According to Future Market Insights (FMI), the global ePayment system market will generate US$ 78,965.6 million in revenue in 2022. By 2033, the market is anticipated to have grown at a CAGR of 20.1% to reach US$ 602,292.2 million. The market is anticipated to be worth US$ 96,401.1 million in 2023.
Sales of ePayment systems are estimated to account for up to 75% of the global payments market. As contactless payments and e-Payment gateways become more widely accepted, the market for electronic payment systems has grown dramatically. The market for electronic payment systems is growing as a result of the rise of mobile commerce, internet purchasing, digital commerce, and cashless transactions.
The increased demand for sophisticated ePayment system solutions across a variety of industries is a major contributor to the increased global spending on ePayment systems. The market for the ePayment system is primarily being driven by growing dependence on safe and secure contactless payments, aside from this.
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As per Future Market Insights, the global market is anticipated to witness growth in revenue from around US$ 89.2 Bn in 2021 to over US$ 456.6 Bn by 2031. The surge in mobile payments through UPI, Google Pay, PhonePe, Samsung Pay, and Apple Pay, among others, is responsible for boosting the ePayment system market growth.
Key Takeaways
- Various companies operating in the FinTech market have their focus on offering flexible, simpler, and easy-to-use solutions for consumers. This significant shift has been acknowledged by ePayment solutions and service vendors as consumers are shifting towards online shopping and cashless payments. Attributing to this, the vendors are focused on making the ePayment systems more accessible and easier to use. The pandemic has shed the spotlight on the significance of ePayments, summarizing a decade of anticipated revolution into one year and creating a shift in human behavior towards the acceptance of digital payments.
- Over the recent years, a significant surge has been witnessed in the corporate world. The majority of employees have shifted to work-from-home setups and companies are relying upon digital services to keep an eye on the employees. Furthermore, the reinforcement of the trend of digital payments and mCommerce is also prevalent across payment types and demographics.
- Owing to this, there has been a rise in demand for ePayment solutions and services across different industry verticals. Driven by this the ePayment system market is estimated to witness growth from around 12.5% to 14.6% Y-o-Y from 2019 to 2021.
Competitive Landscape
Companies offering ePayment systems are aiming at innovation and strategic partnerships with other vendors in order to expand their portfolio of services while addressing the demand of an expanding customer pool. Some of the leading companies operating in the market are
- ACI Worldwide,
- Adyen,
- Aurus,
- Aliant Payments,
- Alipay,
- Apple Pay,
- Due,
- Dwolla,
- FattMerchant,
- FIS, Fiserv,
- Global Payments,
- Intuit,
- JPMorgan Chase,
- Mastercard,
PayPal, Paysafe, PayTrace, PayU, Spreedly, Square, Stripe, Visa, WEX, Worldline, and 2Checkout, among others.
The inclination of established players in the market is more towards the development of advanced solutions to fulfill specific requirements of customers, cultivating the demand for innovative and advanced products in the market.
- In November 2021, ACI Worldwide entered into a partnership agreement with MasterCard. The partnership is aimed at the integration of ACI Enterprise Payments Platform with Mastercard Direct Services which shall enable the customers to access security, safety, loyalty, and other value-added services across all payment methods.
- In March 2021, Fiserv completed the acquisition of acquire Pineapple Payments, a U.S.-based payments technology company focused on providing payment processing, and omnichannel payment acceptance solutions. The acquisition is aimed at enhancing the former company’s seamless delivery of an assortment of innovative solutions for the customers. Fiserv shall also benefit from the distribution channel of Pineapple Payments while further expanding its geographic reach.
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More Insights into the ePayment System Market
According to Future Market Insights analysis, the U.S. is expected to dominate the global ePayment system market. The U.S. alone is likely to increase at a rate of around 17.9% between 2021 and 2031. The growth of the market is attributed to the rise in demand for omnichannel use of digital payments is one of the major factors driving the ePayment system market growth in the country. Advancements in payment technologies are encouraging innovations and this eventually creates a conducive environment for growth in the U.S.
The market for ePayment systems in the UK is expected to surge at a robust CAGR of 18.5% over the forecast period. In recent years, there has been a growing emphasis on contactless payments in European countries including the U.K., France, and Germany. Major banks in the European region are focusing on making efforts in order to launch a European payment initiative. This initiative will be aimed at creating a unified payment solution for consumers and merchants across the region. Such initiatives are anticipated to create new growth opportunities for digital payment solutions and service vendors in the region.
The Chinese market for the ePayment system is predicted to exhibit lucrative growth with a CAGR of 19.9% between 2021 and 2031. The China ePayment systems market happens to be the fastest growing in East Asia, followed by Japan and South Korea.
ePayment System Outlook by Category
By Component, ePayment System Demand is segmented as:
- Solution
- Services
By Deployment, ePayment System Demand is segmented as:
- Cloud
- On-premises
By Enterprise Size, ePayment System Demand is segmented as:
- Small & Medium Enterprises (SMES)
- Large Enterprises
By Industry, ePayment System Demand is segmented as:
- BFSI
- Retail
- Healthcare
- Media & Entertainment
- IT & Telecom
- Transportation & Logistics
- Others
By Region, ePayment System Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Payment Technology Innovation / Development Trends
3.3. Key Success Factors
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