Market Overview:
The Global EPayment System Market size is expected to grow from USD 82.39 billion in 2022 to USD 347.24 billion by 2030, at a CAGR of 19.7% during the forecast period (2023-2030).
The introduction of E-Payment System electronic commerce (e-commerce) in 1990 provided a new manner of doing business to the consumer and commercial worlds. Since then, e-commerce has evolved and altered dramatically, resulting in incredible benefits for customers and businesses all over the world. The ePayment system is regarded as the backbone and one of the most important features of e-commerce. For making or receiving payments, an ePayment system or electronic payment system, often known as an online payment system, has acquired great acceptance among consumers and companies alike. An effective electronic payment system reduces trading costs and is regarded to be crucial for the operation of capital and inter-bank markets. Credit cards, debit cards, electronic cash and check systems, smart cards, digital wallets, contactless payment methods, and mobile payments, to name a few.
Top Key Players Covered In The E-Payment System Market:
- Google Inc.
- Amazon Inc.
- Apple Pay
- Gemalto
- Visa Inc.
- PayPal Holdings
- Wipro
- Heartland Payment Systems
- VLNComm
- Wirecard AG and Other Major Players
Market Dynamics and Factors:
In 2019, mobile wallets surpassed credit cards as the most widely used payment method worldwide. Users can utilize digital wallets to store different payment methods in one digital house and convert cash into electronic money needed for online or in-store transactions. Financial institutions have already begun to embrace the digital wallet trend by providing business clients with virtual cards. Virtual cards kept in digital wallets include information such as a 16-digit card number, CVV code, and expiration date, and they function similarly to traditional plastic cards.
Advance digital identification solutions will become more prevalent across businesses as they assist limit cyber threats, particularly those connected to the payment system. As the world becomes more digitalized, so will the number of cyber-attacks. Online identity, client authorization, and authentication are vital for maintaining the safety of payment system methods in the digital world.
The E-PaymentSystem Market Report Highlight:
- By solution, the payment gateway solution is expected to capture the maximum ePayment system market share over the forecast period. The key distinction between a payment gateway and a POS terminal is that in the case of a payment gateway, the shopper may be sitting in a different city, state, or country entirely. Because of the shopper's anonymity and distance, a payment gateway necessitates the employment of sophisticated encryption and verification technologies. The E-commerce platform has its online shopping platform area; these platforms are easy for customers and offer a variety of perks.
- By services, professional service is expected to dominate the ePayment system market over the forecast period. Professional assistance is necessary both during and after the adoption of digital payment systems. Planning, designing, advising, support, IT maintenance, repairs, and upgrades are among the services provided. Consultants, specialized project management teams, and digital payment professionals who specialize in the design and implementation of crucial decision support software, tools, and services are among the companies that provide professional services.
- Asia Pacific region is likely to lead the ePayment system market. Asia-Pacific (APAC) topped the worldwide non-cash transactions arena in 2019, with reported volumes of 243.6 billion, matching with our World Payments Report 2019 estimates. Rapidly expanding smartphone usage, a thriving e-commerce market, flourishing acceptance of digital wallets, and innovations – particularly mobile– and QR-code payments – are driving the region's growth. The need for ePayment systems has grown fast in key South Asian and Pacific countries such as India, Singapore, Malaysia, Indonesia, Australia, and New Zealand.
Key Industry Development:
In October 2023: Paytm, India's leading digital payment platform, has launched a new phase of its Superapp by introducing wealth management features and micro-investing options. With this expansion, Paytm aims to position itself as a comprehensive financial hub, offering users a one-stop solution for their financial needs.
In February 2023 Apple Pay has feature by introducing facial recognition and fingerprint authentication for online purchases within the Safari browser. This innovative move aims to enhance both security and convenience for users, as they can now seamlessly authorize transactions with biometric authentication, further fortifying the platform against unauthorized access.
The E-PaymentSystem Market Segmentation:
By Type
- Point of Sale (POS) Solution
- Payment Gateway Solution
- Payment Processing Solution
- Payment Wallet Solution
- Payment Security & Fraud Management Solution
By Services
- Professional Services
- Managed Services
By Deployment
- Cloud-based
- On-premises
By Industry
- BFSI
- Media & Entertainment
- Retail
- Healthcare
- IT & Telecom
- Transportation & Logistics
- Others
For this report, Introspective Market Research has segmented the E-PaymentSystem Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
