The global ePayment system market is expected to grow at a CAGR of 13.4% in terms of value during the forecast period. The ePayment system market is estimated to be valued at US$ 256,078.0 Mn in 2017, and is projected to grow significantly to reach US$ 793,797.4 Mn by 2026. Furthermore, the growth of the global ePayment system market can be primarily attributed to the rapid expansion of the e-Commerce sector, along with the increasing consumer demand for a quick, easy, secure, and streamlined shopping experience. Several businesses are upgrading their payment terminals, creating further opportunity for retailers to offer additional payment options. In addition, the proliferation of smartphones is positively supporting the growth of the ePayment system market across the globe.
Furthermore, increasing Internet banking and Internet shopping have significantly pushed the use of ePayment system across the globe. ePayment systems have grown increasingly over the last few decades, due to the spread of Internet technologies. As the world advances more with technology development, it is creating the demand for ePayment systems.
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Global ePayment System Market: Segmental Analysis
In this report, FMI has segmented the global ePayment system market on the basis of product type, payment mode, and region. By product type, the ePayment system market is sub-segmented into software platforms and services. The software platforms sub-segment is poised to reflect higher lucrativeness, and is likely to lead the global ePayment system market in the years to follow. This segment showcases dual dominance, in terms of both, market share and growth rate for the ePayment system market during the forecast period. Due to the rising e-Commerce market, the software platforms sub-segment of the global ePayment system market is expected to account for more than 65% market share in 2017. In addition, the services sub-segment of the ePayment system market is estimated to register a high CAGR of 12.5% during the forecast period. This segment is estimated to reach US$ 229,810.2 Mn by the end of 2026 in the ePayment system market.
On the basis of payment mode, the global ePayment system market is sub-segmented into credit cards, e-wallets, debit & other cards, bank transfer, cash on delivery, and other modes. The credit cards sub-segment is estimated to dominate the overall ePayment System market. This segment is estimated to reach US$ 272,470.3 Mn by the end of 2026. In addition, the e-wallets ePayment system segment is expected to expand at a 15.2% CAGR over the forecast period in the ePayment systems market, and be valued at US$ 190,697.2 Mn by 2026 end.
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Key Developments by Vendors in the Global ePayment System Market
- In November 2017, MasterCard provided the Verifone M/Chip Fast technology, enabled with a unique code with tap to pay for all transactions, which will be helpful during peak holiday shopping seasons. In May 2017, the company also entered into a partnership with Zain, to launch mobile wallets in Jordan.
- In December 2017, Worldpay, a global leader in payments, announced that it will partner with Klarna, a leader in invoice and credit-based payments, to further enhance its product portfolio. Worldpay customers trading in Austria, Finland, Germany, the Netherlands, Norway, Sweden, and the United Kingdom, and wishing to accept payments on invoices or instalments, will be able to use Klarna’s invoice and credit-based payments from Worldpay. This will help e-Commerce businesses to improve conversion rates by up to 20%, and provide a fast and smooth checkout process.
- On July 25, 2017, AGTech Holdings Limited entered into a joint venture (JV) agreement with One97 Communications Ltd. AGTech Holdings will hold a 45% stake in the JV, while Paytm will hold the remaining. As part of the agreement, Paytm will invest US$ 8.8 million and AGTech Holdings US$ 7.2 million in the new venture.
By Product Type
- Software Platforms
By Payment Mode
- Credit cards
- Debit & Other Cards
- Bank Transfer
- Cash on Delivery
- Other Modes
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Table Of Content
1. Global Outlook
2. Global E-Payment System Market – Executive Summary
3. Global E-Payment System Market Overview
4. Global E-Payment System Market Analysis and Forecast 2012-2026
6. Latin America Global E-Payment System Market Size and Forecast, 2012-2026
7. Europe Global E-Payment System Market Size and Forecast, 2012-2026
8. Japan Global E-Payment System Market Size and Forecast, 2012-2026
9. APEJ Global E-Payment System Market Size and Forecast, 2012-2026
10. MEA Global E-Payment System Market Size and Forecast, 2012-2026
11. Global E-Payment System Market Company Share, Competition Landscape and Company Profiles
12. Research Methodology
13. Secondary and Primary Sources
14. Assumptions and Acronyms
Future Market Insights
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