The e-commerce payment industry is undergoing tremendous growth, and is projected to accelerate as the trend is moving toward mobile purchases and online shopping. When a person purchases products and services digitally, they pay for a merchant using an electronic platform. This method of digital payment, without use of cash or cheques is considered as an e-commerce payment system and is often regarded as an online or mobile payment network. Paperless e-commerce services have revolutionized payment processing by reducing documentation, delivery costs and staffing costs. Furthermore, these platforms are user-friendly, take less time than manual methods and enables companies to increase their customer presence. Credit/debit cards, smart cards, mobile transfers, mobile, or internet banking became the most commonly used e-commerce payment mechanisms.
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COVID-19 scenario analysis:
As a result of pandemic and associated shutdown has effected payments and purchases due to constraints on qualified goods to necessities and limits imposed on physical travel that directly affect deliveries.
The e-commerce market is impacted by both supply and demand sides, and while some businesses are able to adjust and react to changes, most of them are unable to survive due to complexity of restrictions imposed.
Experiences of life during the lockdown may contribute to pushing perceptions toward e-commerce as soon as things return to usual.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
Rise in online payments in the e-commerce sector and surge in adoption of smartphones and availability of several payment methods drives growth of the market. However, cross-border payment regulation hamper the growth of the market. Furthermore, surge in penetration of internet in emerging countries and surge in adoption of advance technology in payment processing such as machine learning and artificial intelligence is expected to provide lucrative opportunities for the market.
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The global e-commerce payment market trends are as follows:
Multi-channel payments and personalization:
In an attempt to make payments faster and simpler, more businesses are trying to create multiple payment channels. Merchants are introducing a variety of new payment systems to attract more customers and appeal to existing ones. The change helps various types of customers to pay by their convenient methods. Furthermore, online retailers can take advantage of multi-channel payment to boost their sales. In addition, some smart retailers are starting to realize benefits of a multi-channel payment system that allows a wide range of customers to pay through e-wallets, net banking, mobile-payments, cash-on-delivery and other methods. Major players such as Amazon, Flipkart, and Alibaba use multichannel payment systems to retain customers.
Rapid surge in mobile payments:
Mobile transactions competed strongly against in-store purchases and payments on computers. Mobile commerce is predicted to account for 49% of global e-commerce sales by 2020. Furthermore, Visa a payment processing company notes that transactions by mobile devices have risen at a level of 53% faster than sales generated on a desktop. Asia has witnessed higher volumes. In China, total mobile payments in 2018 amounted to $40 trillion, especially in comparison to $125 billion in the U.S. The key factors for thorough observation are increase of social media purchases, the QR Code and growth in smartphone penetration.
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Key benefits of the report:
This study presents the analytical depiction of the global e-commerce payments market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global e-commerce payments market share.
The current market is quantitatively analyzed to highlight the global E-commerce payments market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed market analysis based on the present and future competitive intensity of the market.
Key Market Players:
Alibaba Group, Apple Inc., Barclays Plc., Google Inc., Jawbone, Mastercard, PayPal Inc., Samsung Electronics Co. Ltd., Visa, Inc, PayPal, Fiserv
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