E-commerce Payment Market Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast – 2022 to 2028

The global E-commerce payment market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The rise in the adoption of e-commerce payment mode coupled with awareness regarding digital payments is anticipated to drive the growth of the market. According to the data published by the National Payments Corporation of India (NCPI) in 2020, various government programs such as Digital India, Jan Dhan Yojana, SVAnidhi Scheme for the street vendors, and more are acting as a solution for digital payments.

Moreover, as per NCPI, the awareness and adoption of digital payment have increased and benefits associated with it such as convenience, safety, and others were the key triggers. Furthermore, RBI set the enabling tone by releasing guidelines on V-KYC, contactless payments, recurring payments on cards, and standardization of QR. The rise in the penetration of smartphones coupled with rapid internet connectivity is further anticipated to drive the market growth.

For instance, according to the data published by Global System for Mobile Association (GSMA) in 2020, smartphone penetration is anticipated to reach 80.0% by 2025, owing to shifts and changes in consumer behavior. Moreover, 70.0% of smartphones are anticipated to run on LTE, reflecting the influence of mobile internet generation. Further as per GSMA, by the end of 2019, 3.8 billion people were using mobile internet, with three-quarters of all mobile internet users living in low and middle-income countries. Thus,  the penetration of smartphones is one of the factors driving the demand for the E-commerce payment market.

Looking toward the demand for E-commerce payment, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For in January 2022, RS2 Group had launched an E-commerce solution –Shop and Pay, which enables service providers and retailers to construct their online presence and get to multiple payment methods. The launch aimed to provide service providers and small and medium-sized enterprises with to transform their business into a digital business. Thus, such launches are anticipated to drive the growth of the global E-commerce payment market.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Type
  • By Application
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World
• Competitive Landscape- Capital One Financial Corp., The American Express Co., and Bank of America Corp. among others

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global E-Commerce Payment Market Report by Segment

By Type

• Credit Card
• Debit Card
• Digital Payment
• Net Banking
• Others

By Application

• Fashion Accessories
• Electronics & Media
• Food & Personal Care
• Furniture & Appliances
• Others