Market Overview:
The introduction of electronic commerce (e-commerce) in 1990 provided a new manner of doing business to the consumer and commercial worlds. Since then, e-commerce has evolved and altered dramatically, resulting in incredible benefits for customers and businesses all over the world. The ePayment system is regarded as the backbone and one of the most important features of e-commerce. For making or receiving payments, an ePayment system or electronic payment system, often known as an online payment system, has acquired great acceptance among consumers and companies alike. An effective electronic payment system reduces trading costs and is regarded to be crucial for the operation of capital and inter-bank markets. Credit cards, debit cards, electronic cash and check systems, smart cards, digital wallets, contactless payment methods, and mobile payments, to name a few.
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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.
Top Key Players for the EPayment System Market:
Google Inc., Amazon Inc., Apple Pay, Gemalto, Visa Inc., PayPal Holdings, Wipro, Heartland Payment Systems, VLNComm, Wirecard AG, General Electric, JPMorgan Chase, Oberthur Technologies, Giesecke and Devrient GmbH, Intuit, pureLiFi, Ingenico Group SA, On Track Innovations Ltd., 2Checkout, Philips, Verifone, Thales Group, Square, LightPointe Communications, Nakagawa Labs, Oledcomm, Nakagawa Labs, LVX System, Velmenni, ACI Worldwide, Aliant Payments, Alipay, FIS, Fiserv, Global Payments, Mastercard, Paysafe, PayTrace, Citrus Payment Solutions, PayU, Spreedly, Stripe, Worldline. and other major players.
Market Dynamics and Factors for the EPayment System Market:
Drivers:
The Dominance of Mobile Wallets
In 2019, mobile wallets surpassed credit cards as the most widely used payment method worldwide. Users can utilize digital wallets to store different payment methods in one digital house and convert cash into electronic money needed for online or in-store transactions. Financial institutions have already begun to embrace the digital wallet trend by providing business clients with virtual cards. Virtual cards kept in digital wallets include information such as a 16-digit card number, CVV code, and expiration date, and they function similarly to traditional plastic cards.
Opportunities:
Digital Identity Integration
Advance digital identification solutions will become more prevalent across businesses as they assist limit cyber threats, particularly those connected to the payment system. As the world becomes more digitalized, so will the number of cyber-attacks. Online identity, client authorization, and authentication are vital for maintaining the safety of payment system methods in the digital world.
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Segmentation Analysis of the EPayment System Market:
By solution, the payment gateway solution is expected to capture the maximum ePayment system market share over the forecast period. The key distinction between a payment gateway and a POS terminal is that in the case of a payment gateway, the shopper may be sitting in a different city, state, or country entirely. Because of the shopper's anonymity and distance, a payment gateway necessitates the employment of sophisticated encryption and verification technologies. The E-commerce platform has its online shopping platform area; these platforms are easy for customers and offer a variety of perks.
By services, professional service is expected to dominate the ePayment system market over the forecast period. Professional assistance is necessary both during and after the adoption of digital payment systems. Planning, designing, advising, support, IT maintenance, repairs, and upgrades are among the services provided. Consultants, specialized project management teams, and digital payment professionals who specialize in the design and implementation of crucial decision support software, tools, and services are among the companies that provide professional services.
By Type
- Point of Sale (POS) Solution
- Payment Gateway Solution
- Payment Processing Solution
- Payment Wallet Solution
- Payment Security Fraud Management Solution
By Services
- Professional Services
- Managed Services
By Deployment
- Cloud-based
- On-premises
By Industry
- BFSI
- Media Entertainment
- Retail
- Healthcare
- IT Telecom
- Transportation Logistics
- Others
Regional Analysis of the EPayment System Market:
Throughout the projected period, the Asia Pacific region is likely to lead the ePayment system market. Asia-Pacific (APAC) topped the worldwide non-cash transactions arena in 2019, with reported volumes of 243.6 billion, matching with our World Payments Report 2019 estimates. Rapidly expanding smartphone usage, a thriving e-commerce market, flourishing acceptance of digital wallets, and innovations – particularly mobile– and QR-code payments – are driving the region's growth. The need for ePayment systems has grown fast in key South Asian and Pacific countries such as India, Singapore, Malaysia, Indonesia, Australia, and New Zealand. India's digital payments business, led by Paytm, PhonePe, Pine Labs, Razorpay, BharatPe, and others, has risen throughout the epidemic as a result of enticing incentives like prizes, cash backs, and deals to attract a huge number of clients.
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In March 2021, Fiserv finalized the purchase of Pineapple Payments, a payments technology business located in the United States that specializes in payment processing and omnichannel payment acceptance solutions. The acquisition aims to improve the previous company's seamless supply of a variety of innovative solutions to clients. Fiserv will also benefit from Pineapple Payments' distribution channel as it expands its geographic reach.
In November 2021, ACI Worldwide and MasterCard will form a collaboration. The collaboration aims to integrate the ACI Enterprise Payments Platform with Mastercard Direct Services, giving clients access to security, safety, loyalty, and other value-added services across all payment modalities.
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