E-payment Solutions Market 2021 Industry Research, Share, Trend, Global Industry Size, Price, Future Analysis, Regional Outlook To 2026 Research Report

In a recent published report, Kenneth Research has updated the Market report for E-payment Solutions Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for E-payment Solutions Market Products.

Download Sample of This Strategic Report: –https://www.kennethresearch.com/sample-request-10346805

Integration of payment services in popular non-banking mobile applications such as WhatsApp, Apple Pay, Amazon Pay and Ola Money, among others, is driving e-payments, especially among the millennial population in India. In FY 2020, the Indian e-payment solutions market recorded 45.72 Bn transactions, which is expected to reach 394.93 Bn by FY 2025, expanding at a compound annual growth rate (CAGR) of ~60.54% during the FY 2021-FY 2025 period. The e-payment transaction value is expected to reach INR 5,296.45 Tn by the end of FY 2025. Bank cards (debit cards, credit cards), e-wallets, and UPI are some of the common modes of online payment prevalent in the country.

Development in fintech, e-commerce, and digital banking is significantly driving the growth of e-payments in the country. Major players currently operating in the Indian e-payment solutions market include scheduled commercial banks like Axis Bank Limited, HDFC Bank Limited, ICICI Bank Limited, and State Bank of India. Apart from banks, e-payment solution providers like Infibeam Avenues Limited, Airtel Payments Bank Limited, Mswipe Technologies Private Limited, Google LLC, and PayPal Payments Private Limited, also operate in the market.

In May 2020, transaction volumes through e-payment modes such as Unified Payments Interface (UPI), credit cards, debit cards, e-payment wallets, Immediate Payment Service (IMPS), and Bharat Bill Payment System (BBPS) surged. Among the other e-payment modes, UPI recorded significant growth in transactions, both in terms of value and volume, between May and June, 2020. UPI processed 1.23 Bn transactions worth INR 2,411 Bn till 28th June, 2020. As of April, 2020, the top three cities in India that contributed to the e-payment transaction volume were Bangalore (~20%), Hyderabad (~10%), and Delhi (~8%)

Out of the different types of e-payment solutions, real-time gross settlement (RTGS) held the largest market share, followed by retail electronic clearing, and bank cards, during the FY 2017-FY 2019 period, based on value. However, based on volume, bank cards held the largest market share during the same period.
IMPS and UPI are mobile based e-payment methods, which makes transaction easy and hassle free for customers. On the other hand, in order to transfer fund through both National Electronic Funds Transfer (NEFT) and NACH (National Automated Clearing House), customers are required to visit their respective bank branches. Also, transaction through NEFT and NACH requires manual intervention, which in turn limits the process within the working hours of the bank. Mobile-based e-payment solutions have gained widespread acceptance since they allow smooth transaction. The popularity of branch-based solutions like NEFT and NACH has declined in recent years. 

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Download Sample of This Strategic Report: –https://www.kennethresearch.com/sample-request-10346805

Impact of COVID-19
Owing to the Indian government’s precautionary measures to contain the spread of COVID-19, shopping malls and retail stores, among other public spaces, were shut down, and all national and international flights were canceled from the middle of March till the first week of June, 2020. A significant part of e-payment transactions, based on both value and volume, comes from OTAs (online travel aggregators), movie and event booking portals, and the entertainment (including retail shops, food courts, bars, and restaurants) sector. Reduced consumer spending on dining out, movies, and the like, and restrictions on traveling adversely affected e-payments in India between March and May, 2020.
However, due to the fear of virus transmission, people are preferring digital modes of payment over cash, which is claimed to be a means of spreading the contagion; this, as a result, has ramped up the use of
e-payment solutions. From the end of March to the middle of April 2020, around 42% Indians used
e-payment modes multiple times as compared to the pre-lockdown period. Paytm observed 20% increase in e-payments in March, and recorded an exponential surge in repeat transactions for various use-cases such as fuel stations and utility payments, among others.

Key growth driver of the market
Of late, the e-commerce market in India has been experiencing rapid growth, owing to the participation of companies offering niche products, presence of a large Internet user base, launch of 4G, and increase in the purchasing power of consumers. E-commerce giants like Amazon, Flipkart, and Paytm Mall often provide cashback and discount offers for online transactions, which in turn attract young customers towards e-payment systems.

Key deterrent to the growth of the market
Despite multiple efforts of the government in making the Digital India campaign successful, cash continues to be the most popular mode of transaction in India. This is impeding the adoption of e-payment services across the country.

Companies covered
ï‚·Axis Bank Limited
ï‚·HDFC Bank Limited
ï‚·ICICI Bank Limited
ï‚·Infibeam Avenues Limited
ï‚·State Bank of India
ï‚·Airtel Payments Bank Limited
ï‚·Mswipe Technologies Private Limited
ï‚·One97 Communications Limited
ï‚·One MobiKwik Systems Private Limited
ï‚·Google LLC
ï‚·PayPal Payments Private Limited

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  •  Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of E-payment Solutions Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Playes
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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