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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