According to the new research report published by The Insight Partners, titled “E-Commerce Payment Market– Global Analysis and Forecasts to 2025”, the global E-Commerce Payment market is expected to reach US$ 64.69 Bn in 2025, registering a CAGR of 13.1% during the forecast period 2018-2025.
The global e-commerce payments industry is highly competitive. The escalating growth of e-commerce has drastically effected the worldwide retail market. The megatrend has transformed the dynamics of consumer behavior and business models in retail globally, however some of the regions are still untapped and are expected to offer huge potential for industry stakeholders of the market. Besides, e-commerce payment market is largely affected by consumer spending patterns, adoption of digital payment modes by consumer and sellers, expansion of multiple business channels, the growth of mobile devices and merchant applications on those devices, the advancement of consumers globally with Internet and mobile access, the pace of transition from cash and cheque to digital payment mode, and the ability to introduce innovative payment methods for consumers as well as sellers.
The E-Commerce Payment market has been segmented by type into credit card, debit card, digital payment/e-wallet, and net banking; by industry into fashion, electronics & media, food & personal care, furniture and appliances, and service industry & others; and geography.
Key findings of the study:
In 2017, APAC is the major contributor to the market followed by North America and Europe. Also, in coming years the Asia Pacific is expected to maintain its dominance with positive growth opportunities owing to the tremendous growth in e-commerce and adoption of cashless alternative payment methods. The rapidly increasing e-commerce market in developing nations offers a worthy growth opportunity to the digital payment market during the forecast period.
In 2017, North America and Europe together contributed revenue which accounted for more than 40% of overall E-Commerce Payment market.
North America region comprises of the U.S., Canada, and Mexico. The region is witnessing high growth in its e-commerce and online retailing sector and e-commerce payment market in North America is expected to grow at a CAGR of 11.4% in the forecast period.
Currently, credit card is the most used online payment mode in the e-commerce industry. This is due to its ease of use, as the customer just have to enter few details such as number and expiry date in the required field of the seller’s web page. Further, card verification number was introduced to make online credit card payments in order to achieve greater security. However, this trend is anticipated to shift during the coming years attributed to introduction of more convenient payment modes such as e-wallet. Further, convenience of choosing equated monthly instalment (EMI) through credit cards, further provides opportunity for the market growth.
By type, credit card led the global E-commerce payment market in the year 2017 and is anticipated to lose its dominance to digital payment or e-wallet during the forecast period.
The key companies profiled in this report include Alipay, PayPal Holdings, Inc., Visa, Inc., MasterCard Incorporated, Stripe Inc., American Express Company, Amazon Payments, Inc., CCBill, LLC, UnionPay International Co., Ltd., and WePay Inc.