Impact of COVID-19 on Global Online Payment Market By Industry Size (Large Enterprises, SMBs); By Solution Type (Payment Gateway, Payment Wallet, Payment Processing, POS Solution, Payment Security and Fraud Management); and Region –Analysis of Market Size, Share & Trends for 2016 – 2019 and Forecasts to 2030
Digital payment is the method of digitally paying for a good or service to be procured. Digital payments do not require hard cash, and transactions are made electronically. With the introduction of emerging technologies such as blockchain, machine learning, and artificial intelligence (AI), the penetration of mobile payments and technology transformation redefined digital payments. These innovations can make transactions more seamless and safer, and the digital payment industry is expected to deliver immense opportunity.
Fatpos Global anticipates the Online Payment market to surpass USD XX Billion by 2030, which is valued at XX billion in 2019 at a compound annual growth rate of XX%. More smartphones are anticipated to fuel the market over the forecast period, combined with a high Internet penetration. Further growth in the market is anticipated to augment better availability of mobile wireless payout applications. Additionally, many governments worldwide are implementing digital payments initiatives. The Indian Government, for example, has introduced the Digital India initiative to encourage the country’s digital payment methodologies and cashless transactions.
Online Payment Market: Segments
Global Online Payment Market has been segmented on the basis of size, solution type and by location. It has been further segmented on the basis of region into North America, Europe, Asia-Pacific, Mid East and Africa.
By Size (in %), Global Online Payment Market, 2019
Large enterprises are anticipated to grow at a CAGR of over XX% from 2019 to 2030
Global Online Payment Market is segmented by size into: large enterprises, SMBs. Due to growing usage of the safety solutions to prevent critical information, SMBs are also anticipated to experience significant growth over the forecast period. Organizations of all sizes are moving to digital transaction to reduce the burden on their IT support workers, lower costs and provide advanced service. Online payment has been rapidly embraced and security companies have developed comprehensive cloud-based security solutions.
Global Online Payment Market: Market Dynamics
- Faster and better consumer experience
Companies invested in new technology to meet the fast-changing market climate and have improved customer service. Digital payments offer valuable data for consumers that companies can help influence future strategies. The enhancement of consumer service and increased trading profits is driven by digital payments.
- Smart devices and internet penetration
More smartphones are anticipated to fuel the market over the forecast period, combined with high Internet penetration. Further growth in the market is anticipated to augment better availability of mobile wireless payout applications.
- Lacking the standard level
The number of organizations buying goods and services worldwide increased year after year in cross-border trade. Digital payment services are, however, unable to obtain a competitive advantage, given the lack of a single standardized global payment system, the lack of common standards and diverse regulatory regulations.
Global Online Payment Market: Regions
The North America is anticipated to dominate the market with XX% market share in 2019 growing at a CAGR of XX% over the forecasted period.
With a share value of US$ XX billion, North America held the largest the industry in 2019. There are a great number of digital payment solution providers in the area as a result of the growth in the industry. Possible factors driving the demand are the growth of the mobile trading industry and the growing digital economy in North America. Different factors such as trustworthy broadband and network infrastructure, consumer readiness, and cashless payment desires and the banking system in Canada contribute widely to the country’s higher cashless transactions.
Global Online Payment Market: Competitive landscape
The focus of the markets is on growing their share by means of mergers and acquisition. In order to broaden their market range by creating cost effectively-efficient products with improved properties, industry leaders concentrate on research and development activities. Therefore, manufacturers plan to increase their production capacity in order to meet the growing demand for goods. The key players are spread across the globe and prefer to carry out their activities through joint ventures.
Global Online Payment Market: Impact of COVID-19
Business organizations, particularly in highly affected countries, permit their staffs to work from their own homes to guarantee business continuity in the middle of the COVID 19 crisis. The greater demand for online media consumption, downloading and interaction using video conferencing has increased due to the number of people working from home. Concerning work and adaptable styles, COVID-19 is to stimulate the demand for communication services aimed at improving work-life balance.
Global Online Payment Market: Key Players
- Aliant Payment (US)
- ·Company Overview
- ·Business Strategy
- ·Key Product Offerings
- ·Financial Performance
- ·Key Performance Indicators
- ·Risk Analysis
- ·Recent Development
- ·Regional Presence
- ·SWOT Analysis
- Novatti (Australia)
- Worldline (France)
- YapStone (US)
- Wirecard (Germany)
- Paysafe (UK)
- PayU (Netherlands)
- Worldpay (US)
- WEX (US)
- Authorize.Net (US)
- SIX (Switzerland)
Global Online Payment market report also contains analysis on:
- Online Payment Market Segments:
- ·By Size:
- Large enterprises
- ·By Solution Type:
- Payment Gateway
- Payment Wallet
- Payment Processing
- Payment Security
- Fraud Management
- Online Payment Market Dynamics
- Online Payment Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints