Payments Global Market Report 2023: Market is Expected to Grow to $847.59 Billion in 2027 at a CAGR of 8.5% - Long-term Forecast to 2032 Featuring PayPal, Apple, Square, & Amazon

DUBLIN, Feb. 16, 2023 /PRNewswire/ -- The "Payments Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

Major players in the payments market are PayPal, Square Inc., Apple Inc, Amazon Payments, Flagship Merchant Services, GoCardless, Bitpay, Stripe, Payline Data, FIS., ACI Worldwide, MasterCard, Fiserv.

The global payments market will grow from $561.77 billion in 2022 to $612.04 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The payments market is expected to grow to $847.59 billion in 2027 at a CAGR of 8.5%.

The payments market consists of revenues earned by entities that are engaged in facilitating payment transfers between individuals, companies, or both. The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts. This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others.

Revenue generated from the payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Payment instruments are systems that enable funds held in accounts at credit, payment or similar institutions to be transferred to a payee on receipt of a payment order.

Asia Pacific was the largest region in the payments market in 2022. The main types of payments are credit transfer, direct debit, check payment, and cash deposit. Credit transfer refers to the payment method of credit transfer from one account to the other. The various applications include banks, non-banking financial institutions, and other applications. These are used by retail, banking and financial services, telecommunications, government, transportation, and other end users.

The outbreak of COVID-19 is expected to drive the growth of the payments market over the forecast period. Contactless payments are becoming a preferred payment method in the current pandemic situation because less human contact is required. 

The increasing fraud in payments has impacted the growth of the payments market. Payment fraud is a form of fraudulent or unlawful transaction carried out by a cybercriminal. Fraudsters use third-party platforms such as e-commerce portals to defraud consumers by charging for products or items that are never shipped. 

The integration of biometric authentication technology into payments is a key trend gaining popularity in the payments market. Biometric authentication is a specific and significant payment method that integrates and offers accuracy, effectiveness, and protection within a single package. 

A selection of companies mentioned in this report includes

• PayPal
• Square Inc.
• Apple Inc
• Amazon Payments
• Flagship Merchant Services
• GoCardless
• Bitpay
• Stripe
• Payline Data
• FIS
• Bank Of America
• Industry And Commercial Bank Of China
• Citibank
• JPMorgan Chase
• Wells Fargo And Company
• Capital One
• ACI Worldwide
• MasterCard
• Fiserv
• Visa
• Alipay
• American Express
• Samsung Electronics
• National Merchants
• Google Pay
• X-Payments
• Braintree
• First Data Corporation
• Adyen

Key Topics Covered:

1. Executive Summary

2. Payments Market Characteristics

3. Payments Market Trends And Strategies

4. Payments Market - Macro Economic Scenario
4.1 COVID-19 Impact On Payments Market
4.2 Ukraine-Russia War Impact On Payments Market
4.3 Impact Of High Inflation On Payments Market

5. Payments Market Size And Growth
5.1. Global Payments Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Payments Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Payments Market Segmentation
6.1. Global Payments Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Credit Transfer
• Direct Debit
• Check Payment
• Cash Deposit

6.2. Global Payments Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Banks
• Non-Banking Financial Institutions
• Others Applications

6.3. Global Payments Market, Segmentation By End-user Industry, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Retail
• Banking and Financial Service
• Telecommunication
• Government
• Transportation
• Other End User Industries

7. Payments Market Regional And Country Analysis
7.1. Global Payments Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Payments Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/3nb88z-global?w=5

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