Global Payments Landscape Market Size Hit USD 311.19 Billion at a CAGR of 15.0% in 2030 | Mastercard, Novatti Group Ltd.
Market Size – USD 88.05 Billion in 2021, Market Growth – at a CAGR of 15.0% Market Trend – Proliferation of smartphones enabling m-Commerce growth
The global payments
landscape market size is expected to reach USD 311.19 Billion in 2030
and register a revenue CAGR of 15.0% over the forecast period, according to
latest report by Reports and Data. Increasing use of smartphones, especially in
developing countries, is a key factor expected to drive market revenue growth.
Rising use of technology for payments is the latest trend observed in this
market, and the newer generation, being increasingly tech-savvy, use
smartphones for various purposes, such as paying bills, shopping online, and
even for peer-to-peer payments. Moreover, cryptocurrencies, such as bitcoins
and digital wallets, including GooglePay and Paytm, are being increasingly
promoted. The rise of e-commerce and adoption of embedded payment systems is
another factor driving revenue growth of the global payments landscape market
to a significant extent, as increasing number of consumers are shopping online
and using embedded payment systems to pay for items purchased.
However, lack of global standards for cross-border payments
is a primary factor that could hamper market revenue growth to a certain
extent. Development of cross-border payments has been comparatively slow,
mainly due to differences in currency exchange rates. Increasing cases of
cyber-attacks on digital payment platforms is also expected to restrain market
revenue growth, as the threat of cyber-attacks is preventing many potential
users from using digital payments. The rapid shift towards digitization has
created opportunities for potential cybercriminals and has raised the risks of
cyber-attacks. Platforms deploying technologies, such as digital payment
platforms, or e-commerce companies are at a higher risk of such attacks.
Increasing number of individuals opening bank accounts in
countries across the globe is expected to create major opportunities for market
players. Opportunities can also be generated in rural and remote areas with
large populations. Government organizations and private sector companies are
recognizing the potential benefits of introducing financial services in such
areas and are taking various initiatives to provide connectivity and increase
digital literacy in these areas.
Some major companies
profiled in the global market report include Mastercard, Novatti Group Ltd.,
PayPal Payments Pvt. Ltd., Säästöpankkiliitto, American Express
Company/American Express Banking Corp., Danske Bank, Diners Club International
Ltd., Visa, Stripe, Inc., and FIS.
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Market Overview:
The research report
assesses the market dynamics, market landscape, company profiles, production
and manufacturing capacity, year-on-year growth rate, SWOT analysis, and
Porter’s Five Forces analysis. The report estimates the market size, market
growth, and provides an accurate forecast for the key segments of the market
for the forecast period of 2020-2028. The report also covers an in-depth
analysis of the key competitors of the market, along with their growth
strategies and business expansion plans.
The Payments
Landscape Market has been
segmented into key regions of the world and offers an analysis of growth rate,
market share, market size, current and emerging trends, production and consumption
ratio, industrial chain analysis, demand and supply, import and export, revenue
contribution, and presence of key players in each region. A country-wise
analysis of the market is offered in the report to gain a better understanding
of the regional spread and progress of the Payments Landscape Market.
Some Key Highlights From the Report
- e-Wallet
segment is expected to register a rapid growth rate during the forecast
period. e-Wallet is a secure virtual vault of an individual’s cash and is
used to transfer money and make other transactions virtually. Demand for
e-Wallets has been rising in various verticals, such as e-commerce,
telecom, media & entertainment, and travel & tourism.
- The
online payments segment is expected to register a fast growth rate during
the forecast period, due to increase in the number of people opting for
this payment method. Integration of technologies, such as Artificial
Intelligence (AI) and Machine Learning (ML), is expected to improve
security of online payment platforms, which is expected to increase
consumer trust in this payment mode.
- Banking,
Financial Services & Insurance (BFSI) segment is expected to account
for largest revenue share over the forecast period. Increasing adoption
and improvement of payment gateways are expected expand offerings and
enable the provision of more seamless services to customers, which is
expected to drive revenue growth of this segment.
- Market
in North America accounted for largest revenue share in the global
payments landscape market in 2021, which can be attributed to rapidly
expanding e-commerce sector in countries in the region. Another factor
supporting market revenue growth in the region is presence of leading
players, such as Mastercard, FIS, and American Express, among others.
- On 7
April 2022, Latin American FinTech payment specialist PayRetailers
announced that it had acquired online payments platforms Paygol and Pago
Digital. This move will help to bring together the fragmented e-commerce
sector across Latin America.
- On 6
April 2022, GreenBox, an emerging and rapidly growing FinTech company,
made an announcement that it completed the acquisition of Transact Europe
Holdings for approximately USD 28 million.
- On
14 March 2022, Cashfree Payments, located in Bengaluru, India, announced the
launch of softPOS, an app through which businesses can generate UPI QR
codes, create payment links, and enable card payments via Near Field
Communication (NFC)-based tap and pay.
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For the purpose of this report, Reports and Data has
segmented the global payments landscape market based on payment methods,
payment mode, vertical, and region:
Payment Methods Outlook (Revenue, USD Billion; 2019-2030)
- Cash
- Credit
Cards
- Debit
Cards
- Bank
Transfer
- e-Wallets
- Cryptocurrency
- Others
Payment Mode Outlook (Revenue, USD Billion; 2019-2030)
- Online
Payments
- Offline
Payments
Vertical Outlook (Revenue, USD Billion; 2019-2030)
- Banking,
Financial Services & Insurance
- Retail
& e-Commerce
- Healthcare
- Travel
& Hospitality
- Transportation
& Logistics
- Media
& Entertainment
- Other
Verticals
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest
of Europe
- Asia
Pacific
- China
- India
- Japan
- South
Korea
- Rest
of APAC
- Latin
America
- Brazil
- Rest
of LATAM
- Middle
East & Africa
- Saudi
Arabia
- UAE
- South
Africa
- Israel
- Rest
of MEA
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Key Advantages of Payments
Landscape Market Report:
- Identification
and analysis of the market size and competition
- Qualitative
and quantitative analysis of the market data
- Data
validated by industry experts after extensive primary and secondary
research
- Extensive
regional analysis of the Payments
Landscape industry
- Profiling
of key players along with their business overview, business strategies,
deals and partnerships, and product portfolio
- SWOT and
Porter’s Five Forces Analysis for in-depth understanding of the
competitive landscape
- Feasibility
analysis and investment analysis to enable strategic investment decisions
- Analysis
of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Payments Landscape Market
are quantitatively as well qualitatively assessed to study the global as well
as regional market comparatively. This market study presents critical
information and factual data about the market providing an overall statistical
study of this market on the basis of market drivers, limitations and its future
prospects.
About Us:
Reports and Data
is a market research and consulting company that provides syndicated research
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offerings to ensure our clients are aware about the latest trends existent in
the market.
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