Global Payments Market Poised for Robust Growth, Expected to Reach $847.59 Billion by 2027

The Business Research Company’s Payments Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, December 11, 2023 /EINPresswire.com/ -- The global payments market is set to witness substantial growth, with the market size projected to increase from $561.77 billion in 2022 to $612.04 billion in 2023, reflecting a compound annual growth rate (CAGR) of 8.9%. Over the forecast period, the market is anticipated to maintain its momentum, reaching an impressive size of $847.59 billion by 2027, at a CAGR of 8.5%.

Key Segments: Diverse Payment Types and Applications
1.Type: The market encompasses various payment types, including Credit Transfer, Direct Debit, Check Payment, and Cash Deposit, catering to diverse financial transactions.
2.Application: Payments are integral to numerous sectors, with applications spanning Banks, Non-Banking Financial Institutions, and Other Applications, ensuring a wide-ranging impact.
3.End-user Industry: Various industries rely on payment services, such as Retail, Banking and Financial Service, Telecommunication, Government, Transportation, and Other End Users, fostering a comprehensive ecosystem.

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Market Dynamics: Impact of COVID-19 Driving Contactless Payments
The outbreak of COVID-19 is expected to be a significant driver for the growth of the payments market. With the current pandemic situation, contactless payments have gained traction as a preferred method due to reduced human contact. Utilizing contactless payment systems at points of service, including facial recognition, Quick Response (QR) codes, or Near-field Communication (NFCs), minimizes the risk of virus transmission. Notably, Mastercard reported a 40% increase in contactless payments in the first quarter of 2020, indicating the growing preference for this payment method.

Major Players and Market Participants
Key players contributing to the payments market include PayPal, Square Inc., Apple Inc., Amazon Payments, Flagship Merchant Services, GoCardless, Bitpay, Stripe, Payline Data, FIS., ACI Worldwide, MasterCard, and Fiserv. These industry leaders play a pivotal role in shaping market dynamics, driving innovation, and expanding the reach of payment services.

Regional Insights: Asia-Pacific Leads, Western Europe Follows
Asia-Pacific emerged as the largest region in the payments market in 2022, showcasing robust market adoption. Western Europe secured the second-largest market position, indicating significant presence and growth. The global payments market analysis report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Payments Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Payments Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on payments market size, payments market drivers and trends, payments market major players, competitors' revenues, market positioning, and market growth across geographies. The payments market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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