Payments Market Size Forecasted To Achieve $1117.87 Billion By 2029 With Steady Growth

The Payments Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Payments Market Size During the Forecast Period?
The size of the payments market has witnessed significant growth in the past few years. It is projected to expand from $716.31 billion in 2024 to $783.02 billion in 2025, with a compound annual growth rate (CAGR) of 9.3%. This growth during the historical period can be ascribed to the rise in e-commerce, globalization and international transactions, the digitization of financial services, ease and speed for consumers, as well as regulatory shifts and compliance.

Strong expansion is projected in the payments market over the forTH*Coming years, with an estimate of reaching $1117.87 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth during the forecast period can be traced back to several factors such as the increasing preference for contactless and mobile payments, the emergence of digital and central bank digital currencies, efforts towards financial inclusion, the rise of open banking systems and APIs, and measures for cybersecurity and fraud prevention. Key trends expected during this period include the advent of buy now, pay later services, growth in cross-border and international payments, the integration of open banking and APIs, the shift towards subscription-based payment models, along with regulatory initiatives and compliances.

Purchase the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=107

What Are the High-Growth Segments in the Payments Market?
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

Subsegments:
1) By Credit Transfer: Electronic Funds Transfer (EFT), Wire Transfers, Online Bank Transfers
2) By Direct Debit: Recurring Payments, One-Time Payments
3) By Check Payment: Personal Checks, Business Checks, Certified Checks
4) By Cash Deposit: Over-the-Counter Cash Deposits, ATM Cash Deposits

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=107&type=smp

What Key Drivers Are Expected to Influence Future Payments Market Growth?
The potential growth of the payments market is anticipated to be propelled by the surge in contactless payments. Defined as transactions made simply by tapping or waving a device like a debit card, credit card, smartphone, or wearable gadget, there has been an upswing in their use. This is largely due to the convenience they offer, an increase in spending caps, benefits in terms of hygiene, broad acceptance, advanced technology, and improved security features. Contactless payments boost the efficacy of transactions in the payments realm by allowing for swift, secure shopping with just a simple tap, highlighting convenience and lessening dependence on physical cash. In July 2024, UK Finance, a trade organization based in the UK, reported that the country registered 18.3 billion contactless payments in 2023, exhibiting a seven percent rise from the 17.0 billion documented in 2022. Therefore, the surge in contactless payment usage is fueling the expansion of the payments industry.

Which Companies Hold the Largest Share Across Different Payments Market Segments?
Major companies operating in the payments market include 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.

What Are the Latest Developing Trends in the Payments Market?
Incorporating biometric authentication technology into payment systems is a growing trend in the payments market. This unique and crucial payment technique combines accuracy, efficiency, and security in one bundle. This can be done through various methods, such as fingerprint scanning, facial recognition, iris recognition, pulse tracking, and venous mapping. To illustrate, in January 2022, Apple Inc., a US-based payments company, launched its iOS 15.4 beta periocular biometrics, allowing Face ID to be used for biometric authentication, even when wearing a mask and without the need for an Apple Watch.

Get the full report for exclusive industry analysis:
https://www.thebusinessresearchcompany.com/report/payments-global-market-report

What Are the Emerging Geographies for The Payments Market Growth?
Asia-Pacific was the largest region in the payments market in 2024. 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Payments Market?
2. What is the CAGR expected in the Payments Market?
3. What Are the Key Innovations Transforming the Payments Industry?
4. Which Region Is Leading the Payments Market?

Why This Report Matters:

Competitive overview: This report analyzes the competitive landscape of the 3D imaging software market, evaluating key players on market share, revenue, and growth factors.

Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.

Efficient Research: Quickly identify market growth, leading players, and major segments.

Connect with 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.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.