Global ePayment System Market: Snapshot
An ePayment system or electronic payment system, also popularly known as online payment system, has gained enormous traction among consumers and businesses alike for making or receiving payments. The usage of ePayment system has outgrown in recent years and is rapidly gaining popularity over cash and card transactions. The popularity is stoked by the several attractive functionalities and benefits the usage of these system confers on savvy users. At the fore is the unmatched convenience of secure money transfer anytime and anywhere in real time. The bold strides being made by online shopping and the burgeoning e-commerce retail in several emerging and developed countries are key factors providing a robust groundwork for the expansion of the e-payment system market.
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The proliferation of apps for seamless phone-to-phone (P2P) payments, coupled with substantial industry efforts to raise the awareness about the functionalities, is a notable trend bolstering the uptake of ePayment systems. The demand is also benefiting from recent government initiatives to promote their use in emerging economies for ensuring the transparency in financial transactions. In recent decades, world over there have been rapid advances in digital infrastructure and constant advancements in technologies. This has fortified the uptake of ePayment system. The growing popularity of mobile wallets across worldwide populations is also helping the global market to expand rapidly. The advent of cutting-edge automation technology by a few e-commerce giants augurs well for the ePayment systems market. The potentially high usage of credit card and debit card in facilitating ePayment system is a key trend accentuating the demand. In recent years, significant efforts have been made by technology companies to up the level of security of transactions. This has a strong bearing on the demand for these systems among consumers in emerging markets. Furthermore, the use of ePayment system is also gathering steam for payment of bills and payments at retail shops.
Global ePayment System Market: Overview
ePayment is basically a form of digital monetary transaction that takes place between buyers and sellers on an online platform. The monetary exchange occurs with the help of a digital financial device, which is supported by an intermediary such as a bank. The process of ePayments can be completed with the use of bank transfers, debit cards, or credit cards. These payments are characterized by their instantness, which saves buyers and sellers ample time along with the ease of payment. ePayments enable a fast and secure way to initiate payments. This enables it to steal a march over conventional payment options. The growing popularity of internet shopping coupled with online and mobile banking is substantially propelling the demand for ePayment systems.
This report offers a deep analysis of the market competition that could be witnessed by players in the coming years. The report puts forth possible strategies for new participants to enter the market and various business paths that existing players could take. The report is an all-encompassing study of the ePayment system industry its drivers, challenges, and key trends.
Global ePayment System Market: Key Trends
Consumer behavior is changing fast with the high penetration of internet and mobile phones across the globe. Changing government policies, which indirectly encourage transparency in payment systems leading to demand for phone-to-phone (P2P) payments, are also impacting the global ePayment system market. The boom in e-commerce further provides an impetus to the use of online payment systems, with digital platforms, mobile wallets, and online bank exchanges enticing customers with discounts and offers. The progress in digital infrastructure in emerging economies is offering a robust ecosystem for the development of the digital payments industry, thereby fuelling the ePayment system market.
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Global ePayment System Market: Market Potential
Recently, the Wall Street Journal reported the active consideration of the eCommerce giant Amazon’s voice assistant in online payments. Amazon plans to use its patented Alexa to try and enter the online payment market, actively competing with Paymo’s Venmo and other large banks which offer payment services. Using Alexa’s voice-based instruction inference system, the users will be able to transfer money using their voice.
Global ePayment System Market: Regional Outlook
On the basis of geographical segmentation, the global ePayment system market has been segmented into five major regions of Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa.
Global ePayment System Market: Competitive Analysis
Leading vendors in the global ePayment system market are Wipro, LightPointe Communications, VLNComm, General Electric, pureLiFi, Philips, Nakagawa Labs, Oledcomm, Nakagawa Labs, LVX System, and Velmenni.