Global Smart Payment Systems Market Size By Type (Internet Payment, Smartphone Payment), By End-User (Retail, Transportation, Hospital,  Media and Entertainment), By Geographic Scope And Forecast

Smart Payment Systems Market Size And Forecast

Smart Payment Systems Market size was valued at USD 83 Billion in 2023 and is projected to reach USD 87 Billion by 2030, growing at a CAGR of 18.21% from 2024 to 2030.

The raising boost in the demand for smartphones and rising internet users are flourishing the market growth of smart payment systems. The Global Smart Payment Systems Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Smart Payment Systems Market Definition

Smart payment systems are systems that allow their users for paying their bills without giving any cash and pay through digital platforms. With this system, payment services that are operated under fiscal regulation can be performed through a smartphone. The smart payment system allows its users to use their mobile phones for paying a wide range of services as well as digital goods, instead of paying through cash, cheque, debit, and credit cards. This has resulted in a much more advanced and convenient era were carrying a hard form of payment options is not required.

Global Smart Payment Systems Market Overview

The raising boost in the demand for smartphones and rising internet users are also flourishing the market growth of smart payment systems. Also, the high competition environment across the industry has led to providing a better customer experience is also responsible for positively impacting the growth of the market. Furthermore, easy accessibility of the digital payment mobile applications along with the numerous governments across the globe is also a key factor for lifting the growth of the Smart Payment Systems Market. The most important factor which determines the growth of the Smart Payment Systems Market is various developments in mobile payment technology, the raising number of e-commerce industries, and the increasing use of mobile wallets in order to make transactions.

However, the increasing awareness among users regarding the risk of cyber-attacks, unauthorized usage of personal data of users, and reluctance in adopting new technologies are hindering the market growth of smart payment systems during the forecasted period, whereas the lack of digital literacy and increasing security concerns amongst the consumers in the emerging countries and have the potential for challenging the growth of Smart Payment Systems Market during the forecast period. The rapid changes in the regulatory frameworks, the rapid decline in the unbanked population, and the high adoption of open-banking APIs across the globe will go to further cater the ample new opportunities that will lead to the growth of the Smart Payment Systems Market.

Global Smart Payment Systems MarketSegmentation Analysis

The Global Smart Payment Systems Market is segmented on the basis of Type, End-User, And Geography.

Smart Payment Systems Market, By Type

•  Internet Payment
•  Smartphone Payment

Based on Type, The market is segmented into Internet Payment and Smartphone Payment. Smartphone Payment is dominating the Smart Payment Systems Market because of various apps that provide an immediate and convenient way of payment in a fraction of seconds.

Smart Payment Systems Market, By End-User

•  Retail
•  Transportation
•  Hospital
•  Media & Entertainment
•  Others

Based on End-User, The market is segmented into Retail, Transportation, Hospital, Media & Entertainment, and Others. The Retail segment is going to dominate the Smart Payment Systems Market due to the highest number of transactions in this sector and customers are preferring the smart payment system for their day-to-day transactions.

Smart Payment Systems Market, By Geography

•  North America
•  Europe
•  Asia Pacific
•  Rest of the world

On the basis of Geography, The Global Smart Payment Systems Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Global Smart Payment Systems Market in the North American region is expected to increase the most compared to other regions during the projected period because of the increasing proliferation of the digitalization that is associated with government initiatives in order to use the digital payments in developing countries within this region.

Key Players

The “Global Smart Payment Systems Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Apple Inc., Amazon Pay, NMI, Dwolla, PDCflow, EBizCharge, Tipalti Inc., FIS, Google Pay, Boku Inc., PayPal, INSIDE Secure, Infineon Technologies, Ingenico Group, Gemalto N.V., Heartland Payment Systems.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

•  In 2022, Apple announced its plans to introduce a Tap to Pay function on iPhone. The new capability intends to empower the millions of merchants across the United States, from small businesses to large retailers, in order to use their iPhones to accept Apple Pay, contactless credit and debit cards, and other digital wallet payments through a simple tap of their iPhones without any additional hardware or payment terminal.
•  In 2021, Mastercard extended its capabilities deep into the field of digital assets along with an agreement in order to acquire CipherTrace, which is a leading cryptocurrency intelligence company that has an insight into more than 900 cryptocurrencies. The integrated offering will be going to build on CipherTrace’s suite of digital assets and Mastercard’s cyber security solutions for providing businesses with greater transparency for helping them to identify and understand the risks and to manage their digital asset regulatory and the compliance obligations.
•  In 2021, Paytm announced that it will let its merchants use smartphones in order to accept Near Field Communication (NFC) based credit and debit card payments through their ‘Paytm Smart POS made for Android phones.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

•  Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
•  Provision of market value (USD Billion) data for each segment and sub-segment
•  Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
•  Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
•  Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
•  Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
•  The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
•  Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis
•  Provides insight into the market through Value Chain
•  Market dynamics scenario, along with growth opportunities of the market in the years to come
•  6-month post-sales analyst support

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