Global Payments Market Size, Drivers, Trends, Opportunities And Strategies – Includes Payments Market Growth
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The outbreak of COVID-19 are expected to drive innovation in payments manufacturing, thus driving the market during the forecast period.
The global payments market is expected to grow from $561.77 billion in 2022 to $612.04 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The global payments market is expected to grow to $847.59 billion in 2027 at a CAGR of 8.5%.
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- By Type: Credit Transfer, Direct Debit, Check Payment, Cash Deposit
- By Application: Banks, Non-Banking Financial Institutions, Other Applications
- By End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Other End Users
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global payments market in 2021.
Major Market Players in the payments market include PayPal, Square Inc., Apple Inc., Amazon Payments, Flagship Merchant Services, GoCardless, Bitpay, Stripe, Payline Data, FIS., ACI Worldwide, MasterCard, Fiserv.
The integration of biometric authentication technology into payments is a key trend gaining popularity in the payments market. Biometric authentication is a specific and significant payment method that integrates and offers accuracy, effectiveness, and protection within a single package. The methods of authentication include fingerprint scanners, facial recognition, iris recognition, pulse tracking, and venous mapping. For example, In January 2022, Apple Inc., a company operating in payments based in the United States, introduced an iOS 15.4 beta periocular biometrics that allows Face ID to be used with a mask and without an Apple Watch for biometric authentication.
The Payments Global Market Report 2023 provides a payments market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The payments market forecast analyzes payments market size, payments market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Payment instruments are systems that enable funds held in accounts at credit, payment, or similar institutions to be transferred to a payee on receipt of a payment order.
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