Global e-Commerce payment market is anticipated to witness an exponential growth in the
forecast period. e-Commerce Payment implies transactions that occur while
selling or buying online. Electronic commerce payment constitutes electronic
funds transfer, mobile commerce, Internet banking, electronic data interchange
(EDI), automated data collection systems, and online transaction processing.
The factors that propel
the growth of the market include increasing preference for making online
payments, growing acceptance of smartphones, growing banking population, rapid
digitalization, and technological advancement. On the other hand, there are
factors that may hamper the growth of the market including privacy and security
concerns. E-Commerce payment market is anticipated to expand at a significant
CAGR in the upcoming period as the scope, product types, and its applications
are increasing across the globe.
Increasing mobile
biometrics for payments is an emerging trend in the e-Commerce payment market.
As per the current market situation, use of mobile devices for conducting
e-Commerce and financial transactions has improved significantly. Thus, rising
trend is important towards the innovation of biometrics technologies such as
voice recognition, fingerprint recognition, iris recognition, keystroke
recognition, facial recognition, and signature recognition.
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Market could be explored by type,
application, and geography. Market could be explored by type as direct debits,
Real-time bank transfers & offline bank transfers, Cash on delivery,
Digital wallets, E-invoices, Prepay, Post-pay, Debit cards, Pre-paid cards,
Charge cards, and Credit cards.
The key applications that could be
explored in the market include Bank transfer, Cards, Direct debits, Mobile, and
E-wallets. The “Cards” segment led the e-Commerce payment market in 2017 and
will continue to lead in the forecast period. The key factors that may be
attributed to the growth of the market include steady reduction in the shares
and e-wallets and increasing demand.
North America accounted for the major
share of the market in 2017 and will continue to lead in the forecast period.
The factors that could be attributed to the growth include governing
compliance, rising demand for secure payment methods, and easy usability. North
America is followed by the Asia-Pacific region owing to presence of youth
populace, rapidly growing economies, substantial growth in the spending
capacity, and advancement in the e-Commerce technologies.
Some of the key players that fuel the
growth of the e-Commerce payment market comprise Amazon Payments, Inc., PayPal
Holdings, Inc., We Pay Inc., CCBill, LLC, Visa, Inc., Alipay, Stripe Inc.,
MasterCard Incorporated, UnionPay International Co., Ltd., and American Express
Company. The leading companies are taking up strategies such as partnerships,
mergers and acquisitions, and joint ventures in order to boost the inorganic
growth of the industry.
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