ePayment System Market

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.

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

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.

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