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The payments market has exhibited rapid growth, escalating from $678.42 billion in 2023 to $748.02 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.3%. The historical growth is associated with the expansion of e-commerce, the globalization of cross-border transactions, the digitalization of financial services, the emphasis on consumer convenience and speed, and evolving regulatory changes and compliance requirements. Anticipating the next few years, the market is projected to continue its strong growth, reaching $1086.76 billion in 2028 with a CAGR of 9.8%. The forecasted growth in the upcoming period is fueled by the adoption of contactless and mobile payments, the rise of digital currencies and central bank digital currencies (CBDCs), financial inclusion initiatives, the implementation of open banking and APIs, and a heightened focus on cybersecurity and fraud prevention. Key trends in the forecast period encompass the proliferation of buy now, pay later services, the expansion of cross-border and international payments, increased integration of open banking and APIs, the adoption of subscription-based payment models, and ongoing regulatory initiatives and compliance measures.

The outbreak of COVID-19 is anticipated to catalyze the expansion of the payments market throughout the forecast period. Digital payments, conducted electronically without cash or physical checks, encompass various methods such as credit and debit cards, mobile wallets, online banking, and peer-to-peer payment apps. Global Findex data from November 2021 indicates a 65% surge in digital payment activity and a 24% increase in digital banking, highlighting the accelerated digitalization of financial transactions. Consequently, the widespread impact of the coronavirus is poised to fuel the digital evolution of the payment market in the forecast period. Market analysis projects significant growth in 2023, with continued expansion anticipated in 2024 and 2028.

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What Are The Key Trends That Influence Payments Market Share Analysis?

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.

Which Market Players Are Driving Growth In The Payments Market?

Major companies operating in the payments market report are Amazon Payments Inc., Apple Inc., Google Pay Inc., Samsung Electronics Co. Ltd., Industrial and Commercial Bank of China Limited, Alipay Co. Ltd., JPMorgan Chase & Co., Bank of America, National Merchants Association, Citibank, Wells Fargo and Company, American Express Company, Capital One Financial Corporation, Visa Inc., PayPal Holdings Inc., Flagship Merchant Services, Mastercard Inc., Fiserv Inc., Square Inc., Fidelity National Information Services Inc., Stripe Inc., Global Payments Inc., Payline Data Services LLC, Worldline SA, Adyen N.V., ACI Worldwide Inc., X-Payments, First Data Corporation, Bitpay Inc., Braintree Technology solutions LLC, GoCardless Ltd.

How Is The Global Payments Market Segmented?

The payments market covered in this report is segmented –

1) By Type: Credit Transfer, Direct Debit, Check Payment, Cash Deposit
2) By Application: Banks, Non-Banking Financial Institutions, Other Applications
3) By End-user Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Other End Users

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The Payments Global Market Report 2024 provides an overview of the paymentsmarket 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 and their market positions.

The Table Of Content For The Payments Market Include

1. Payments Market Executive Summary
2. Payments Market Segments
3. Payments Market Size And Template Market Growth Rate
4.  Key Payments Market Trends
5. Major Payments Market Drivers
……
25. Key Mergers And Acquisitions In The Payments Market
26. Top Payments Companies
27. Payments Market Opportunities And Strategies
28. Payments Market, Conclusions And Recommendations
29. Appendix

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