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Online Payment Market to Reach USD 17,643.35 Billion by 2027; Rising Usage of AI to Detect Frauds will Favor Growth: Fortune Business Insights™

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Pune, Aug. 10, 2020 (GLOBE NEWSWIRE) — The global online payment market is set to gain traction from the increasing deployment of artificial intelligence (AI) for improving payment processing, surging transactional volume, and detecting payment fraud. This information is given by Fortune Business Insights™ in a new report, titled, “Online Payment Market Size, Share & COVID-19 Impact Analysis, By Payment Type (Mobile Payment, Online Banking, and Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Food & Beverages, IT & Telecom, Transportation, and Others), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 3,286.52 billion in 2019 and is projected to reach USD 17,643.35 billion by 2027, exhibiting a CAGR of 23.7% during the forecast period.Which segment is set to lead the market?How will the COVID-19 pandemic affect the market?Which companies would generate the highest revenue?What are the market dynamics, drivers, and hindrances?Drivers & Restraints-Increasing Adoption of Online Payment Platforms by Retail Industry will Boost GrowthThe retail industry is considered to be one of the major contributors to the online payment market growth as it is adopting such platforms rapidly. The main aim behind this is to gather consumer data, such as the intervals of shopping, preferences, and their most purchased items. They are further utilizing such data to deliver personalized customer services. Starbucks, for instance, introduced its this payment app for customers where they can choose food and beverages and pay for the same directly from their bank accounts. Besides, the company started offering services, such as loyalty points and discount codes for enhancing customer engagement.However, the outbreak of the COVID-19 pandemic has started to cause a shift in the market. The consumer behavior is transforming at a fast pace owing to the increasing need to prevent the spread of the virus. Hence, they are opting for contactless transactions and are using digital wallets. As per a survey by the MasterCard Corporation, around 79% of customers are using contactless payment worldwide to maintain safety. There is also a reduction in transactions because of the complete shutdown of hospitality, aviation, travel, and entertainment industries. It may hamper the demand for online payment solutions.Segment-Digital Wallet Segment to Exhibit Steady Growth Owing to Presence of Renowned PlayersBased on payment type, the market is segregated into digital wallet, online banking, and mobile payment. Out of these, the online banking segment held 38.4% in terms of online payment market share in 2019. The digital wallet segment is set to exhibit significant growth backed by the emergence of several providers, such as Facebook, Amazon, and Google. They are constantly offering excellent customer experiences and value-added features.Asia Pacific to Remain at the Forefront Fueled by Rising Online TransactionsIn Asia Pacific, China is expected to be the dominant country and a major contributor to the market growth. India is experiencing higher adoption of online payment platforms backed by the increasing government initiatives. Asia Pacific generated USD 1,148.51 billion in terms of revenue in 2019. Europe, on the other hand, is anticipated to showcase a considerable growth during the forthcoming years stoked by the rising investments by the international online payment providers, namely, PayPal and Alipay, as well as the increasing competition among various companies.Competitive Landscape-Key Players Aim to Gain Competitive Edge through Partnerships & App LaunchesThe market houses a large number of renowned companies that are presently striving to gain a competitive edge either by launching novel apps or by joining hands with the other enterprises. Some of them are also trying to widen their geographic footprints by launching in-house services. Below are two of the latest industry developments:November 2019: Facebook introduced Facebook Pay, its latest online payment system that can be used across WhatsApp, Instagram, Messenger, and Facebook. People can easily send money to each other through the Messenger app and store their data for usage across the company’s family of apps.October 2018: PayPal & American Express broadened their partnership for enhancing digital payments experience for the members of the U.S. American Express Card. It will only be applicable to those paying with Venmo and PayPal.
Fortune Business Insights™ lists out the names of all the online payment providers operating in the global market. They are as follows:Alipay.com Co Ltd. (Hangzhou China)Adyen (Amsterdam Netherlands)American Express Co. (New York USA)ACI Worldwide Inc. (Florida USA)JPMorgan Chase & Co (New York USA)Facebook Inc. (California USA)MasterCard Incorporated (New York USA)Apple Inc. (New York USA)Amazon Inc. (Washington USA)PayPal, Inc. (California USA)Visa, Inc. (California USA)
Quick Buy:IntroductionDefinition, By SegmentResearch Methodology/ApproachData SourcesExecutive SummaryMarket DynamicsMacro and Micro Economic IndicatorsDrivers, Restraints, Opportunities and TrendsImpact of COVID-19Short-term ImpactLong-term ImpactCompetition LandscapeBusiness Strategies Adopted by Key PlayersConsolidated SWOT Analysis of Key PlayersPorter’s Five Force AnalysisGlobal Market Share Analysis and Matrix, 2019Key Market Insights and Analysis, By SegmentsGlobal Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027By Payment TypeMobile PaymentOnline BankingDigital WalletBy Industry (Value)Media & EntertainmentRetailBFSIFood & BeveragesIT & TelecomTransportationOthers (education, consumer electronics, etc.).By Region (Value)North AmericaEuropeAsia PacificMiddle East & AfricaLatin AmericaTOC Continued…!!!
Mobile Payment Market Size, Share & COVID-19 Impact Analysis, By Payment Type (Proximity Payment, Remote Payment), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2020-2027Digital Payment Market Size, Share & Industry Analysis, By Payment Type (Mobile Payment, Online Banking, Point of Sale, Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Automotive, Medical & Healthcare, Transportation, Consumer Electronics, Others), and Regional Forecast, 2019-2026Blockchain Technology Market Size, Share and Industry Analysis by Product Type (Vertical Solutions, Blockchain-as-a-Service), Deployment, Industry Vertical (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom, Media & Ent., Retail & Consumer Goods, Travel and Transportation), and Regional Forecast 2018-2025Contactless Payments Market Size, Share & Industry Analysis, By Solution (Payment Terminal Solution, Device Management Solution, Contactless Mobile Payment Solution, Transaction & Data Management, Security and Fraud Management), By Industry (BFSI, Retail, Hospitality, Government, Others), By Payment Mode (Mobile Handsets, Smart Cards, Point of Sale Terminals, NFC Chips, Smart Watches, Others) Others and Regional Forecast, 2019-2026
Electronic Bill Presentment and Payment Market Size, Share And Global Trend By Product (Electronic Bill Presentment, Electronic Bill Payment, Electronic Bill Posting), By Application (Billers, Consumers, Bill Consolidator, Banks & Financial Institutions), By Channel(Application Programming Interface (API), Mobile, Web, Email, IVR, POS, Kiosk), By End Use Industries(BFSI, Insurance, Healthcare) And Geography Forecast Till 2026
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Contact Us:
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