Emerging Trends to Drive Payments Market Growth at 9.5% CAGR Through 2029

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Payments Market Size Growth Forecast: What to Expect by 2025?
In recent years, the payment market has witnessed significant growth. Projected to expand from $724.52 billion in 2024 to $788.06 billion in 2025, it is expected to have a Compound Annual Growth Rate (CAGR) of 8.8%. The increase in the past period is credited to factors such as e-commerce expansion, globalization and transactions across borders, digital transformation in financial services, ease and speed for consumers, as well as regulatory modifications and compliance.

How Will the Payments Market Size Evolve and Grow by 2029?
The sector of payments is predicted to experience significant expansion in the foroming years, with an estimated growth to $1131.49 billion in 2029, marking a compound annual growth rate (CAGR) of 9.5%. This expected upswing in the prediction span can be credited to the increasing embracement of contactless and mobile payments, the emergence of digital currencies and cs, efforts towards financial inclusion, the rise of open banking and APIs, as well as cybersecurity and fraud prevention. Notable upcoming trends within this predictive frame include, buy now, pay later services, international and cross-border payments, the integration of open banking and api, subscription-driven payment models, regulatory interventions, and compliance.

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What Drivers Are Propelling the Growth of Payments Market Forward?
The boom in contactless payments is projected to spur the expansion of the payments market in the future. Transactions made with a debit or credit card, smartphone, or any wearable device that only necessitates a tap or wave near a payment terminal are referred to as contactless payments. Factors such as ease of use, higher spending limits, health benefits, universal acceptance, advancements in technology, and improved security are contributing to the increase in their usage. Contactless payments simplify transactions in the payments sector by allowing quick, secure purchases with a single tap, enhancing convenience and reducing the dependence on cash. For instance, UK Finance, a trade association of the United Kingdom, reported in July 2024 that the UK witnessed 18.3 billion contactless payments in 2023, a rise of seven percent from 17.0 billion in 2022. Thus, the surge in contactless payments is fueling the growth of the payments market.

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What Are the Key Trends Driving Payments Market Growth?
One key trend gaining traction in the payments market is the incorporation of biometric authentication technology in payment methods. Biometric authentication combines accuracy, efficiency, and security in a unique payment method. This includes identification methods such as fingerprint scanning, face recognition, iris detection, pulse monitoring, and vein mapping. For instance, in January 2022, Apple Inc., a US-based payments company, launched an iOS 15.4 beta periocular biometrics that enables Face ID to function with a mask and without the need for an Apple Watch for biometric verification.

What Are the Key Segments in the Payments Market?
The paymentsmarket 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

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Who Are the Key Players Shaping the Payments Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Payments Market?
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.

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