The global ePayment system market is anticipated to witness opulent growth opportunities over the forecast period by registering growth at a CAGR of around 17.7% from 2021 to 2031. The global market totaled revenue of US$ 77.8 Bn in 2020 and is expected to reach US$ 456.6 Bn by 2031
According to Future Market Insight’s historical analysis, the global ePayment system market was valued at around US$ 88.3 Bn in 2021. During the current estimation period, the demand for the ePayment system is expected to rise at a CAGR of nearly 15.4% during the forecast period 2021-2031.
The global ePayment system market is predicted 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. In addition to that, there has been a significant shift towards m-commerce, online shopping, digital commerce, and cashless transactions which is further propelling the ePayment system market growth.
The heightened global expenditure on ePayment systems is significantly driven by a surge in demand for advanced ePayment system solutions all over different industries. Apart from this, higher dependency on safe and secure contactless payments is majorly driving the market for the ePayment system.
As per Future Market Insights, the global market is anticipated to witness growth in revenue from around US$ 89.2 Bn in 2021 to over US$ 456.6 Bn by 2031. The surge in mobile payments through UPI, Google Pay, PhonePe, Samsung Pay, and Apple Pay, among others, is responsible for boosting the ePayment system market growth.
Various companies operating in the FinTech market have their focus on offering flexible, simpler, and easy-to-use solutions for consumers. This significant shift has been acknowledged by ePayment solutions and service vendors as consumers are shifting towards online shopping and cashless payments. Attributing to this, the vendors are focused on making the ePayment systems more accessible and easier 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.
Over the recent years, a significant surge has been witnessed in the corporate world. The majority of employees have shifted to work-from-home setups and companies are relying upon digital services to keep an eye on the employees. Furthermore, the reinforcement of the trend of digital payments and mCommerce is also prevalent across payment types and demographics.
Owing to this, there has been a rise in demand for ePayment solutions and services across different industry verticals. Driven by this the ePayment system market is estimated to witness growth from around 12.5% to 14.6% Y-o-Y from 2019 to 2021.
Major companies offering ePayment systems are aiming at innovative and strategic partnerships with various other vendors in order to work towards expanding the portfolio of services while addressing the demand of an expanding customer pool. Some of the dominant companies operating in the global ePayment system market are drastically inclining towards the development of advanced solutions to fulfill specific requirements of customers, cultivating the demand for innovative and advanced products in the market.
In November 2021, ACI Worldwide entered into a partnership agreement with MasterCard. The partnership is aimed at the integration of ACI Enterprise Payments Platform with Mastercard Direct Services, which shall enable the customers to access security, safety, loyalty, and other value-added services across all payment methods.
In March 2021, Fiserv completed the acquisition of acquire Pineapple Payments, a U.S.-based payments technology company focused on providing payment processing, and omnichannel payment acceptance solutions. The acquisition is aimed at enhancing the former company’s seamless delivery of an assortment of innovative solutions for the customers. Fiserv shall also benefit from the distribution channel of Pineapple Payments while further expanding its geographic reach.
More Insights into the ePayment System Market
According to Future Market Insights analysis, the U.S. is expected to dominate the global ePayment system market. The U.S. alone is likely to increase at a rate of around 17.9% between 2021 and 2031. The growth of the market is attributed to the rise in demand for Omni channel 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 U.S.
The market for ePayment systems in the UK is expected to surge at a robust CAGR of 18.5% over the forecast period. In recent years, there has been a growing emphasis on contactless payments in European countries including the U.K., France, and Germany. Major Banks in the European region 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.
The Chinese market for the ePayment system is predicted to exhibit lucrative growth with a CAGR of 19.9% between 2021 and 2031. The China ePayment systems market happens to be the fastest growing in East Asia, followed by Japan and South Korea.