Rapidly growing e-Commerce sector and adoption of embedded payment systems are key factors driving market revenue 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 Markethas 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 MarketReport:
- 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 Marketare 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.
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