Global Electronic Payment (ePayment) System Market, By Solution (Payment Terminal Solution, Hosted Point-Of-Sale, Security and Fraud Management, Transaction Management and Analytics), End-User (Retail, Banking and Financial Services, Telecommunication, Healthcare, Hospitality, Transportation, Government), Payment Mode (Point of Sale, Online Sale), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights Global Electronic Payment (ePayment) System Market
Data Bridge Market Research analyses the electronic payment (ePayment) system market will exhibit a CAGR of 20.1% for the forecast period of 2022-2029 and is likely to reach the USD 53.44 billion by 2029.
The term ePayment refers to the electronic transfer of funds over the internet. ePayment makes use of highly secure payment gateways that are linked to a bank system. This integrated payment gateways then allow users to gather funds from their preferred bank and transfer them to another bank without exposing sensitive information. The government is also supporting cashless payments and has favourable rules for the ePayment system, as the demand for cashless payments has risen significantly. ePayment is a quick way to make a payment.
The upsurge in the adoption rate of real-time payments will act as a key element driving market expansion. The electronic payment (ePayment) system market is also being driven by factors such as rising popularity of e-commerce and digital commerce activities and growing acceptance of alternate methods of payments. Furthermore, growing adoption of contactless payments and technological advancement will act as major factors influencing the growth of electronic payment (ePayment) system market. Another significant factor that will cushion the electronic payment (ePayment) system market’s growth rate is significant increase in the smartphone penetration globally. In addition to this, other factors such as rise in the utilization of smartphones enabling m-commerce growth and increase in the number of initiatives promoting digital payments will expand the electronic payment (ePayment) system market.
Moreover, swift decline in unbanked population across the world and progressive changes in regulatory frameworks will create beneficial opportunities for the growth of the market. Additionally, the increased adoption of open-banking APIs will act as a market driver and further boost new opportunities in the forecast period mentioned above. Also, shifting trend of online payments owing to COVID-19 pandemic and surge in mobile payments through UPI, Google pay, Samsung pay, Apple pay and PhonePe, among others will create more opportunities for electronic payment (ePayment) system market in the future.
However, the dearth of global standards for cross-border payments will hamper the market’s growth rate. Also, rise in the number of cyber-attacks on digital payments, less awareness and low rate of digital literacy in under developed countries will further pose major challenges to the market’s growth rate.
This electronic payment (ePayment) system market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on electronic payment (ePayment) system market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Electronic Payment (ePayment) System Market Scope and Market Size
The electronic payment (ePayment) system market is segmented on the basis of solution, payment mode and end-user. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of solution, the ePayment system market has been segmented into payment terminal solution, hosted point-of-sale, security and fraud management, transaction management and analytics.
- Based on payment mode, the ePayment system market has been segmented into point of sale and online sale. Point of sale is further sub-segmented into contact payment, contactless payment and bank cards. Online sale is further sub segmented into digital wallets, digital currencies, net banking and other online sales channels.
- On the basis of end-user, the ePayment system market has been segmented into retail, banking and financial services, telecommunication, healthcare, hospitality, transportation and government.
Electronic Payment (ePayment) System Market Country Level Analysis
The electronic payment (ePayment) system market is analysed and market size, volume information is provided by country, solution, payment mode and end-user as referenced above.
The countries covered in the electronic payment (ePayment) system market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the electronic payment (ePayment) system market and will continue to flourish its trend of dominance due to technological advancement and presence of major key players in this region. Asia-Pacific is expected to grow during the forecast period of 2022-2029 due to the high adoption rate of online payment system due to rising use of smartphones and internet penetration in this region.
The country section of the electronic payment (ePayment) system market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Electronic Payment (ePayment) System Market Share Analysis
The electronic payment (ePayment) system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to electronic payment (ePayment) system market.
Some of the major players operating in the electronic payment (ePayment) system market are PayU, PayPal, Google LLC, Amazon Inc., Thales Group, Visa Inc., Wipro Limited, Heartland, wirecard, General Electric, VLNComm, Giesecke+Devrient GmbH, pureLiFi, Ingenico, On Track Innovations LTD, Koninklijke Philips N.V., VeriFone, Inc., Sofina, Oledcomm, LVX System, and Velmenni OÜ., among others.
Customization Available : Global Electronic Payment (ePayment) System Market
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