Future Market Insights (FMI) has recently published a report titled ‘ePayment System Market – Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2026‘. Payment systems are becoming highly complex, incorporating multiple technologies and diverse platform applications, which, in turn, has driven the need for complying with ever-growing technical standards as well as payment scheme requirements. ePayment systems have gained immense traction over the past few years, mainly because of the increasing penetration of Internet-based shopping and banking. As the world advances further with more technological developments, it complements the adoption of electronic payment systems and processing devices. ePayment systems have revolutionized business processing by reducing labor cost, transaction cost, and paperwork. Being less time-consuming and user-friendly than manual processing, ePayment systems are enabling business organizations in expanding their market reach.
Global ePayment System Market: Dynamics
The global ePayment system market is expected to grow at a CAGR of 13.4% in terms of value during the forecast period. The ePayment system market is estimated to be valued at US$ 256,078.0 Mn in 2017, and is projected to grow significantly to reach US$ 793,797.4 Mn by 2026. Furthermore, the growth of the global ePayment system market can be primarily attributed to the rapid expansion of the e-Commerce sector, along with the increasing consumer demand for a quick, easy, secure, and streamlined shopping experience.
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Key Developments by Vendors in the Global ePayment System Market
- In November 2017, MasterCard provided the Verifone M/Chip Fast technology, enabled with a unique code with tap to pay for all transactions, which will be helpful during peak holiday shopping seasons. In May 2017, the company also entered into a partnership with Zain, to launch mobile wallets in Jordan.
- In December 2017, Worldpay, a global leader in payments, announced that it will partner with Klarna, a leader in invoice and credit-based payments, to further enhance its product portfolio. Worldpay customers trading in Austria, Finland, Germany, the Netherlands, Norway, Sweden, and the United Kingdom, and wishing to accept payments on invoices or instalments, will be able to use Klarna’s invoice and credit-based payments from Worldpay. This will help e-Commerce businesses to improve conversion rates by up to 20%, and provide a fast and smooth checkout process.
- On July 25, 2017, AGTech Holdings Limited entered into a joint venture (JV) agreement with One97 Communications Ltd. AGTech Holdings will hold a 45% stake in the JV, while Paytm will hold the remaining. As part of the agreement, Paytm will invest US$ 8.8 million and AGTech Holdings US$ 7.2 million in the new venture.
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Global ePayment System Market: Competition Analysis
The global market for ePayment systems is witnessing a trend of mergers and acquisitions, thereby leading towards consolidation of the market. Some of the key players in the global ePayment system market include MasterCard, Inc., PayPal Holdings, Inc., Visa, Inc., Ant Financial Services Group, China Union Pay Company Limited, World pay Group Plc., One97 Communications Limited, Alphabet, Inc., M-Pesa Holding Co Limited, Stripe Inc., and other key players.
Key Segments:
By Product Type
- Software Platforms
- Services
By Payment Mode
- Credit cards
- E-wallets
- Debit & Other Cards
- Bank Transfer
- Cash on Delivery
- Other Modes
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Table Of Content
1. Global Outlook
2. Global E-Payment System Market – Executive Summary
3. Global E-Payment System Market Overview
4. Global E-Payment System Market Analysis and Forecast 2012-2026
6. Latin America Global E-Payment System Market Size and Forecast, 2012-2026
7. Europe Global E-Payment System Market Size and Forecast, 2012-2026
8. Japan Global E-Payment System Market Size and Forecast, 2012-2026
9. APEJ Global E-Payment System Market Size and Forecast, 2012-2026
10. MEA Global E-Payment System Market Size and Forecast, 2012-2026
11. Global E-Payment System Market Company Share, Competition Landscape and Company Profiles
12. Research Methodology
13. Secondary and Primary Sources
14. Assumptions and Acronyms
15. Disclaimer