NEW YORK, Feb. 21, 2023 /PRNewswire/ -- Major players in the payments market are PayPal, Square Inc., Apple Inc, Amazon Payments, Flagship Merchant Services, GoCardless, Bitpay, Stripe, Payline Data, FIS., ACI Worldwide, MasterCard, Fiserv.
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The global payments market will grow from $561.77 billion in 2022 to $612.04 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The payments market is expected to grow to $847.59 billion in 2027 at a CAGR of 8.5%.
The payments market consists of revenues earned by entities that are engaged in facilitating payment transfers between individuals, companies, or both.The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts.
This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others.Revenue generated from the payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order.
Asia Pacific was the largest region in the payments market in 2022.Western Europe was the second largest region in the payments market.
The regions covered in the payments report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of payments are credit transfer, direct debit, check payment, and cash deposit.Credit transfer refers to the payment method of credit transfer from one account to the other.
The various applications include banks, non-banking financial institutions, and other applications. These are used by retail, banking and financial services, telecommunications, government, transportation, and other end users.
The outbreak of COVID-19 is expected to drive the growth of the payments market over the forecast period.Contactless payments are becoming a preferred payment method in the current pandemic situation because less human contact is required.
Contactless payment systems at the point of service, such as facial recognition, Quick Response (QR) codes, or Near-field Communication (NFCs), will render the virus less likely to spread to others via payment exchanges.In the first quarter of 2020, the credit card giant Mastercard announced a 40% increase in contactless payments as the global pandemic deepened.
Therefore, the widespread of the coronavirus is expected to propel the contactless payment market's growth in the forecast period.
The increasing fraud in payments has impacted the growth of the payments market.Payment fraud is a form of fraudulent or unlawful transaction carried out by a cybercriminal.
Fraudsters use third-party platforms such as e-commerce portals to defraud consumers by charging for products or items that are never shipped. According to Merchant Savvy, global losses from payment fraud have tripled to $32.39 in 2020 and are expected to continue to cost $40.62 billion in 2027, which is 25% higher than in 2020. Therefore, the increase in fraud cases restrains the growth of the payments market.
The integration of biometric authentication technology into payments is a key trend gaining popularity in the payments market.Biometric authentication is a specific and significant payment method that integrates and offers accuracy, effectiveness, and protection within a single package.
The methods of authentication include fingerprint scanners, facial recognition, iris recognition, pulse tracking, and venous mapping. For example, In January 2022, Apple Inc., a company operating in payments based in the United States, introduced an iOS 15.4 beta periocular biometrics that allows Face ID to be used with a mask and without an Apple Watch for biometric authentication.
In November 2020, Refinitiv, a London-based financial services company, acquired GIACT for an undisclosed amount.The acquisition of GIACT's fraud prevention capabilities brings new offerings to Refinitiv's customers by enhancing and broadening Refinitiv's digital identity verification and document proofing solutions.
GIACT is a US-based financial services company.
The countries covered in the payments market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The payments research report is one of a series of new reports that provides payments statistics, including payments industry global market size, regional shares, competitors with payments share, detailed payments segments, market trends and opportunities, and any further data you may need to thrive in the payments industry. This payments research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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