eCommerce Payment Market Size to Grow USD 11582400 Million by 2028 at a CAGR of 11.5% | Valuates Reports
BANGALORE, India, June 8, 2022 /PRNewswire/ -- The Global eCommerce Payment Market is Segmented by Type (Real-Time Bank Transfers, Offline Bank Transfers, Cash on Delivery, Direct Debits, eInvoices, eWallets, PostPay, PrePay, Prepaid Cards), by Application (Commercial, Banks, Finance): Opportunity Analysis and Industry Forecast, 2022–2028.
The global E-Commerce Payment market size is projected to reach USD 11582400 Million by 2028, from USD 5359000 Million in 2021, at a CAGR of 11.5% during 2022-2028.
Major Factors Driving The Growth Of The Global E-commerce Payment Market
The increasing trend of online shopping and internet banking, rapid technological advancements, and the benefits of online payment systems like one-factor authentication will fuel the growth of the eCommerce payment market.
The growing government support, multi-channel payment integration by businesses, and rising trend of cross border eCommerce will drive the growth of the market during the forecast period.
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TRENDS INFLUENCING THE GLOBAL E-COMMERCE PAYMENT MARKET
The global internet penetration has made it easier for individuals and retail businesses to buy and sell products online without any geographic limitations. Consumers prefer buying goods online due to covid 19 pandemic and social distancing norms. Electronic payment methods are much faster than traditional systems as there are no location or time restrictions. One can simply tap and pay from anywhere around the world. This will drive the growth of the eCommerce payment market during the forecast period.
The eCommerce payment market will be positively impacted as more and more users adopt the online system due to a host of benefits. Online money transfers are much more secure with several security tools such as encryption, tokenization, SSL, etc. Customers do not require to enter their card details every time they do a transaction due to single-factor authentication enabling them to provide a one-time password which then saves up their card details. Moreover, one can even purchase goods on credit and pay later thereby offering a smooth experience to the end-users. Contactless POS terminals have come up to avoid human touch. On the other hand, mobile commerce payments have surged in popularity as no data is transferred to the merchant and one can monitor their account via mobile wallet apps. There are authorization systems for third-party getaways. The checkout forms are simplified with real-time validation of the fields. Furthermore, mobile wallets turn smartphones into contactless payment mechanisms by connecting the phones with their credit, debit cards, and banking accounts. This method is very secure as fraudulent activities are avoided.
Customers are purchasing in their own convenient ways. The retail landscape is fragmented as online retailers adopt multiple payment support packages from third-party vendors. This allows collecting payments from several sales channels and devices that are phones, mobile, tablets, online, etc. This is initiated through a single omni channel payment gateway and processing platform. A wide range of customers pay through e-wallets, e-invoices, mobile wallets, cash on delivery, net banking, prepaid cards, and other services. This essentially leads to boosting sales and an increase in the reputation of the business. This also creates convenience for your users. These factors will drive the growth of the eCommerce payment market in the subsequent years.
Governments around the world are promoting online payment methods and improving the collaboration between small businesses and eCommerce platforms. The limit on contactless payment cards has been increased and UPI transactions are booming. This will propel the growth of the eCommerce payment market during the forecast period.
Cross-border money transfers are a complicated process with sending and receiving money taking a huge amount of time. This stretches from two weeks to more to settle. Online payments have reduced the stressful effects of unconscionable timeframe thereby increasing cross-border eCommerce transactions. This will spur the global eCommerce payment market in the forthcoming years.
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E-COMMERCE PAYMENT MARKET SHARE ANALYSIS
Based on region, the Asia-pacific segment will witness considerable growth in the eCommerce payment market share as developing economies have a huge population base. Governments are taking initiatives to develop the banking industry in turn providing a thrust to the online payment sector. Moreover, there is a rising penetration of smartphones, tablets, and internet connections.
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Key Companies:
- Alipay
- Tenpay
- PayPal
- Visa
- MasterCard
- China UnionPay
- American Express
- JCB
- Discover
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SIMILAR REPORTS:
- Due to the COVID-19 pandemic, the global E-Commerce market size is estimated to be worth USD 7750530 Million in 2022 and is forecast to a readjusted size of USD 20313450 Million by 2028 with a CAGR of 17.4% during the review period.
- The global Cross-border E-commerce market size is projected to reach USD 1508700 Million by 2027, from USD 532710 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 15.5% during 2021-2027.
- The global Business-to-business E-commerce market size is projected to reach USD 19968910 Million by 2028, from USD 7687420 Million in 2021, at a CAGR of 14.4% during 2022-2028.
- The global Retail E-commerce Software market size is projected to reach USD 11770 Million by 2027, from USD 5812.7 Million in 2020, at a CAGR of 10.6% during 2021-2027.
- The global payment security market size was valued at USD 17.64 Billion in 2020 and is projected to reach USD 60.56 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 13.2% from 2021 to 2030.
- The global Big Data in E-commerce market size is projected to reach USD 8441.2 Million by 2028, from USD 3747.8 Million in 2021, at a CAGR of 12.1% during 2022-2028.
- Global E-Commerce IT Spending Market Insights, Forecast to 2028
- Global Customer Analytics in E-commerce Market Insights, Forecast to 2028
- The global Mobile Payment market size is projected to reach USD 184700 Million by 2028, from USD 65320 Million in 2021, at a CAGR of 15.7% during 2022-2028.
- The global Mobile Money market size is projected to reach USD 142260 Million by 2027, from USD 35920 Million in 2020, at a CAGR of 21.2% during 2021-2027.
- The global Digital Payment market size is projected to reach USD 77850 Million by 2028, from USD 38250 Million in 2021, at a CAGR of 10.2% during 2022-2028.
- The global Online Payment Gateway market size is projected to reach USD 6403.3 Million by 2027, from USD 2436.7 Million in 2020, at a CAGR of 14.8% during 2021-2027.
- Global payment market revenues totaled USD 1.98 Trillion in 2021, a CAGR of about 6.25% in the period of 2022-2030.
- The global Payment Processing Solutions market size is projected to reach USD 52060 Million by 2027, from USD 33810 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.9% during 2021-2027.
- The global Contactless Payments market size is projected to reach USD 23410 million by 2027, from USD 10260 Million in 2020, at a CAGR of 12.0% during 2021-2027.
- The global NFC market size was valued at USD 15,531 Million in 2019, and is projected to reach USD 54,521 Million by 2028, registering a CAGR of 14.8% from 2021 to 2028.
- The global Digital Banking market size is projected to reach USD 30750 Million by 2027, from USD 9098.7 Million in 2020, at a CAGR of 19.0% during 2021-2027.
- The global fintech market size is projected to reach USD 16652680 Million by 2028 from USD 6588780 Million in 2021 at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period 2022-2028.
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