Sarasota, FL -- (SBWIRE) -- 06/21/2018 -- Global ePayment System Market: Overview
ePayment system is a mode of making transaction or payment of goods and services via an electronic medium without using cash or cheque. It is also called an online or electronic payment system The Due to increasing use of internet-based banking and shopping; the ePayment system market has been growing over the last decade. There are a number of ePayment systems are developed which provides and improve secure ePayment transaction while decreasing cheque and cash transactions. ePayment systems can be classified into two areas which are cash payment systems and credit payment systems. The benefits of using an ePayment system are that it is a more effective and efficient transaction system, without wasting time. It lowers the whole transaction cost. It is easy to add ePayment system online, start processing payments online. Payment providers and payment gateways offer high security and anti fraud tools for reliable transactions.
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Global ePayment System Market: Growth Factors
The global ePayment system market has been driven by aspects such as decreased cost of technology, emergence of fast internet (4G/3G) technologies, elevated speed of transactions, no distance barriers, ascending adoption and demand of customers for mobile and electronic commerce. Rising contactless payment enabled instruments like cards, e-wallets and Smartphone's, flourishing trend of cashless payment, growing reliance on Smartphone's, expanding number of schemes on various cards pushing the acceptance of considerable ePayment modes, user friendliness and booming social media platforms are also contributing to the expansion of the global ePayment system market. Change in the policies by the government, have been making payment systems transparent leading to the use for phone-to-phone (P2P) payments, these are influencing the global ePayment system market. However, factors such as misuse, lack of secrecy, feasibility and E-commerce fraud have been challenging the growth of the ePayment system market.
Global ePayment System Market: Segmentation
The global ePayment system market has been segmented on the basis of payment modes, solutions, applications and by region. By payment mode, the global ePayment system market is classified as smart cards, Smartphone's and wearables and point of sales terminals. In terms of solutions, the market is categorized into payment terminal solution, hosted point-of-sale, security and fraud management, transaction management and analytics. In terms of application, the global ePayment system market has been segmented into retail and consumer goods, service businesses, hospitality, healthcare, transportation and government. The service business has been further sub segmented into restaurants, movie theaters, gas stations and convenience stores.
Global ePayment System Market: Regional Analysis
North America is anticipated to be one of the key regional markets over the forecast period. The growth of the ePayment system market is due to the use of adoption of these systems. Europe is another major region for ePayments due to increasing smart card rollouts. The Asia Pacific market is expected to witness significant growth over the next decade due to various technological developments across major economies. The countries in the Asia Pacific region like Taiwan, Japan and Australia have been witnessing higher penetration of ePayments as compared to the other countries.
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Global ePayment System Market: Competitive Players
Leading vendors in the global ePayment system market are Gemalto, Visa Inc., Wipro, Heartland Payment Systems, VLNComm, Wirecard AG, General Electric, Giesecke and Devrient GmbH, pureLiFi, Ingenico Group SA, On Track Innovations Ltd., Philips, Verifone, Oberthur Technologies, Thales Group, LightPointe Communications, Nakagawa Labs, Oledcomm, Nakagawa Labs, LVX System and Velmenni.
Global ePayment System Market: Regional Segment Analysis
North America
The U.S.
Europe
The UK
France
Germany
The Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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