E-Commerce Payments Market Size is Expected to Grow by USD 11,582,400 Million by 2028 at a CAGR of 11.5%

BANGALORE, India, June 8, 2022 /PRNewswire/ — The World E-Commerce Payments Market is segmented by type (real-time bank transfers, offline bank transfers, cash on delivery, direct debits, e-invoices, e-wallets, post-pay, prepay, prepaid cards), by application (commercial, banks, finance): Opportunity Analysis and Industry Forecast, 2022–2028.

The size of the global e-commerce payments market is expected to reach 11582400 million USD by 2028, 5359000 million USD in 2021, at a CAGR of 11.5% over the period 2022-2028.

Key factors driving the growth of the global online payments market

The growing trend of online shopping and internet banking, rapid advancements in technology and the advantages of online payment systems like one-factor authentication will fuel the growth of the e-commerce payment market.

Growing government support, integration of multi-channel payments by enterprises, and rising trend of cross-border e-commerce will drive the market growth over the forecast period.

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TRENDS AFFECTING THE GLOBAL E-COMMERCE PAYMENT MARKET

The global penetration of the Internet has made it possible for individuals and retail businesses to buy and sell products online without any geographical limitations. Consumers prefer to buy goods online due to covid 19 pandemic and social distancing norms. Electronic payment methods are much faster than traditional systems because there are no location or time restrictions. One can simply tap and pay from anywhere in the world. This will drive the growth of the e-commerce payments market over the forecast period.

The e-commerce payment market will be positively impacted as more and more users adopt the online system due to numerous benefits. Online money transfers are much more secure thanks to several security tools such as encryption, tokenization, SSL, etc. Customers do not need to enter their card details each time they complete a transaction thanks to single-factor authentication allowing them to provide a password which then saves their card details. Moreover, one can even buy goods on credit and pay later, providing a smooth experience for end users. Contactless POS terminals emerged to avoid human contact. On the other hand, mobile commerce payments have gained popularity as no data is transferred to the merchant and one can monitor his account through mobile wallet apps. There are permission systems for third-party getaways. Payment forms are simplified with real-time field validation. Additionally, mobile wallets turn smartphones into contactless payment mechanisms by connecting phones with their credit cards, debit cards, and bank accounts. This method is very secure because fraudulent activities are avoided.

Customers buy their way. The retail landscape is fragmented as online retailers adopt multiple payment support packages from third-party vendors. This allows payments to be collected from multiple sales channels and devices such as phones, mobiles, tablets, online, etc. This is initiated through a single omnichannel payment gateway and processing platform. A wide range of customers pay through e-wallets, e-bills, mobile wallets, cash on delivery, online banking, prepaid cards and other services. This basically leads to increased sales and increased reputation of the business. It also creates convenience for your users. These factors will drive the growth of the e-commerce payment market in the coming years.

Governments around the world are promoting online payment methods and improving collaboration between small businesses and e-commerce platforms. The contactless payment card limit has been increased and UPI transactions are booming. This will propel the growth of the e-commerce payment market over the forecast period.

Cross-border money transfers are a complicated process, with sending and receiving money taking a huge amount of time. This extends from two weeks to more to settle. Online payments have reduced the stressful effects of unreasonable delays, thereby increasing cross-border e-commerce transactions. This will drive the global e-commerce payment market in the coming years.

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ANALYSIS OF E-COMMERCE PAYMENT MARKET SHARES

Depending on the region, the Asia Pacific will witness tremendous growth in the e-commerce payment market share as developing economies have a huge population base. Governments are taking initiatives to develop the banking sector, which gives impetus to the online payment industry. Additionally, there is a growing 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 E-commerce market the size is estimated at the value 7750530 million USD in 2022 and is expected to reach a readjusted size of 20313450 million USD by 2028 with a CAGR of 17.4% during the reporting period.

– The Global Cross-border e-commerce market the size should reach $1508700 million by 2027, US$532,710 million in 2020, at a compound annual growth rate (CAGR) of 15.5% over the period 2021-2027.

– The Global B2B e-commerce market the size should reach 19968910 million USD by 2028, 7687420 million USD in 2021, at a CAGR of 14.4% over the period 2022-2028.

– The Global Retail eCommerce Software Market the size should reach $11770 million by 2027, $5812.7 million in 2020, at a CAGR of 10.6% over the period 2021-2027.

– The Global payment security market size was estimated at $17.64 billion in 2020 and is expected to reach $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 the e-commerce market the size should reach $8441.2 million by 2028, $3747.8 million in 2021, at a CAGR of 12.1% over the period 2022-2028.

Global E-Commerce IT Spending Market Overview, Forecast to 2028

Global Customer Analytics in E-commerce Market Insights, Forecast to 2028

– The Global Mobile payment market the size should reach $184,700 million by 2028, $65,320 million in 2021, at a CAGR of 15.7% over the period 2022-2028.

– The Global Mobile money market the size should reach $142,260 million by 2027, $35,920 million in 2020, at a CAGR of 21.2% over the period 2021-2027.

– The Global Digital payment market the size should reach $77,850 million by 2028, $38,250 million in 2021, at a CAGR of 10.2% over the period 2022-2028.

– The Global Online Payment Gateway Market the size should reach $6403.3 million by 2027, $2436.7 million in 2020, at a CAGR of 14.8% over the period 2021-2027.

– Global payments market revenue totaled $1.98 trillion in 2021, a CAGR of around 6.25% over the period 2022-2030.

– The Global Payment Processing Solutions Market the size should reach 52060 million USD by 2027, $33,810 million in 2020, at a compound annual growth rate (CAGR) of 5.9% over the period 2021-2027.

– The Global Contactless payment market the size should reach 23410 million USD by 2027, $10,260 million in 2020, at a CAGR of 12.0% over the period 2021-2027.

– The Global NFC market size was estimated at $15,531 million in 2019, and should reach $54,521 million by 2028, registering a CAGR of 14.8% from 2021 to 2028.

– The Global Digital banking market the size should reach $30,750 million by 2027, $9098.7 million in 2020, at a CAGR of 19.0% over the period 2021-2027.

– The Global fintech market size should reach 16652680 million USD by 2028 from 6588780 million USD in 2021 at a compound annual growth rate (CAGR) of 13.9% over the forecast period 2022-2028.

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