Dallas, Texas, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Global Third Party Payment Market 2020-2024:
When apart from the main participants that is a buyer and seller another person or entity is involved in a business deal is called as third party payment. The main components of the system is the buyer, seller and a third party. With the evolution in technology, which has changed the way we interact and do transactions in the digital era, more people and enterprises are using third-party transactions through online payment platforms.
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Third Party Payment involves digital platforms through which a buyer can make a payment for the purchase of a good or service bought from any seller. The third-party vendor accepts the payment on behalf of the seller, verifies that the funds are available, and subsequently debits the amount. The money is then sent to the seller’s account using the same online portal. The funds may be withdrawn by the seller from the bank account once the deposit has been made in the account. For example, PayPal is an online payment portal that acts as a third party in a retail transaction, whereas seller and a buyer can do a transaction and the payment is carried out using the PayPal gateway.
The Third Party Payment Market is a highly competitive market. It has some players who have been in the business for quite some time. Subsequently there are many startups coming up to seize the huge opportunity this market offers.
Top Players Covered in Third Party Payment Market report:
- PayPal Holdings Inc
- Stripe, Inc.
- Alipay.com Co.,Ltd
- Amazon Payments, Inc.
- Authorize.Net (CyberSource Corporation)
- WePay, Inc. (JPMorgan Chase & Co.)
- 2checkout.Com, Inc. (Avangate B.V.)
- Adyen NV
- First Data Corporation (Fiserv, Inc.)
- One 97 Communications Limited
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Moreover, with better technology proliferation of digital payments at the Point of Sale is expected to drive Third-party Payment Market growth. There are number of factors such as Increasing Smartphone Penetration, Growing E-Commerce Market and Increase in Cloud Computing driving the growth of the market.
Third Party Payment Market Segmentation:
By Type:
- Online
- Mobile
- Point of Sale
By End-User:
- BFSI
- Retail
- E-Commerce
- Other End-User
Geography:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
Due to increase in globalization and digitalization the third party payment market has reached new heights across the world. Almost all the countries have been promoting digital payment methods in order to go cashless.
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Major Points from table of Content:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Global Digital Payments Market 2020-2024:
The payment made by using digital platform is known as Digital payment. In digital payments, the payer and payee both use digital modes to send and receive money. It is also called electronic payment. Digital payments does not involve any hard cash. After the introduction of digital payment methods the total idea of Money and its exchange have drastically changed.
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Key Players Analysis:
PayPal Holdings Inc, Visa Inc, MasterCard Incorporated (MasterCard), Amazon.com Inc, Alphabet Inc, Apple Inc, CCAvenue (Avenues India Pvt. Ltd), Paytm Mobile Solutions Private Limited, Stripe Inc, Alipay.com Co. Ltd
The global digital payments market was valued at USD 3,417.39 billion in 2018, and is expected to reach USD 7,640 billion by 2024, recording a CAGR of 13.7%, during the forecast period of 2019-2024. Money and the idea of its exchange through payments have evolved drastically after their inception. From metal coins to paper, from bank accounts to e-wallets, money has taken various shapes, sizes, and forms. Over the last decade, the payment industry has recorded a robust growth, with new providers, new platforms, and new payment tools being launched almost every year.
The market is moderately concentrated. The competitive rivalry in the market studied is moderate, as a good number of players prevail. Despite the existence of several companies in the market studied, firms are required to keep innovating their products, in order to gain a sustainable competitive edge over their rivals and provide product differentiation.
United States to Account for the Most Significant Share in North America:
Digital payment is all set to be the preferred mode of payment for US citizens. For instance, 41% of all shoppers said that their smartphone or tablet is becoming their ‘most important shopping tool. Moreover, mobile payment is the preferred mode of payment among millennials.
E-commerce sales in the region are also increasing, with the improvement of digital payment experience. This increase also reflects consumers’ increasing comfort with online shopping, coupled with their increasing use of mobile and hand-held devices.
When comparing online/e-commerce (no card present) payments with card-in-hand payments, digital proved to be the higher growth category, accounting for growth up to 23%, over the last year.
By Mode of Payment:
Point of Sale, Contact Payment, Contactless Payment, Bank Cards, Online Sale, Digital Wallets, Digital Currencies, Net Banking, Other Online Sales Channels
By End-user Industry:
Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Other End-user Industries (Media and Entertainment)
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Some Points from Table of Content:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Internet Penetration
4.3.2 Growing E-commerce Market
4.4 Market Restraints
4.4.1 Security and Privacy Concerns
4.4.2 Additional Charges for Making Payments
4.4.3 Instability of Mobile Networks
4.5 Value Chain Analysis
4.6 Industry Attractiveness- Porters Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
…………Continued
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