The size of the global online payment market, which was estimated to be worth USD 3,286.52 billion in 2019, is expected to grow to USD 17,643.35 billion by 2027, at a CAGR of 23.7%.

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. In a similar vein, government initiatives are pushing people to use contactless payment systems. 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.

Get A Free Sample Report at:

https://www.fortunebusinessinsights.com/enquiry/sample/online-payment-market-103417

Information about the report:

●     Forecast Timeframe: 2023–2027

●     The starting year is 2019.

●     Market Size in 2019: USD 3,286.52 billion

●     The market size in 2030 will be USD 17,643.35 billion.

●     CAGR: 23.7%

●     Segments Included: according to deployment type, application, enterprise type, sector, and geographic region

Analyses of the worldwide Online Payment Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.

Trending Now

The payments industry is expected to use artificial intelligence (AI) to boost transaction volume and enhance payment processing. Additionally, AI is being used to track customer data quickly and effectively in order to detect payment fraud. Machine learning algorithms can use historical data to identify patterns and anticipate potential fraud and attack scenarios. Similar to this, AI provides quick and enhanced customer service by drawing conclusions from transaction data. One company that uses AI technology to streamline its accounts payable process is Citigroup's Citi Treasury and Trade Solutions. In the near future, this is likely to accelerate the growth of the online payment market.

By Payment Type Analysis, The market is divided into mobile payment, online banking, and digital wallet categories based on the type of payment.

The World Payment Report states that non-cash transaction volume increased by double digits globally in 2016. A transaction volume of nearly 8.6 percent of all non-cash transactions is also anticipated to increase. Offering value-added features and top-notch user experiences are digital wallet providers like Google LLC, Amazon Inc., Facebook Inc., and Alibaba Group. For instance, across all of nations, PayPal Inc. provides cross-border and real-time e-payment services. Customers' adoption of digital wallets is being positively impacted by this.

According to Industry analysis, 

Media & entertainment, retail, BFSI, food & beverage, IT & telecom, transportation, and other industries are among those covered by the market.

Banks and other financial institutions have started using online banking, which allows for immediate and real-time money transfers. Additionally, these banks work with companies that offer mobile payments, including Apple Inc., Google LLC, and others, to provide instant money transfers from one person to another. For instance, to provide mobile payment solutions to e-commerce merchants and customers, American Express co-launched Amex Pay by partnering with banks in the U.K. The BFSI sector's demand for this kind of payment is likely to increase as a result.

By Region, Geographically, the market is segmented into five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Players in the industry,

Alipay Co. Ltd. wants to quickly grow its online payment operations outside of China. With retailers, e-commerce businesses, 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. In order to provide its users with the convenience of cross-border payment, the company is also collaborating with various payment platform providers around the world, including Adyen, Darapay, and Barclaycard.

You can get this Report here:

https://www.fortunebusinessinsights.com/online-payment-market-103417

Browse More Reports: 

Quality Management Software Market Size, Industry Share | Forecast 2030

Intelligent Network Market Size, Industry Share | Forecast 2030

Inline Viscosity Sensor Market Size, Industry Share | Forecast 2030

Level Sensor Market Size, Industry Share | Forecast 2030

Software Defined Networking Market Size, Industry Share | Forecast 2030

About Us:

Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact:

Email: sales@fortunebusinessinsights.com

Phone: US +1 424 253 0390 / UK +44 2071 939123 / APAC: +91 744 740 1245