Payments Landscape Market Size 2030 | Proliferation of Smartphones Enabling M-Commerce Growth
Rapidly growing e-Commerce sector and adoption of embedded payment systems are key factors driving market revenue growth
Market Size – USD 88.05 Billion in 2021, Market Growth – at a CAGR of 15.0% Market Trend – Proliferation of smartphones enabling m-Commerce 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.
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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.
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)
- Credit Cards
- Debit Cards
- Bank Transfer
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
- Travel & Hospitality
- Transportation & Logistics
- Media & Entertainment
- Other Verticals
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Answered In The Report
- What will be the market size and growth rate in the forecast year?
- What are the key factors driving the global Payments Landscape market?
- What are the risks and challenges in front of the market?
- Who are the key players in the global Payments Landscape market?
- What are the trending factors influencing the market shares?
- What are the key outcomes of Porter’s five forces model?
- Which are the global opportunities for expanding the global Payments Landscape market?
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Table of Contents:
- Global Payments Landscape Market Overview
- Economic Impact on Industry
- Market Competition by Manufacturers
- Production, Revenue (Value) by Region
- Market Effect Factors Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Supply (Production), Consumption, Export, Import by Regions
- Production, Revenue (Value), Price Trend by Type
- Global Payments Landscape Market Forecast
- Global Payments Landscape Market Analysis by Application
- Manufacturing Cost Analysis
- Marketing Strategy Analysis, Distributors/Traders
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