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With 23.7% CAGR, Online Payment Market Size to Reach USD – GlobeNewswire

| Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) — As Per the Report Published by Fortune Business Insights™ in report, titled, “Online Payment Market Size, Share & COVID-19 Impact Analysis, By Payment, By Industry, 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 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.
Industry Developments:

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Report Scope:

Regional Analysis-
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 the market growth. India is experiencing higher adoption of online payment platforms backed by the 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 a 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.
Drivers & Restraints-
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 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 solutions.
To get to know more about the short-term and long-term impact of COVID-19 on this Online Payment Market,
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Report Coverage-
Market Segmentations-
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 digital 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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Competitive Landscape-
Key Players Aim to Gain Competitive Edge through Partnerships & 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.
Fortune Business Insights™ lists out the names of all the online payment providers operating in the global Online Payment Market. They are as follows:
Quick Buy – Online Payment Market Research Report:
Table of Content Online Payment Market:
TOC Continued…!
The global online payment market size was valued at 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.
MasterCard, Visa Inc., Adyen, Co. Ltd, Amazon Inc., Facebook Inc. and Google Inc. are the top players in the market.
The rising E-commerce and online retail industry are driving the growth. Increasing Adoption of Online Payment Platforms by Retail Industry will Boost Growth. The rising local competition along with the investment of international payment providers such as Alipay Co. Ltd. and PayPal Inc.
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