ePayment System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 - 2030

ePayment System Market: Snapshot

The ePayment system market may experience a transformational growth period across the forecast period of 2020-2030 on the account of the growing influence of contactless payments due to the novel coronavirus pandemic. The changing perception of a considerable populace on the mode of payment may serve as an essential growth multiplier for the ePayment system market. On the basis of solution, the ePayment system market can be segmented into transaction management and analytics, payment terminal solution, hosted point-of-sale, and security and fraud management.

This upcoming report on the ePayment system market provides an in-depth analysis of the current market situation. The report covers components like competitive landscape, key players, regional analysis, and ongoing trends. The report also offers thorough research on how the COVID-19 pandemic will impact the market. The segmental study enables an individual to thoroughly understand the different aspects of the ePayment system market systematically.

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ePayment system market: Competitive Assessment

The ePayment system market is highly fragmented with numerous players in the fray and these players are engaged in stiff competition to be among the top positions. The players in the ePayment system market are focusing largely on developing new mechanisms and technologies that are compatible with the needs of a large number of organizations. Recently, due to COVID-19, governments of various countries are focusing on introducing ePayment systems for many departments due to COVID-19. This aspect has led to the introduction of customized mechanisms that adhere to government protocols.

Investments, mergers, acquisitions, and partnerships may bring expansive growth opportunities for the ePayment system market across the forecast period of 2020 to 2030. For instance, Coronation Merchant Bank partnered with Union Systems to enable 100% automation of its trade finance operations. The Trade-X trade finance software by Union Systems will allow corporate clients to manage their trade transactions from mobile and web platforms from anywhere in the world. Therefore, such activities may bring good growth for the ePayment system market.

Leading players across the ePayment system market are Verifone, Nakagawa Labs, Wipro, Wirecard AG, Giesecke and Devrient GmbH, Ingenico Group SA, Gemalto, LightPointe Communications, LVX System, pureLiFi, and Velmenni.

ePayment System Market: Statistics and Facts Highlighting Growth Opportunities

With the growing threat of the novel coronavirus pandemic, digital payments are emerging as one of the preferred methods of payment by a considerable populace. Here are some statistics and figures that shed light on the growing influence of digital payments.

• According to the ‘Local Circles Report’, digital payments ballooned just three weeks after implementing the nationwide lockdown in India, as more than 42 percent Indians used this payment mode
• PayNow, Singapore’s national ePayment system, recorded nearly 70 percent registrations with monthly volumes overtaking 1 billion Singaporean Dollars; this factor highlights the growing preference of a considerable populace toward ePayments

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ePayment System Market: Penetration in Government Mechanisms

The ePayment system market is garnering immense growth opportunities through implementation across varied government mechanisms. As the SARS-CoV-2 pandemic tightens its grip across the world, numerous countries are inculcating ePayment system for smooth and hassle-free payment operations and tax payments. Here are some major developments highlighting the penetration of ePayment system market in the government mechanisms:

• The Central Board of Direct Taxes (India) recently made an announcement making arrangements for ePayment option mandatory for businesses with a turnover of more than Rs 50 crore
• The Bangladesh Government’s National Board of Revenue (NBR) recently introduced an ePayment system for Value Added Tax (VAT) to reduce payment hassles by VAT payers
• The Government of Egypt introduced a law in 2019 to boost the adoption of ePayment; this law obliges all public authorities and state-owned companies to make payments through ePayment mechanisms

ePayment System Market: Regional Perspective

The ePayment system market is spread across North America, Latin America, the Middle East and Africa, Europe and Asia Pacific. North America may prove to be a major growth contributor due to technological advancements. Asia Pacific may also show robust growth due to the growing awareness about contactless payments on the grounds of COVID-19.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

• Customer Experience Maps
• Insights and Tools based on data-driven research
• Actionable Results to meet all the business priorities
• Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

• North America
• Asia Pacific
• Europe
• Latin America
• The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.