of the portable electronic device includes a tablet or smartphone. This technology helps to send money to friends and family members. There are various applications available in the market such as PayPal, Google Pay, Paytm, and others. The companies are operating in this market are thoroughly investing in mobile payment technology.
According to AMA, the Global Network Payment Services market is expected to see growth rate of 12.1%The market is fragmented by major leading players they are highly focused on production technologies, improving the efficiency of production and product life. With the growing opportunities is captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Network Payment Services market throughout the predicted period.
Visa (United States), MasterCard (United States), First Data (United States), American Express (United States), Chase Paymentech (United States), Alipay (China), Paypal (United States), Paytm Mobile Solutions Pvt Ltd (India), Verizon Communications Inc. (United States), Western Union (United States) and WorldPay (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
The study have segmented the market of Global Network Payment Services market , by Application (Commercial and Personal) and Region with country level break-up.
On the basis of geography, the market of Network Payment Services 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).
Influencing Trend:
The Major Trend in Network Payment Services Market Is Growth in E-Commerce Industry Which Drives the Strong Potential in This Market and Growing Adoption of Person To Person Transaction
Market Growth Drivers:
Increasing Number of Regulatory Initiatives to Enhancement of the Payment Solutions Growing Demand on Secure and Real-Time Transactions and Enhanced Purchaser/Business Experience with Hasty and Protected Payment Approaches
Challenges:
Absence of Attentiveness about Applications of Payment as a Service Solutions
Restraints:
Deficiency of Unification of Global Standards Aimed Majorly For the Cross Border Payments
Opportunities:
Increasing Number of Government Initiatives That Change the Favouring Adoption of Payment and Expanding Demand for Incorporated Payment Procedures and Acceptance of Alternative Payment Methods is at Surge
Market Leaders and their Expansionary Development Strategies
On 5th March 2023, Mastercard completed its acquisition of the majority of the Corporate Services business of Nets, a leading European PayTech company, having met the conditions set out by the European Commission in its approval in August 2020. The additions to Mastercard will support a broader set of account-to-account capabilities, including clearing and settlement instant payment infrastructure, bill payment, and E-invoicing applications.
On 23rd April 2020, Western Union, a leader in cross-border, cross-currency money movement and payments, today announced the continued expansion of its Global Network for real-time money-movement and payments, benefiting the Company’s consumers and clients across its branded money transfer and payments business as well as its expanding white-label business.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Network Payment Services Providers, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
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.