December 17, 2020
According to the research report titled ‘Global E-Commerce Payment Market Size study, by Type (Credit Card, Debit Card, Digital Payment/ E-Wallet, Net Banking, Gift Cards, Others), by Application (Fashion, Electronics & Media, Food & Personal Care, Furniture and Appliances, Service Industry, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global e-commerce payment market was worth USD 31 billion in 2019 and is anticipated to record a y-o-y growth rate of 13% during 2020-2027.
Wide availability of internet and growing penetration of smartphones, along with rising number of digital banking users are the key factors driving the growth of global e-commerce payment market.
For those unversed, an e-commerce payment is a system through which electronic payment is enabled for a specific transaction online. These systems have become popular owing to extensive usage of internet for shopping and banking among people. Availability of online payment mediators, who allow instant account formation and fund transfer, is impelling the growth of e-commerce payment industry size.
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The COVID-19 pandemic has a negative impact financial and banking sector, owing to limitations on movement by government, due to which conventional banks have failed to deliver their financial services. Hence, consumer inclination towards online payment as an alternative for making transactions augmented the market growth.
Despite the favorable scenario, data security & privacy concerns are likely to hamper global e-commerce payment industry remuneration scale over the forecast timespan.
Speaking of type, the market is classified into gift cards, net banking, digital payment/e-wallet, debit card, credit card, and others. While the application spectrum of global e-commerce payment market is inclusive of service industry, furniture & appliances, food & personal care, electronics & media, fashion, and others.
Considering the regional terrain, prominent regions considered for worldwide e-commerce payment industry analysis are Asia Pacific, Europe, Latin America, North America, and Rest of the World. As per the report, Asia Pacific currently dominates the overall market and is poised to witness substantial gains by 2027, attributable to concentration of e-commerce payment service providers in the region and growing trend of online shopping among the population. In addition, increasing number of debit card and credit card users, along with rising penetration of smartphones and internet are also contributing to the regional market outlook.
Established companies in global e-commerce payment market sphere are CCBill LLC, WePay Inc., Alipay, UnionPay International Co. Ltd., American Express Company, Stripe Inc., MasterCard Incorporated, Visa Inc., PayPal Holdings Inc., and Amazon Pay.