ePayment System Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025

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ePayment System Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025

Status : September, 2021 | Technology & Media

Report Digest


Global ePayment System Market: Snapshot

An ePayment system or electronic payment system, also popularly known as online payment system, has gained enormous traction among consumers and businesses alike for making or receiving payments. The usage of ePayment system has outgrown in recent years and is rapidly gaining popularity over cash and card transactions. The popularity is stoked by the several attractive functionalities and benefits the usage of these system confers on savvy users. At the fore is the unmatched convenience of secure money transfer anytime and anywhere in real time. The bold strides being made by online shopping and the burgeoning e-commerce retail in several emerging and developed countries are key factors providing a robust groundwork for the expansion of the e-payment system market.

The proliferation of apps for seamless phone-to-phone (P2P) payments, coupled with substantial industry efforts to raise the awareness about the functionalities, is a notable trend bolstering the uptake of ePayment systems. The demand is also benefiting from recent government initiatives to promote their use in emerging economies for ensuring the transparency in financial transactions. In recent decades, world over there have been rapid advances in digital infrastructure and constant advancements in technologies. This has fortified the uptake of ePayment system. The growing popularity of mobile wallets across worldwide populations is also helping the global market to expand rapidly. The advent of cutting-edge automation technology by a few e-commerce giants augurs well for the ePayment systems market. The potentially high usage of credit card and debit card in facilitating ePayment system is a key trend accentuating the demand. In recent years, significant efforts have been made by technology companies to up the level of security of transactions. This has a strong bearing on the demand for these systems among consumers in emerging markets. Furthermore, the use of ePayment system is also gathering steam for payment of bills and payments at retail shops.  

Global ePayment System Market: Overview

ePayment is basically a form of digital monetary transaction that takes place between buyers and sellers on an online platform. The monetary exchange occurs with the help of a digital financial device, which is supported by an intermediary such as a bank.  The process of ePayments can be completed with the use of bank transfers, debit cards, or credit cards. These payments are characterized by their instantness, which saves buyers and sellers ample time along with the ease of payment.  ePayments enable a fast and secure way to initiate payments. This enables it to steal a march over conventional payment options. The growing popularity of internet shopping coupled with online and mobile banking is substantially propelling the demand for ePayment systems.

This report offers a deep analysis of the market competition that could be witnessed by players in the coming years. The report puts forth possible strategies for new participants to enter the market and various business paths that existing players could take. The report is an all-encompassing study of the ePayment system industry – its drivers, challenges, and key trends.

Global ePayment System Market: Key Trends

Consumer behavior is changing fast with the high penetration of internet and mobile phones across the globe. Changing government policies, which indirectly encourage transparency in payment systems leading to demand for phone-to-phone (P2P) payments, are also impacting the global ePayment system market. The boom in e-commerce further provides an impetus to the use of online payment systems, with digital platforms, mobile wallets, and online bank exchanges enticing customers with discounts and offers. The progress in digital infrastructure in emerging economies is offering a robust ecosystem for the development of the digital payments industry, thereby fuelling the ePayment system market.

Global ePayment System Market: Market Potential

Recently, the Wall Street Journal reported the active consideration of the eCommerce giant Amazon’s voice assistant in online payments. Amazon plans to use its patented Alexa to try and enter the online payment market, actively competing with Paymo’s Venmo and other large banks which offer payment services. Using Alexa’s voice-based instruction inference system, the users will be able to transfer money using their voice.

Global ePayment System Market: Regional Outlook

On the basis of geographical segmentation, the global ePayment system market has been segmented into five major regions of Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa.

Global ePayment System Market: Competitive Analysis

Leading vendors in the global ePayment system market are Wipro, LightPointe Communications, VLNComm, General Electric, pureLiFi, Philips, Nakagawa Labs, Oledcomm, Nakagawa Labs, LVX System, and Velmenni.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?