Online Payment Market To Reach USD 17,643.35 billion by 2027, Enhancing the Customer Experience, Loyalty, and Retention

Posted on Sep 7 2023 12:04 PM

"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 "

Recent research from Fortune Business Insights, titled "Online Payment Market by Component, Organization Size, End User, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027," claims that this market is expected to grow significantly over the next eight years. 

The market for online payments was valued at USD 3,286.52 billion in 2019 and is anticipated to grow to USD 17,643.35 billion by 2027, with a projected CAGR of 23.7%.

Learn More On The Market By Requesting A Free Sample (Includes Graphs And Tables):

The payment market is growing as a result of rising digitalization. The demand for mobile payment transactions is increasing due to the increasing use of smartphones and the widespread availability of internet connectivity. Similar to this, government programs are urging users to switch to contactless payment methods. Furthermore, the incorporation of technologies like artificial intelligence and machine learning is probably going to improve the security system, further boosting consumer confidence in the payment system.

Key Companies Profiled:

The goal of Alipay Co. Ltd. is to quickly grow its international online payment business. With retailers, online retailers, and small and medium-sized businesses, the company is forming strategic alliances. After forming several partnerships in Europe, it is now concentrating on the Western nations, particularly the United States. To make cross-border payments simple for its customers, the company is also collaborating with various payment platform providers around the world, including Adyen, Darapay, and Barclaycard.

List of Key Companies Profiled:

  • Co Ltd. (Hangzhou, China)
  • Adyen (Amsterdam, Netherlands)
  • American Express Co. (New York, USA) and
  • ACI Worldwide Inc. (Florida, USA)
  • JPMorgan Chase & Co (New York, USA)

Read More On The Online Payment Market Report At:

Summary of the Report

  1. To identify investment opportunities, the report offers a thorough analysis of current and upcoming market trends.
  2. Market projections through 2030 using estimated market values as the starting points
  3. Important market trends across industries, geographical areas, and nations
  4. Significant developments and market tactics noticed
  5. Market dynamics like motivators, constraints, chances, and other trends
  6. Comprehensive company profiles of major players and up-and-coming important players
  7. Through 2030, emerging nations are expected to experience growth.

Market Segmentation

Market By Payment Type

  • Mobile Payment
  • Online Banking
  • Digital Wallet

Market By Industry

  • Media & Entertainment
  • Retail
  • BFSI
  • Food & Beverages
  • IT & Telecom
  • Transportation
  • Others (education, consumer electronics, etc.).

Market By Region

  • North America (By Component, By Application, and By Country)
  • South America (By Component, By Application, and By Country)
  • Europe (By Component, By Application, and By Country)
  • Middle East and Africa (By Component, By Application, and By Country)
  • Asia Pacific (By Component, By Application, and By Country)

Analysts have segmented the “Online Payment Market” into application, type, and regional segments to aid market participants in better understanding the market. Each segment clearly illustrates the factors that are likely to affect it and the factors that are expected to limit it. The segmented explanation allows the reader to access specific updates regarding the global Market. Additionally, in the market research report on Online Payment Market Trends, there are changing environmental concerns, shifting political environments, and various government approaches to regulatory reforms.

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