Report Ocean has released a research study titled “E-Commerce Payment Market .” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
E-Commerce Payment Market is valued at approximately USD 31 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 13% over the forecast period 2020-2027. An e-commerce payment is a system that facilitates the approval of electronic payment for a certain transaction through online medium. The use of e-commerce payment systems has become widely popular due to the extensive use of internet-based banking and shopping among people. Credit cards persist the most frequent form of payment for any e-commerce transactions.
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There are several companies which are specialized in making a financial transaction over internet platforms, such as Stripe for credit card transactions, Smartpay for explicit online bank payments, and PayPal for alternate payment methods at the sales counter. Many of the mediators allow the consumers to make an account instantly, and to relocate funds between their online accounts and customary bank accounts, most commonly through automated clearing house (ACH) transactions. Therefore, these factors are anticipated to accelerate the market growth around the world. Moreover, rise in the number of digital banking users, along with the increasing smartphone penetration with a wide availability of internet are few other factors responsible for the market growth over the forecast period. For instance, as per the U.S. Federal Reserve, it is estimated that digital banking users in the United States has increased from 26% to 51% between 2012 and 2017. Similarly, according to the data from the BBAs main bank and building society groups 2017, it is estimated that the number of people frequently using mobile banking apps risen with 12% from 17.6 million peoples in 2015 to around 19.6 million in 2016, which is equivalent to approximately 37% of UK adult population
Major market player included in this report are:
PayPal Holdings, Inc.Amazon Payments, Inc.CCBill, LLCWePay Inc.AlipayVisa, Inc.MasterCard IncorporatedStripe Inc.American Express CompanyUnionPay International Co., Ltd.
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MARKET OVERVIEW
Here are key points for a deep analysis:
Market Overview:
E-commerce payment refers to the transactional processes and platforms enabling the exchange of money for goods or services in online retail environments.
It encompasses various payment methods, including credit/debit cards, digital wallets, bank transfers, mobile payments, Buy Now Pay Later (BNPL), and cryptocurrencies.
Market Drivers:
The e-commerce payment market is driven by the growth of online shopping, the increasing preference for convenient and secure payment methods, the proliferation of mobile commerce, and the globalization of e-commerce.
Consumer demand for seamless and frictionless payment experiences and the rise of digital-first businesses contribute to market expansion.
Technological Advancements:
Continuous advancements in payment technology include innovations in secure payment gateways, mobile payment solutions, tokenization for enhanced security, biometric authentication, and QR code payments.
Blockchain technology and cryptocurrencies are emerging as alternative payment methods in e-commerce transactions.
Applications and Market Segmentation:
E-commerce payment solutions cater to various industries, including retail, travel, entertainment, and more, offering payment processing, fraud prevention, subscription billing, and recurring payment management.
Market segmentation includes payment gateways, digital wallets, Unified Payment Interface (UPI), contactless payments, and industry-specific solutions.
Growth in Online Retail and Digital Transactions:
The growth of online retail, driven by changing consumer behavior and the convenience of e-commerce, fuels the demand for secure and efficient payment solutions.
The COVID-19 pandemic accelerated the shift to online shopping, contributing to the increased adoption of digital payment methods.
Market Challenges:
Challenges in the e-commerce payment market include addressing security concerns (fraud prevention and data breaches), regulatory compliance (PSD2, GDPR), interoperability among various payment systems, and providing inclusive payment solutions for diverse markets and demographics.
Balancing security measures with user convenience and ensuring seamless integration across different platforms pose challenges.
Emerging Trends and Opportunities:
Emerging trends include the integration of AI and machine learning for fraud detection and personalized payment experiences, the adoption of contactless and biometric authentication, the rise of embedded finance, and the expansion of cross-border payments.
Opportunities exist in providing omnichannel payment experiences, enhancing user-centric payment solutions, catering to the unbanked/underbanked populations, and supporting the growing trend of subscription-based e-commerce models.
Global Market Dynamics:
Regional variations in demand are influenced by factors such as technological infrastructure, regulatory frameworks, consumer preferences, economic conditions, and digitalization rates across different geographic regions.
Research and Development Focus:
Continued R&D efforts focus on enhancing payment security measures, improving transaction speed and efficiency, exploring new payment technologies, expanding interoperability, and enhancing user experiences in e-commerce payments.
Market Competition and Industry Players:
The e-commerce payment market is competitive, with various players including payment service providers, fintech startups, banks, card networks, and technology giants investing in R&D and strategic partnerships to lead in the market.
The detailed segments and sub-segment of the market are explained below:
By Type:Credit CardDebit CardDigital Payment/ E-WalletNet BankingGift CardsOthers
By Application:FashionElectronics & MediaFood & Personal CareFurniture and AppliancesService IndustryOthers
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By Region:North AmericaU.S.CanadaEuropeUKGermanyFranceSpainItalyROE
Asia PacificChinaIndiaJapanAustraliaSouth KoreaRoAPACLatin AmericaBrazilMexicoRest of the World
Executive Summary
Introduction
Methodology
Market Overview
Market Analysis
Market Size and Forecast
Market Trends
Market Dynamics
Market Segmentation
Competitive Landscape
Competitive Scenario
Key Players
Regional Analysis
Regional Market Overview
Market Size and Forecast by Region
Product/Service Analysis
Product/Service Overview
Market Size and Forecast by Product/Service
End-User Analysis
End-User Overview
Market Size and Forecast by End-User
Industry Structure
Key Findings and Recommendations
Conclusion
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