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Sept. 27, 2020, 3:06 a.m. EDT

Online Payment Market 2020 Share, Size, Future Demand, Global Research, Top Leading player, Emerging Trends, Region by Forecast to 2027

Major Key Players: Alipay.com Co Ltd., Adyen, American Express Co., JPMorgan Chase & Co, Facebook Inc., MasterCard Incorporated, Apple Inc., Amazon Inc., PayPal, Inc, Visa, Inc.

Sep 27, 2020 (The Expresswire) -- Fortune Business Insights offers a detailed overview of the global market in a report, titled The global online payment market is set to gain traction from the increasing deployment of artificial intelligence (AI) for improving payment processing, surging transactional volume, and detecting payment fraud. This information is given by Fortune Business Insights™ in a new report, titled, “ Online Payment Market Size , Share and COVID-19 Impact Analysis, By Payment Type (Mobile Payment, Online Banking, and Digital Wallet), By Industry (Media and Entertainment, Retail, BFSI, Food and Beverages, IT and Telecom, Transportation, and Others), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 3,286.52 billion in 2019 and is projected to reach USD 17,643.35 billion by 2027, exhibiting a CAGR of 23.7% during the forecast period.

The emergence of COVID-19 pandemic is taking a toll on a wide range of industries by causing heavy losses. Several companies have shut down their operations because of the strict government norms. A few have commenced production by following social distancing and reducing their workforces. Our reports would offer valuable insights into the present scenario of every market.

To get to know more about the short-term and long-term impact of COVID-19 on this online payment market,

please visit: https://www.fortunebusinessinsights.com/online-payment-market-103417

This Report Answers the Following Questions:

  • Which segment is set to lead the market?

  • How will the COVID-19 pandemic affect the market?

  • Which companies would generate the highest revenue?

  • What are the online payment market dynamics, drivers, and hindrances?

Fortune Business Insights™ lists out the names of all the online payment market providers operating in the Global market. They are as follows:

  • com Co Ltd. (Hangzhou China)

  • Adyen (Amsterdam Netherlands)

  • American Express Co. (New York USA)

  • ACI Worldwide Inc. (Florida USA)

  • JPMorgan Chase and Co (New York USA)

  • Facebook Inc. (California USA)

  • MasterCard Incorporated (New York USA)

  • Apple Inc. (New York USA)

  • Amazon Inc. (Washington USA)

  • PayPal, Inc. (California USA)

  • Visa, Inc. (California USA)

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Drivers and Restraints-

Increasing Adoption of online payment market Platforms by Retail Industry will Boost Growth

The retail industry is considered to be one of the major contributors to the online payment market growth as it is adopting such platforms rapidly. The main aim behind this is to gather consumer data, such as the intervals of shopping, preferences, and their most purchased items. They are further utilizing such data to deliver personalized customer services. Starbucks, for instance, introduced its this payment app for customers where they can choose food and beverages and pay for the same directly from their bank accounts. Besides, the company started offering services, such as loyalty points and discount codes for enhancing customer engagement.

However, the outbreak of the COVID-19 pandemic has started to cause a shift in the online payment market. The consumer behavior is transforming at a fast pace owing to the increasing need to prevent the spread of the virus. Hence, they are opting for contactless transactions and are using digital wallets. As per a survey by the MasterCard Corporation, around 79% of customers are using contactless payment worldwide to maintain safety. There is also a reduction in transactions because of the complete shutdown of hospitality, aviation, travel, and entertainment industries. It may hamper the demand for online payment market solutions.

Segmentation online payment market:

By Payment Type

  • Mobile Payment

  • Online Banking

  • Digital Wallet

By Industry

  • Media and Entertainment

  • Retail

  • BFSI

  • Food and Beverages

  • IT and Telecom

  • Transportation

  • Others (education, consumer electronics, etc.).

By Region

  • North America (the U.S., Canada)

  • Europe (U.K., Germany, France, Italy, and the Rest of Europe)

  • Asia-Pacific (Japan, China, India, South east Asia, and the Rest of Asia- Pacific)

  • Latin America (Brazil, Mexico, and the Rest of Latin America)

  • The Middle East and Africa (South Africa, GCC, and the Rest of the Middle East and Africa)

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Table of Content online payment market:

8 Europe Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

8.1 By Payment Type

  • Mobile Payment

  • Online Banking

  • Digital Wallet

8.2 By Industry (Value)

  • Media and Entertainment

  • Retail

  • BFSI

  • Food and Beverages

  • IT and Telecom

  • Transportation

  • Others (education, consumer electronics, etc.).

8.3 By Country (Value)

  • K.

  • Germany

  • France

  • Rest of Europe

9 Asia Pacific Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

9.1 By Payment Type

  • Mobile Payment

  • Online Banking

  • Digital Wallet

9.2 By Industry (Value)

  • Media and Entertainment

  • Retail

  • BFSI

  • Food and Beverages

  • IT and Telecom

  • Transportation

  • Others (education, consumer electronics, etc.).

9.3 By Country (Value)

  • China

  • Japan

  • India

  • Southeast Asia

  • Rest of Asia Pacific

10 Middle East and Africa Online Payment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027

10.1 By Payment Type

  • Mobile Payment

  • Online Banking

  • Digital Wallet

10.2 By Industry (Value)

  • Media and Entertainment

  • Retail

  • BFSI

  • Food and Beverages

  • IT and Telecom

  • Transportation

  • Others (education, consumer electronics, etc.).

10.3 By Country (Value)

  • GCC

  • South Africa

  • Rest of Middle East and Africa

TOC Continued...!

Competitive Landscape-

Key Players Aim to Gain Competitive Edge through Partnerships and App Launches

The online payment market houses a large number of renowned companies that are presently striving to gain a competitive edge either by launching novel apps or by joining hands with the other enterprises. Some of them are also trying to widen their geographic footprints by launching in-house services. Below are two of the latest industry developments:

  • November 2019 : Facebook introduced Facebook Pay, its latest online payment system that can be used across WhatsApp, Instagram, Messenger, and Facebook. People can easily send money to each other through the Messenger app and store their data for usage across the company’s family of apps.

  • October 2018 : PayPal and American Express broadened their partnership for enhancing digital payments experience for the members of the U.S. American Express Card. It will only be applicable to those paying with Venmo and PayPal.

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Key Research Objectives

  • Online payment market size and growth rate by various segments at global and regional level for the 2015-2026 period, with 2015-2017 as historical data, 2018 as base year and 2019-2026 as forecast period

  • Overall market size and growth rate for key countries for the 2015-2026 period

  • Market dynamics - Market drivers, restraints, trends and opportunities

  • Technological and market developments shaping the market

  • Competitive analysis

  • Profiles of key companies operating in the online payment market

  • Key insights

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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Press Release Distributed by The Express Wire

To view the original version on The Express Wire visit Online Payment Market 2020 Share, Size, Future Demand, Global Research, Top Leading player, Emerging Trends, Region by Forecast to 2027

COMTEX_371923025/2598/2020-09-27T03:05:41

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