The global smart payment system market is anticipated to grow at a significant CAGR of 16% during the forecast period. The increasing number of mobile phone users with high-speed internet connectivity is propelling the growth of the market. According to Pew Research Center, the share of consumers in the US that owns a smartphone was 85% in 2021, up from just 35% in the first survey on smartphone ownership conducted in 2011. Smartphone users are more likely to be under the age of 50, college graduates, earn $75,000 per year or more, and live in urban areas. Both men and women own smartphones in equal numbers.
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The COVID-19 pandemic has become one of the biggest threats to the global economy and financial markets. To contain the impact of the COVID-19 pandemic many countries across the globe have taken several measures, including a nationwide lockdown; limiting the movement of the entire population; shutting down public places and transport, and urging the public to stay indoors, maintain social distance, and work from home. The resulting economic disruption is huge and the short-term decline in activity for businesses, both large and small, is considerable. The smart payment system declines are seen in airlines, tourism, hospitality, hotels, entertainment, e-commerce (non-essentials), and restaurants, among other sectors. Further, cross-border payments, be they B2B or C2B, have significantly declined to owe to the temporary shutting down of borders further, resulting in restricted movement of goods.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Market Segmentation
Global Smart Payment System Market by Type
- Internet Payment
- Mobile Payment
Global Smart Payment System Market by Application
- Retail
- Transportation
- Hospital
- Media & Entertainment
- Others (Automotive, Education)
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- .Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- .India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Apple Inc.
- com, Inc.
- Boku Inc.
- Diebold Nixdorf, Inc
- Dwolla Inc.
- com
- FIS
- Google Pay
- Heartland Payment Systems, Inc.
- Infineon Technologies AG
- Ingenico Group S.A.
- Network Merchants, LLC (NMI)
- PayPal Holdings, Inc.
- PDCflow
- PhonePe Pvt. Ltd.
- Rambus
- Thales Group
- Tipalti Inc.
- Total System Services, Inc.
- Verimatrix
- Visa, Inc.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart payment system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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