Third Party Payment Market - By Payment Type (Online Payments, POS Payments, Peer-to-Peer Payments), By End User (Consumer Payments, Business Payments), By Payment Method, By Industry Vertical & Forecast, 2023 – 2032

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format

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Third Party Payment Market - By Payment Type (Online Payments, POS Payments, Peer-to-Peer Payments), By End User (Consumer Payments, Business Payments), By Payment Method, By Industry Vertical & Forecast, 2023 – 2032

Third Party Payment Market Size

Hey there! I've got some exciting news about a cool market called "Third Party Payment." It's like the middleman that helps you pay for stuff online or with your phone. In 2022, this market was worth a whopping 57.4 billion dollars, and it's predicted to grow like crazy over the next few years. Why? Well, more and more people are doing stuff online, like shopping or paying bills. And when you're dealing with money online, you want to make sure it's safe and easy. That's where third party payment providers come in. They've got slick platforms that make online payments a breeze. They're also super reliable, so you can trust them with your hard-earned cash. In fact, in India alone, they've processed over 10,555 million transactions in just one month! That's a lot of money moving around. And it's only going to increase as more people jump on the digital payment bandwagon. So, the future of the third party payment market looks super bright!

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The increased acceptance of digital payments is propelling the third-party payment market. With the growing reliance on electronic transactions, consumers and businesses are seeking secure, efficient & convenient payment solutions. Third-party payment providers offer seamless platforms, which ensure safe and easy online transactions, thereby gaining widespread adoption. This trend is fueled by the need for enhanced cybersecurity and the desire for hassle-free financial exchanges, driving the third-party payment market growth as more people embrace the digital economy.
 

Third Party Payment Market Report Attributes
Report Attribute Details
Base Year 2022
Third Party Payment Market Size in 2022 USD 57.4 Billion
Forecast Period 2023 to 2032
Forecast Period 2023 to 2032 CAGR 11.5%
2032 Value Projection USD 168.2 Billion
Historical Data for 2018 - 2022
No. of Pages 240
Tables, Charts & Figures 354
Segments covered Payment Type, End User, Payment Method, Industry Vertical
Growth Drivers
  • Rising volume of digital payments across the globe
  • Increasing access to the Internet and digital devices
  • User-friendly interfaces in payment platforms
  • Rapid growth of e-commerce industry
  • The proliferation of mobile wallets
Pitfalls & Challenges
  • Security concerns
  • Presence of stringent regulations

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Security concerns are paramount in the third-party payment market. With the increasing frequency & sophistication of cyber threats, ensuring the safety of user data and transactions is a significant challenge. Customers need assurance that their financial information is protected from hacking attempts and fraud. Providers must invest in cutting-edge encryption technologies, multi-factor authentication, and security updates to mitigate risks. Any breach can severely damage trust, making it imperative for companies to prioritize and invest in robust cybersecurity measures.

COVID-19 Impact

The COVID-19 pandemic accelerated the adoption of digital payments, positively impacting the third-party payment market. With social distancing measures in place, consumers and businesses turned to online transactions and contactless payments, driving the demand for secure digital payment solutions. This surge in digital transactions has boosted the growth of third-party payment providers, leading to increased market penetration. The convenience and safety of these services have become increasingly essential, further propelling the market forward.

Third Party Payment Market Trends

Hey, check this out! Mobile wallets and apps are like super convenient payment game-changers. You can keep all your credit cards, loyalty cards, even crypto, all in one secure spot on your phone. No more fumbling with physical cards or dealing with cash. For example, MoneyGram is launching a new digital wallet soon that will let you easily swap between regular money and crypto. It'll make sending money across borders a breeze. It's coming in 2024, so keep an eye out! People love mobile wallets because they're so handy. Everything you need is in one place, easy to access. Plus, you can use them anywhere, online or in stores, no problem.

Convenience and accessibility are pivotal drivers propelling the third-party payment market. With the widespread integration of digital payment solutions into smartphones and online platforms, consumers enjoy effortless transactions anytime, anywhere. These services eliminate the need for physical cash or traditional banking, offering seamless payment experiences. Whether for online shopping or in-store purchases, the ability to make secure & swift transactions enhances user satisfaction. The user-friendly interfaces of third-party payment apps further amplify their appeal, fostering a digital payment ecosystem that is both convenient and readily accessible to a wide audience.
 

Third Party Payment Market Analysis

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Have you ever noticed how easy it's become to pay for stuff online or through your phone? That's thanks to digital payments, which are divided into two main typespayments you make personally and payments businesses make. In 2022, most people (about 65%) were using digital payments personally. And this number is only going to keep growing because these platforms make it so easy to buy things online and with your phone. They're designed to be user-friendly, so you can check out with just a few clicks or taps. For example, a company called Razorpay recently came out with a new payment solution called Turbo UPI. This makes it even easier to pay with UPI, which is a popular way to send money in India. With Turbo UPI, you can pay without having to leave the website or app you're using to buy something. This makes checkout a breeze. By making payments easier and more convenient, digital payments are making our lives easier and our shopping experiences better.

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Imagine you're walking through a store, browsing for groceries. Instead of fumbling with cash or swiping your card, you just tap your phone or smartwatch on the reader. Presto! Your payment is processed. That's the power of contactless payments, a game-changer in the retail world. It's quick, secure, and super convenient. Think about it. No more waiting in line, no more fumbling with coins or bills. Just a simple tap, and you're done. It's especially helpful these days when cleanliness and time-saving are more important than ever. That's why contactless payments are making a huge impact in retail. In fact, last year, they accounted for over a third of all retail spending. And it's not just retail—hospitality, e-commerce, and healthcare are all seeing the benefits of this tech too.

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North America is like the king of the third-party payment world, with a huge chunk of the market—a whopping 35%! It's like the cool kid on the block, always coming up with new and exciting ways to pay. Tech has been like rocket fuel for North America's third-party payment industry. They're like the innovation hub, constantly tweaking and perfecting payment technologies. Think bulletproof encryption, fingerprint scanning, blockchain wizardry, and AI superpowers. These futuristic bells and whistles make paying not just safer but also faster and slicker than ever before. Not only that, but with user-friendly mobile apps that talk to each other like best friends, third-party payments have become a cinch for all the tech-savvy folks. It's like having a magic wand in your pocket, making it easier than ever to pay for your daily cup of joe or that new pair of shoes you've been eyeing.

Third Party Payment Market Share

Major players operating in the third-party payment industry are

  • Adyen NV
  • Alipay
  • Authorize.Net (CyberSource Corporation)
  • Bit Pay
  • Block Inc.
  • Fiserv Inc.
  • Flagship Merchant Services
  • GoCardless
  • Payline Data
  • PayPal Holdings Inc
  • Stripe Inc.

PayPal Holdings Inc. and Fiserv Inc. hold a dominant share in the third-party payment market. The competitive landscape in the third-party payment market is defined by innovation for seamless payment experiences and expansion in new territories. Key players constantly introduce cutting-edge technologies and enter strategic markets, vying for dominance in this dynamic & rapidly evolving industry.

Third Party Payment Industry News

  • In February 2023, the digital payments company, PhonePe launched 'UPI international' payments. This feature enables users to make payments to foreign merchants utilizing the UPI infrastructure. The service is available in countries where UPI has been introduced including the UAE, Singapore, Mauritius, Nepal, and Bhutan.

The third party payment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments

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Market, By Payment Type

  • Online Payments
  • POS Payments
  • Peer-to-Peer Payments

Market, By End User

  • Consumer Payments
  • Business Payments

Market, By Payment Method

  • Credit & Debit Cards
  • Net banking
  • Digital Wallets
  • Mobile Payments
  • Others

Market, By Industry Vertical

  • Retail
  • Hospitality
  • E-commerce
  • Healthcare
  • BFSI
  • Government
  • Travel
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • South Africa
    • Saudi Arabia

Frequently Asked Questions (FAQ)

What is the 2023-2032 growth estimate for Third-Party Payment Market?

The market size for third-party payment was USD 57.4 billion in 2022 and is estimated to register over 11.5% CAGR between 2023 and 2032.

How are consumer payments influencing the third-party payment market growth?

The consumer payments segment held a market share of around 65% in 2022 and is expected to grow significantly by 2032 owing to the seamless nature of digital transactions.

What are the factors driving North America third-party payment industry?

North America third-party payment market held a revenue share of around 35% in 2022 and will grow through 2032 owing to technological advancements across the region.

Who are the leading players in the global third party payment industry?

Adyen NV, Alipay, Authorize.Net (CyberSource Corporation), Bit Pay, Block Inc., Fiserv Inc., Flagship Merchant Services, GoCardless, Payline Data, PayPal Holdings Inc, and Stripe Inc.

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