Online Payments Services Market Booming Worldwide With Leading Key Players -Alipay, Tencent, Apple Pay, PayPal, WorldPay, Paydollar, Amazon Pay, Adyen, Creditcall, Klarna, OFX (company), Paysafe Group, Square, Yandex.Money, Stripe, Fortumo, Creditcall, Tr

he global digital payment market size was valued at USD 76.23 billion in 2021 and is expected to reach USD 234.43 billion by 2032 expand at a compound annual growth rate (CAGR) of 23.43 % from 2022 to 2032

The latest research on "Online Payments Services Report 2022" offered by MRA provides a comprehensive investigation into the geographical landscape, industry size along with the revenue estimation of the business. Additionally, the report also highlights the challenges impeding market growth and expansion strategies employed by leading companies in the "Market".

Online Payments Services market competition by TOP Players are: Alipay, Tencent, Apple Pay, PayPal, WorldPay, Paydollar, Amazon Pay, Adyen, Creditcall, Klarna, OFX (company), Paysafe Group, Square, Yandex.Money, Stripe, Fortumo, Creditcall, Trustly, Wirecard, Creditcall

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E-commerce companies are also making efforts to deploy their point-of-sale systems to expand their offerings in the digital payment space. For instance, retail giants, such as Shopify and Amazon, are developing point-of-sale systems capable of handling online and in-store transactions. These developments are encouraging banks to improve their digital payment services to preserve their market positions. Government bodies across the world are increasing the limit of contactless payment cards, creating new growth opportunities for market.

For instance, in October 2021, the Treasury and Financial Conduct Authority (FCA) increased the contactless payment limit from USD 50.92 to USD 113.16 in the U.K. This limit was previously increased by FCA from USD 33.95 to USD 50.92 in April 2020 as a COVID-19 measure to reduce contact between payment terminals and shoppers. The growing adoption of 5G network worldwide is also expected to drive market growth. Strong network connectivity enables people to seamlessly make payments and buy products online using mobile devices.

Solution Insights
The payment processing segment dominated the market in 2021 and accounted for more than 25.5% share of the global revenue. The increasing preference for online shopping across the globe is prompting retailers to adopt payment processing solutions to provide customers with seamless checkout experiences. Players providing payment processing solutions focus on mergers and acquisitions and partnerships to strengthen their market presence. For instance, in October 2021, PXP Financial Inc., a payment processing service provider, announced its partnership with Shift4, a payment processing solution provider

Mode Of Payment Insights

The point of sales segment dominated the market in 2021 and accounted for more than 52% share of the global revenue. Point of sale systems are used by retail stores for processing transactions. These systems offer benefits, such as fast checkout options, customized customer experience, and multiple payment options. Retailers worldwide adopt cloud-based points of sales systems to increase their efficiency and improve service effectiveness.

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Deployment Insights

The on-premise segment dominated the market in 2021 and accounted for more than 65.0% share of the global revenue. The on-premise deployment of digital payment provides organizations with complete control over applications and systems, which can be easily managed by the organization's IT staff. Moreover, the increased frequency of financial frauds amid the COVID-19 pandemic is also one of the major factors driving the demand for on-premise solutions among organizations. According to the statistics provided by Merchant Savvy, a merchant service provider, global payment fraud increased from USD 9.84 billion in 2011 to USD 32.39 billion in 2020; it is projected to reach USD 40.62 billion by 2027, a 25% increase from 2020.

Regional Insights

North America dominated the global market in 2021 and accounted for the largest revenue share of over 34.0%. The regional market benefits from factors, such as the increasing deployment of and technology enhancements in smart parking meters. For instance, in July 2020, ParkMobile, a parking solution provider, announced its partnership with EasyPark, a facilities service provider. Through this partnership, the former company provided contactless payments facility throughout Vancouver city. Moreover, the growing number of unmanned stores in the U.S. is creating the demand for digital payment solutions.

Segments Covered in the Report
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global digital payment market report based on solution, mode of payment, deployment, enterprise size, deployment, end use, and region:

Solution Outlook (Revenue, USD Billion, 2017 - 2030)

Application Program Interface

Payment Gateway

Payment Processing

Payment Security & Fraud Management

Transaction Risk Management

Others

Mode of Payment Outlook (Revenue, USD Billion, 2017 - 2030)

Bank Cards

Digital Currencies

Digital Wallets

Net Banking

Point of Sales

Others

Deployment Outlook (Revenue, USD Billion, 2017 - 2030)

Cloud

On-premise

Enterprise size Outlook (Revenue, USD Billion, 2017 - 2030)

Large Enterprises

Small & Medium Enterprises

End-use Outlook (Revenue, USD Billion, 2017 - 2030)

BFSI

Healthcare

IT & Telecom

Media & Entertainment

Retail & E-commerce

Transportation

Others

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ndustry Developments:

November 2019: Facebook introduced Facebook Pay, its latest online payment system that can be used across WhatsApp, Instagram, Messenger, and Facebook. People can easily send money to each other through the Messenger app and store their data for usage across the company's family of apps.
October 2018: PayPal & American Express broadened their partnership for enhancing digital payments experience for the members of the U.S. American Express Card. It will only be applicable to those paying with Venmo and PayPal.

Competitive Landscape-

Key Players Aim to Gain Competitive Edge through Partnerships & App Launches

The Online Payment Market houses a large number of renowned companies that are presently striving to gain a competitive edge either by launching novel apps or by joining hands with the other enterprises. Some of them are also trying to widen their geographic footprints by launching in-house services.

How big is the online payment market?
The global online payment market size was valued at USD 3,286.52 billion in 2019 and is projected to reach USD 17,643.35 billion by 2027, exhibiting a CAGR of 23.7% during the forecast period.

Who are the most popular online payment system?
MasterCard, Visa Inc., Adyen, Alipay.com Co. Ltd, Amazon Inc., Facebook Inc. and Google Inc. are the top players in the market.

What is the future of the payments industry?
The rising E-commerce and online retail industry are driving the growth. Increasing Adoption of Online Payment Platforms by Retail Industry will Boost Growth. The rising local competition along with the investment of international payment providers such as Alipay Co. Ltd. and PayPal Inc.

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