Press release
A Key Trend Transforming The Payments Market 2025: Emerging Trend Biometric Authentication Revolutionizing Payments
Payments Market
The global payments market reached a value of nearly $716.30 billion in 2024, having grown at a compound annual growth rate (CAGR) of 10.05% since 2019. The market is expected to grow from $716.30 billion in 2024 to $1,117.86 billion in 2029 at a rate of 9.31%. The market is then expected to grow at a CAGR of 9.74% from 2029 and reach $1,778.79 billion in 2034.
What strategies are being adopted by key players in the payments market?
The key players in the market are adopting extensive strategies in the payments market such as:
• Enhancing operations via strategic collaborations.
• Strengthening business through key partnerships.
• Driving growth with collaborative strategies.
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To take advantage of opportunities, The Business Research Company suggests that payments companies enhance offerings:
• Launching new credit cards with flexible financing.
• Investing in AI for secure, personalized payments.
• Enhancing healthcare affordability with innovative solutions.
• Advancing QR and card payment devices.
What Is Payments: Market Overview?
Payments refer to the transfer of money or monetary value from one party to another, typically in exchange for goods, services, or to settle tasks. The payments sector encompasses a wide range of methods and channels that facilitate financial transactions between individuals, businesses and institutions. It is an essential component of the global economy, ensuring the smooth flow of funds in both domestic and international contexts.
The process of making payments often involves multiple stages and participants. For instance, electronic payments typically require the involvement of payment processors, banks, or non-banking financial institutions to authenticate, authorize and settle transactions. Payments are used across various locations, including physical stores, online platforms and remote environments facilitated by mobile devices or digital interfaces.
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Who Are The Major Companies Operating In The Global Payments Market?
The top ten competitors in the market made up to 25.16% of the total market in 2023. The market fragmentation can be attributed to the presence of large number of players in different geographies. Visa Inc. was the largest competitor with a 4.41% share of the market, followed by:
• Apple Inc.
• American Express Company.
• Google LLC (Google Pay).
• PayPal Holdings Inc.
• Mastercard Incorporated.
• Discover Financial Services Inc.
• Tencent Holdings Ltd. (WeChat Pay).
• Fiserv Inc.
• JPMorgan Chase & Co.
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