Aug 31, 2021 (The Expresswire) -- The research further states that the online payment market size was USD 3,286.52 billion in 2019 and is projected to reach USD 17,643.35 billion by 2027. The emergence of the 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.
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Increasing Adoption of Online Payment 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 online 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.
Digital Wallet Segment to Exhibit Steady Growth Owing to Presence of Renowned Players
Based on payment type, the market is segregated into digital wallet, online banking, and mobile payment. Out of these, the online banking segment held 38.4% in terms of online payment market share in 2019. The digital wallet segment is set to exhibit significant growth backed by the emergence of several providers, such as Facebook, Amazon, and Google. They are constantly offering excellent customer experiences and value-added features.
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Asia Pacific to Remain at the Forefront Fueled by Rising Online Transactions
In Asia Pacific, China is expected to be the dominant country and a major contributor to market growth. India is experiencing higher adoption of online payment platforms backed by increasing government initiatives. Asia Pacific generated USD 1,148.51 billion in terms of revenue in 2019. Europe, on the other hand, is anticipated to showcase considerable growth during the forthcoming years stoked by the rising investments by the international online payment providers, namely, PayPal and Alipay, as well as the increasing competition among various companies.
Key Players Aim to Gain Competitive Edge through Partnerships and App Launches