The global ePayment system market revenue totaled USD 78,965.6 million in 2022, according to Future Market Insights (FMI). The market is expected to reach USD 602,292.2 million by 2033, growing at a CAGR of 20.1%. As of 2023, the market is expected to be valued at USD 96,401.1 million.
The ePayment system market is estimated to account for nearly 75% of the global payments market. With the rising popularity of contactless payments and e-Payment gateways, the market for ePayment systems has witnessed significant growth.
There has been a shift towards mCommerce, online shopping, digital commerce, and cashless transactions which is further propelling the ePayment system market growth.
| Attribute | Details |
|---|---|
| Base year (2022) Market Value | USD 78,965.6 million |
| Expected Market Value in 2023 | USD 96,401.1 million |
| Projected year (2033) Market Value | USD 602,292.2 million |
| CAGR (2023 to 2033) | 20.1% |
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The global ePayment system market is estimated to be valued at USD 8,849.6 million in 2018, and rose to a valuation of USD 78,965.6 million in 2022. During the said historical period, a CAGR of 19.3% was observed for the ePayment system market. The demand for ePayment system is expected to rise at a CAGR of 20.1% during the forecast period 2023 to 2033.
Global expenditure on ePayment systems is primarily driven by the rise in demand for advanced ePayment system solutions across different industries. Besides this, higher dependency on safe and secure contactless payments is majorly driving the market for ePayment systems. As per Future Market Insights, the global market is anticipated to witness growth in revenue from around USD 96,401.1 million in 2023 to USD 602,292.2 million by 2033.
The rise in mobile payments through UPI, Google Pay, PhonePe, Samsung Pay, and Apple Pay, among others, is responsible for boosting the ePayment system market growth. The shifting trend towards online payments during COVID-19 pandemic is another factor responsible for driving the sales of ePayment systems.
Emergence of Online Shopping and Cashless Payments to Propel The Market Growth
Companies operating in the FinTech market are focused on providing flexible, simpler, and easy to use solutions for the consumers. The ePayment solution and service vendors are acknowledging the shifting preferences of consumers towards online shopping and cashless payments.
Vendors are focused on making the ePayment systems more accessible and easy to use. The pandemic has shed the spotlight on the significance of ePayments, summarizing a decade of anticipated revolution into one year and creating a shift in human behavior towards the acceptance of digital payments.
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Increase in Demand for Omnichannel Use of Digital Payments to Drive The Industry Growth
According to Future Market Insights analysis, the overall ePayment system spending in the United States accounted for a 17.2% revenue share in 2022. The rise in demand for omnichannel use of digital payments is one of the major factors driving the ePayment system market growth in the country. Advancements in payment technologies are encouraging innovations and this eventually creates a conducive environment for growth in the United States
Surging smartphone penetration is responsible for driving the growth of mCommerce sales in the country. The provision of cashless transactions is expected to propel growth in the market for ePayment system in the United States The region has witnessed technological advancements in terms of financial technologies coupled with digital technologies in the past couple of years. These factors are thereby driving the demand for ePayment systems in the United States
Novel Initiative Taken by United Kingdom to Boost Market Growth
The market for ePayment systems in the United Kingdom is anticipated to grow at a CAGR of around 19.4% until 2033. In recent years, there has been a growing emphasis on contactless payments in European countries including the United Kingdom, France, and Germany.
Banks in Europe are focusing on making efforts in order to launch a European payment initiative. This initiative will be aimed at creating a unified payment solution for consumers and merchants across the region. Such initiatives are anticipated to create new growth opportunities for digital payment solutions and service vendors in the region.
Payment wallet providers are concentrating on leveraging the landscape of remittances in different countries in the region, for increasing the reach of their businesses. These factors are projected to surge the market growth of ePayment systems across the globe.
Rising Demand for Cashless Payment to Propel Chinese Market Expansion
According to the Future Market Insights analysis, the market for ePayment system in China is likely to grow at a CAGR of 18.2% from 2023 and 2033. The China ePayment systems market happens to be the fastest growing in East Asia, followed by Japan and South Korea.
China, Japan, and South Korea are offering growth opportunities for ePayment systems owing to the rising demand for contactless payments. China accounted for nearly 55% of ePayment systems sales in East Asia in 2022.
High Penetration of Digital Payments Solutions to Boost Indian Market
The India ePayment system market is anticipated to witness a CAGR of 23.4% from 2023 to 2033. The demand for ePayment system has increased rapidly across major economies in South Asia and the Pacific including India, Singapore, Malaysia, Indonesia, Australia, and New Zealand.
India’s digital payments market led by Paytm, PhonePe, Pine Labs, Razorpay, BharatPe, and others has surged during the pandemic owing to the perky incentives such as rewards, cash backs, and offers to attract a large number of customers. Moreover, the rising adoption of cashless transactions is driving the market growth in India.
Despite growing awareness about and increasing adoption of digital payment solutions, nearly half of consumers remain uninterested owing to the perceptions of security, value, and availability. Lack of awareness and payment security issues will remain a primary challenge for merchants offering digital payment solutions in the country.
Solution Segment to Generate Highest Market Share
By component, the solution segment held a revenue share of 63.2% in 2022. The growth of the segment can be attributed to the emergence of artificial intelligence coupled with the rise in demand for different payment solution software globally.
In the solution segment, the payment wallet solution sub segment is anticipated to register the highest growth. The payment wallet solutions allow financial institutions, mobile virtual network operators, mobile network operators, and banks to launch their digital wallets. Digital wallet solutions are intended at offering a simple, secure, convenient, and seamless payment experience to customers. Owing to this, there has been an upsurge in the demand for digital wallet solutions across various industry verticals.
The rapid expansion of the e-Commerce sector, along with increasing consumer demand for a quick, easy, secure, and streamlined shopping experience are the major factors propelling the growth of the software sub-segment in the global market for ePayment systems.
Rising Implementation of IoT to Drive the Cloud Based Segment Growth
Based on deployment, the market is bifurcated into cloud and on-premises. Out of these, the cloud sub-segment is anticipated to hold the largest share of the market. The growth of the segment can be attributed to the growing demand for cloud based solutions and services owing to their flexibility and ease of use.
The increasing use cases of IoT in payment infrastructures are expected to create new growth opportunities for the cloud based deployment segment in the foreseeable future. At the same time, on-premise deployment is also on the rise, accumulating a revenue share of 56.5% in 2022.
The Integration of Digital Payment Solution to Boost the Segment Growth
Based on enterprise size, the market is segmented into small & medium enterprises (SMEs) and large enterprises. Of these, the large enterprises sub-segment is anticipated to hold the largest share of the market. The growth of the segment can be attributed to the growing need for digitizing their business operations and payment landscape.
The increasing need to cater to the dynamic customer trends coupled with enhancing market competitiveness happens to be one of the major factors driving the growth of ePayments in the large enterprises segment. The integration of digital payment solutions, such as payment processing and digital wallets, with the prevailing payment landscape of large enterprises, happens to be an essential factor to enrich the customer experience. Hence, there has been a surge in the deployment of digital payment solutions in large enterprises, thereby driving market growth.
BFSI Segment to Take over the Industry
The BFSI segment is estimated to account for more than 25% of the total value share by the end of 2023. With the increasing adoption of digital payment solutions by banks to enhance their offerings, there has been a rise in demand for ePayment solutions, thereby driving market growth. Banks are entering into partnerships with different digital payment solutions providers such as Amazon and Google, to provide different solutions and make payments easy and secure.
At the same time, the retail and e-commerce segment is anticipated to grow at a significant rate over the forecast period. The growth of the segment can be attributed to the upsurge in e-commerce sales amidst the pandemic. This happens to be one of the major factors driving the market growth.
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Companies offering ePayment system are aiming at innovation and strategic partnerships with other vendors to expand their portfolio of services while addressing the demand of an expanding customer pool.
Some of the leading companies operating in the market are ACI Worldwide, Adyen, Aurus, Aliant Payments, Alipay, Apple Pay, Due, Dwolla, FattMerchant, FIS, Fiserv, Global Payments, Intuit, JPMorgan Chase, Mastercard, PayPal, Paysafe, PayTrace, PayU, Spreedly, Square, Stripe, Visa, WEX, Worldline, and 2Checkout, among others.
The inclination of established players in the market is more towards the development of advanced solutions to fulfill specific requirements of customers, cultivating the demand for innovative and advanced products in the market.
| Attribute | Details |
|---|---|
| Market value in 2023 | USD 96,401.1 million |
| Projected year (2033) Market Value | USD 602,292.2 million |
| Growth Rate | 20.1% CAGR from 2023 to 2033 |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, China, Japan, South Korea, India, Malaysia, Singapore, Thailand, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Segments Covered | Component, Deployment, Enterprise Size, Industry, Region |
| Key Companies Profiled | ACI Worldwide; Aliant Payments; Alipay; Apple Pay; FIS; Fiserv; Global Payments; Intuit; JPMorgan Chase; Mastercard; PayPal; Paysafe; PayTrace; PayU; Spreedly; Square; Stripe; Visa; Worldline; 2Checkout |
| Customization & Pricing | Available upon Request |
As of 2022, the global ePayment system market was valued at USD 78.965.6 million
Future Market Insights forecasts the global ePayment systems market to total USD 96,401.1 million in 2023
The market for ePayment systems is expected to incline at a 20.1% CAGR from 2023 to 2033
As per FMI’s study, the ePayment system market is most likely to reach USD 602,292.2 million in 2023
The United States accumulated a 17.5% revenue share in 2022 with regard to ePayment systems sales
India is likely to be the most lucrative market for ePayment systems, expected to rise at a 23.4% CAGR from 2023 to 2033
The BFSI industry is expected to be the primary revenue generator for ePayment solutions, accumulating a 25% revenue share
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Solution 5.1.1. Payment Gateway Solution 5.1.2. Payment Processing Solution 5.1.3. Payment Wallet Solution 5.1.4. Payment Security and Fraud Management Solution 5.1.5. Point of Sale (POS) Solution 5.2. Services 5.2.1. Consulting & Advisory 5.2.2. Integration & Implementation 5.2.3. Support & Maintenance 5.2.4. Managed Services 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment 6.1. Cloud 6.2. On-premises 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size 7.1. Small & Medium Enterprises (SMES) 7.2. Large Enterprises 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 8.1. BFSI 8.2. Retail 8.3. Healthcare 8.4. Media & Entertainment 8.5. IT & Telecom 8.6. Transportation & Logistics 8.7. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. ACI Worldwide 19.2. Aliant Payments 19.3. Alipay 19.4. Apple Pay 19.5. FIS 19.6. Fiserv 19.7. Global Payments 19.8. Intuit 19.9. JPMorgan Chase 19.10. Mastercard 19.11. PayPal 19.12. Paysafe 19.13. PayTrace 19.14. PayU 19.15. Spreedly 19.16. Square 19.17. Stripe 19.18. Visa 19.19. Worldline 19.20. 2Checkout 20. Assumptions & Acronyms Used 21. Research Methodology
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ePayment System Market
