Pune, India -- (SBWIRE) -- 11/17/2020 -- Fortune Business Insights offers a detailed overview of the global market in a report, titled The global online payment market is set to gain traction from the increasing deployment of artificial intelligence (AI) for improving payment processing, surging transactional volume, and detecting payment fraud. This information is given by Fortune Business Insights™ in a new report, titled, "Online Payment Market Share, Size & COVID-19 Impact Analysis, By Payment Type (Mobile Payment, Online Banking, and Digital Wallet), By Industry (Media & Entertainment, Retail, BFSI, Food & Beverages, IT & Telecom, Transportation, and Others), and Regional Forecast, 2020-2027." The report further states that the market size was USD 3,286.52 billion in 2019 and is projected to reach USD 17,643.35 billion by 2027, exhibiting a CAGR of 23.7% during the forecast period.

The emergence of COVID-19 pandemic is taking a toll on a wide range of industries by causing heavy losses. Several companies have shut down their operations because of the strict government norms. A few have commenced production by following social distancing and reducing their workforces. Our reports would offer valuable insights into the present scenario of every market.

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This Report Answers the Following Questions:

- Which segment is set to lead the market?
- How will the COVID-19 pandemic affect the market?
- Which companies would generate the highest revenue?
- What are the online payment market dynamics, drivers, and hindrances?

Fortune Business Insights™ lists out the names of all the online payment market providers operating in the Global market. They are as follows:

com Co Ltd. (Hangzhou China)
Adyen (Amsterdam Netherlands)
American Express Co. (New York USA)
ACI Worldwide Inc. (Florida USA)
JPMorgan Chase & Co (New York USA)
Facebook Inc. (California USA)
MasterCard Incorporated (New York USA)
Apple Inc. (New York USA)
Amazon Inc. (Washington USA)
PayPal, Inc. (California USA)
Visa, Inc. (California USA)

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Drivers & Restraints-

"Increasing Adoption of online payment market Platforms by Retail Industry will Boost Growth"

The retail industry is considered to be one of the major contributors to the online payment market growth as it is adopting such platforms rapidly. The main aim behind this is to gather consumer data, such as the intervals of shopping, preferences, and their most purchased items. They are further utilizing such data to deliver personalized customer services. Starbucks, for instance, introduced its this payment app for customers where they can choose food and beverages and pay for the same directly from their bank accounts. Besides, the company started offering services, such as loyalty points and discount codes for enhancing customer engagement.

However, the outbreak of the COVID-19 pandemic has started to cause a shift in the online payment market. The consumer behavior is transforming at a fast pace owing to the increasing need to prevent the spread of the virus. Hence, they are opting for contactless transactions and are using digital wallets. As per a survey by the MasterCard Corporation, around 79% of customers are using contactless payment worldwide to maintain safety. There is also a reduction in transactions because of the complete shutdown of hospitality, aviation, travel, and entertainment industries. It may hamper the demand for online payment market solutions.

Segmentation online payment market:

- By Payment Type

Mobile Payment
Online Banking
Digital Wallet

- By Industry

Media & Entertainment
Retail
BFSI
Food & Beverages
IT & Telecom
Transportation
Others (education, consumer electronics, etc.).

- By Region

North America (the U.S., Canada)
Europe (U.K., Germany, France, Italy, and the Rest of Europe)
Asia-Pacific (Japan, China, India, South east Asia, and the Rest of Asia- Pacific)
Latin America (Brazil, Mexico, and the Rest of Latin America)
The Middle East & Africa (South Africa, GCC, and the Rest of the Middle East & Africa)

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Competitive Landscape-

"Key Players Aim to Gain Competitive Edge through Partnerships & App Launches"

The online payment market houses a large number of renowned companies that are presently striving to gain a competitive edge either by launching novel apps or by joining hands with the other enterprises. Some of them are also trying to widen their geographic footprints by launching in-house services. Below are two of the latest industry developments:

November 2019: Facebook introduced Facebook Pay, its latest online payment system that can be used across WhatsApp, Instagram, Messenger, and Facebook. People can easily send money to each other through the Messenger app and store their data for usage across the company's family of apps.
October 2018: PayPal & American Express broadened their partnership for enhancing digital payments experience for the members of the U.S. American Express Card. It will only be applicable to those paying with Venmo and PayPal.

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About Fortune Business Insights
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