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Market Research Report

Global Payments Market Outlook (2017-2030): Based on Type, Based on Application, Based on Geography with COVID-19 impact

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Global Payments Market Outlook (2017-2030)

After an extraordinary double-digit growth in the 2017, global payments returned to its established strong yet steady growth pattern. Global revenues were valued USD 1.92 billion in 2018, reflecting 6% growth. Also, several long-standing trends were also reestablished in 2017, notably, Latin America’s return to above-average growth. However, the composition and dynamics of payment revenue always vary dramatically by region. Further, nonbankers and nontraditional players are increasingly entering to the market to capture the share of this opportunity. In fact, in some cases these nontraditional players leverage payments to increase customer engagements and either expand existing offerings, such as mobile wallet GrabPay, or establish a foundation for a broader-based model, for example Stripe and Square. After an unusual global payment revenue growth of 11% in 2017, largely because of the sudden surge in Chinese liquidity, growth returned to a more typical yet solid level of 6% in 2018. And this figure is slightly above global nominal GDP growth of 5%, projected by both the World Bank and Economist Intelligence Unit.

China: Largest pool but not the largest opportunity

China is the single largest contributing country to the global payment revenues, at roughly around USD 606 billion, surpassing the United States by more than USD 100 billion and comprising two-thirds of overall APAC. The underlying developments are also very impressive, as both debit and credit card usage have grown at a CAGR of greater than 35.1%, over the past six years. In fact, nearly half of all global debit card spending now occurs in China alone. Further, the emergence of large ecosystem players like Alipay and WeChat Pay, have boosted the growth of the mobile payments in the country. In China, mobile payment transactions grew at a CAGR of 124% from 2013-2018. Whereas, transaction revenues in China have only grown at a CAGR of 13% from 2013-2018, due to the lower transaction margins in China, as compared to other countries like US, for example. Despite the developments in Chinese retail payments, more than 60% of China’s payments revenue is sourced from commercial activity, indeed, large share of China’s revenue is derived from liquidity, which is an inaccessible to nonbank service providers, most likely to foreign bank entrants as well. Therefore, despite the size and strong underlying momentum of China’s payments market, it is not easy for nondomestic competitors to play a role in it.

The Emerging era of PaaS (Public-as-a-Service)

Banking is continuously seeing transformations because of new technology, regulation, and operating models. An important such example is the rise of banking as a service (BaaS), a new approach to delivering banking services and products. BaaS providers offers their customers, the ability to connect to a cloud-based platform on which they can manage the end-to-end value chain for a banking product or service. From this platform, they can more easily iterate an internally developed service or offer their customers a variety of products and service. Further, BaaS model gained grip in payments due to payment’s massive reach, high volumes, and transactional nature. Though, several payments as a service (PaaS) player are already active in the industry, with a wide range of business models. Some are developing payments solutions and delivering these services to their customers, while others market their solutions on a white label basis to financial institutions, which in turn design services catering to the needs of their consumers and business customers.

Global Payments Market Segmentation

Based on Type

  • Credit Transfer
  • Direct Debit
  • Check Payment
  • Cash Deposit

Based on Application

  • Banks
  • Non-Banking Financial Institutions
  • Others

Based on Geography

  • North America (U.S. & Canada) {Market Size (USD Trillion), Growth Analysis (%) and Adoption Rate (%)}
  • Latin America (Brazil, Mexico, Argentina & Rest of Latin America) {Market Size (USD Trillion), Growth Analysis (%) and Adoption Rate (%)}
  • Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Size (USD Trillion), Growth Analysis (%) and Adoption Rate (%)}
  • Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Size (USD Trillion), Growth Analysis (%) and Adoption Rate (%)}
  • Middle East & Africa (GCC, South Africa, North Africa, RoMEA) {Market Size (USD Trillion), Growth Analysis (%) and Adoption Rate (%)}
  • Rest of World {Market Size (USD Trillion), Growth Analysis (%) and Adoption Rate (%)}

Dynamics Shaping the Global Payments Industry

Growth is fast-tracking in non-traditional areas: While secular transaction growth remains healthy, it is decelerating and is generally is in the mid-single digits in the developed markets, where most of the leading players reside and derive the majority of their volume. As strong remains to be clustered in few pockets, emerging markets, cross border, digital channels, and nontraditional car verticals. 

Growing unmet needs for integrated solutions, especially for SEM’s: The changing needs of customers also demand a shift in dynamics across the payments value chain, as the secular proliferation of payment options has compounded complexity. In response, many merchants, especially SEM’s, are opting for competitively priced solutions that can streamline the process while meeting customer expectations.

Need for cost efficiency has become more important: Interchanging regulations and competitive pressure from new account based have restricted the ability to leveraging pricing as a means of management, due to which the focus shifts to the cost side for margin preservation.

Overview of Global Payments Market

The growth of the global payments market is driven by combination of factors, such as strong growth in account liquidity and the increased growth in the electronic payment transactions, especially in emerging countries. Electronic payments transactions have been growing at a stunning rate of 22% in emerging countries over the last five years. Further, roughly 45% of revenue growth of payments is expected to be derived from account-liquidity revenue, which is an increase from approximately 40% over the past five years. However, this growth is primarily driven by the increase in volumes in countries like China and India, which together hold about one-third of global account balances and where GDP growth is expected to be higher than the global average.

According to the Goldstein Market Intelligence Analyst, Global Payments Market is estimated to grow at a Compound Annual Growth Rate (CAGR) of 7%, during the forecasted period i.e. 2017-2030.

Technological advancements that are driving disruption

Digital Channels:

These channels provide a step to change to customer experience that allows for the evolution of digital treasurer workbenches, catering the needs of different users in one solution and finally delivering on the promise to move away from separate corporate portals that are loosely integrated at best.

Open APIs:

These are the software interfaces that enable access to bank’s product and services externally in an easy, safe and standardized manner. Although, much of the attention has been given to retail applications, the potential benefits of open APIs are at least as powerful in GTB settings and could facilitate the entry of third-party attackers. For instance, by allowing payment initiation through an app developed by a trusted third party rather than exclusively through the bank’s exclusive website, the corporate payments space that was once dominated by banks can be altered by the entry of these third parties, who can develop value plans for bankers based on collection of different services.

Advanced Analytics and Artificial Intelligence:

Applications based on advanced analytics and artificial intelligence can further enhance the delivery of value-added services. This technology can be used to enhance the front office solutions with features including liquidity forecasting and exposure management, as well as middle office operations. Further, in operations, artificial intelligence can be used in credit scoring, fraud prevention and natural language processing, which in turn can enable intelligent automation of document processing.


These initiatives are particularly beneficial to the field of trade finance and continue to draw significant attention and investment outside the established use cases in cross-border payments and correspondent banking, such as those developed by Ripple. This distributed ledger technology, enables the secure and trusted sharing of validated data among all participants in a given transaction in real time, which is a powerful value proposition to increase the efficiency and safety of most trade finance products.

Major Players of Global Payments Market

  • PayPal
  • FIS
  • Bank of America
  • Industry and Commercial Bank of China
  • Citibank
  • JPMorgan Chase
  • Wells Fargo & Company
  • Capital One
  • ACI Worldwide
  • MasterCard
  • Fiserv
  • Square
  • Visa
  • Apple
  • Alipay
  • American Express
  • Amazon Payments
  • Samsung Electronics

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Key questions answered in this Global Payments Market Outlook Report

  • What is the total market size by 2030 and what would be the expected growth rate of market?
  • What is the total revenue per segment and region in 2016-17 and what would be the expected revenue per segment and region over the forecast period?
  • What are the key market trends?
  • What are the factors which are driving this market?
  • What are the major barriers to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities for the existing and entry level players?
  • What are the recent developments and business strategy of the key players?

Reasons to buy this market study

  • Facilitate decision-making based on strong historic and forecast data for Global Payments Market
  • Develop strategies based on the latest regulatory framework
  • Position yourself to gain the maximum advantage of the Global Payments Market’s growth potential
  • Identify key partners and business development avenues across the globe
  • Respond to your competitors’ business structure, strategy and prospects
  • Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
  • Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments
  • Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
  • To strategically profile key players and comprehensively analyze their market shares and core competencies

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Global Payments Market Outlook (2017-2030): Based on Type, Based on Application, Based on Geography with COVID-19 impact

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