About Third Party Payment
A third-party payment is a business deal that involves a person or entity other than the main participants. Usually, it would involve a buyer, a seller and another party, the third party. The participation of the third party can vary, based on the type of business transaction. When a buyer and seller enter into a business deal, they may decide to use the services of an third party who will manage the deal between both parties. Third-party transactions are essential for various accounting policies and occur in a variety of situations.
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 expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Third Party 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.
Paypal Holdings, Inc. (United States), Stripe (United States), 2Checkout (United States), Alipay (China), Adyen BV (Netherlands), Authorize.Net (United States), One97 Communication Ltd (India), Skrill (United Kingdom), PayU (Netherlands) and Payza (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are FuturePay Inc. (United States), PayPro Global (Canada) and CoinGate Bitcoin Payment Processor (Lithuania).
Segmentation Overview
AMA Research has segmented the market of Global Third Party Payment market by Type (Individual and Businesses), Application (Financial, Manufacturing, Retail and Others) and Region.
On the basis of geography, the market of Third Party 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 Components, the sub-segment i.e. Software will boost the Third Party Payment market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase in Cloud Computing and Growing E-Commerce Market
Market Growth Drivers:
Increasingly Acceptance of App-Based Commerce and In-App Payments and Growing Use of Smartphones and Improved Technology of E-Commerce
Challenges:
Online Fraud and Data Security and Lack of Sense of Professionalism
Restraints:
High Transaction Fees and Lack of Customer Service
Opportunities:
Investments in Mobile Apps with Innovative Use Cases and Introduction of New Payments Solutions in Emerging Markets
Market Leaders and their expansionary development strategies
In August 2023, Google Pay teams up with Western Union to enable international money transfers through Google Pay, connecting users with a vast remittance network.
In October 2023, Visa introduces its "B2B Connect" platform, streamlining cross-border B2B payments and simplifying international business transactions.
Germany: The amended Payment Service Directive (Directive (EU) 2015 / 2366 – PSD II) entered into force and must be transposed into national law by the Member States within two years – that is, by 13 / 01 / 2018. Along with numerous other new regulations, the PSD II also subjects so-called third-party payment service providers to regulation under bank supervision law.
Key Target Audience
Service Provider of Third Party Payment, Software Solution Provider, Network Provider and Governmental Bodies
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.