Payments Market: Forecasting Market Size, Key Drivers, Technological Innovations, and Growth Trends in the Financial Sector

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Payments Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $1086.76 billion In 2028 At A CAGR Of 9.8% :

The payments market size has grown rapidly in recent years. It will grow from $678.42 billion in 2023 to $748.02 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to e-commerce growth, globalization and cross-border transactions, digitalization of financial services, consumer convenience and speed, regulatory changes and compliance.

The payments market size is expected to see strong growth in the next few years. It will grow to $1086.76 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to contactless and mobile payments adoption, rise of digital currencies and financial inclusion initiatives, open banking and apis, cybersecurity and fraud prevention. Major trends in the forecast period include buy now, pay later services, cross-border and international payments, open banking and api integration, subscription-based payment models, regulatory initiatives and compliance.

Request A Sample Of This Report - https://www.thebusinessresearchcompany.com/sample.aspx?id=107&type=smp

Payments Market Major Segments
The payments market covered in this report is segmented -

1) By Type: Credit Transfer, Direct Debit, Check Payment, Cash Deposit
2) By Application: Banks, Non-Banking Financial Institutions, Other Applications
3) By End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Other End Users

Key Driver - Covid-19 Pandemic And The Payments Market Driving The Adoption Of Digital Transactions

The outbreak of COVID-19 is expected to drive the growth of the payments market over the forecast period A digital payment is any payment that is made electronically, without the use of cash or physical checks. Digital payments can be made using a variety of methods, including credit and debit cards, mobile wallets, online banking, and peer-to-peer payment apps. According to November 2021 data by Global Findex a US-based database on financial inclusion, Regulators saw 65% increases in activity for digital payments and 24% increase in digital banking. Therefore, the widespread of the coronavirus is expected to propel the digital growth of the payment market in the forecast period.

Customise This Report As Per Your Requirements - https://www.thebusinessresearchcompany.com/Customise?id=107&type=smp

Prominent Trend - Emerging Trend Biometric Authentication Revolutionizing Payments

The integration of biometric authentication technology into payments is a key trend gaining popularity in the payments market. Biometric authentication is a specific and significant payment method that integrates and offers accuracy, effectiveness, and protection within a single package. The methods of authentication include fingerprint scanners, facial recognition, iris recognition, pulse tracking, and venous mapping. For example, In January 2022, Apple Inc., a company operating in payments based in the United States, introduced an iOS 15.4 beta periocular biometrics that allows Face ID to be used with a mask and without an Apple Watch for biometric authentication.

Payments Market Players
Major companies operating in the payments market report are Amazon Payments Inc., Apple Inc., Google Pay Inc., Samsung Electronics Co. Ltd., Industrial and Commercial Bank of China Limited, Alipay Co. Ltd., JPMorgan Chase & Co., Bank of America, National Merchants Association, Citibank, Wells Fargo and Company, American Express Company, Capital One Financial Corporation, Visa Inc., PayPal Holdings Inc., Flagship Merchant Services, Mastercard Inc., Fiserv Inc., Square Inc., Fidelity National Information Services Inc., Stripe Inc., Global Payments Inc., Payline Data Services LLC, Worldline SA, Adyen N.V., ACI Worldwide Inc., X-Payments, First Data Corporation, Bitpay Inc., Braintree Technology solutions LLC, GoCardless Ltd.

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/payments-global-market-report

Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the payments market in 2023. Western Europe was the second largest region in the global payments market share. The regions covered in the payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Payments Market Report Structure
3. Payments Market Trends And Strategies
4. Payments Market - Macro Economic Scenario
5. Payments Market Size And Growth
…..
27. Payments Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.