LONDON--(BUSINESS WIRE)--The global e-commerce payment market is expected to reach USD 135 billion during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global e-commerce payment market by application (cards, bank transfer, e-wallets, direct debits, and mobile). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rise in the usage of wireless networks
In the current market scenario, increasing penetration of the internet and wireless broadband is a key driver for the growth of the e-commerce market. As technologies such as 4G and wireless broadband are becoming cheaper day by day, the distribution of wireless internet is also increasing significantly across industries. The increased distribution of wireless technologies is positively affecting the e-commerce payment market on two levels. Firstly, this infrastructure provides a functional and efficient platform for the vendors to showcase their products. Secondly, the entire digital ecosystem of both consumer and enterprise technologies demands the implementation of network-access control capabilities to better shield the entire system from malicious software, network vulnerabilities, breaches, and security threats.
According to a senior analyst at Technavio, “Every business is an information business today, as all the processes and operations of a business are increasingly digitalized. The entire digital system is manufactured in a way to incentivize the consumer fairly on the consumption of digital products and services. This growing use of wireless networks will increase the market share of e-commerce payment market due to their inter-dependency.”
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Market trend: rise in mobile biometrics for payment
As per the current market scenario, the use of mobile devices for conducting financial and e-commerce transactions has increased significantly. Thus, this increasing trend is leading towards rapid innovation of biometrics technologies such as fingerprint recognition, voice recognition, iris recognition, signature recognition, keystroke recognition, and facial recognition. These biometric technologies are being integrated into mobile devices nowadays to ensure authorized access to personal data. This will increase the prevention of any fraudulent activities in monetary transactions. Additionally, multimodal biometrics are being used on mobile devices for individual identification and verification to make mobile payments in the retail sector more secure and safe.
Market challenge: security and privacy concerns
Payment service providers use online cookies to gather personal data and customer information so that they can customize advertising messages to target key audiences. The indiscriminate use of cookies can infringe client privacy, while location-based online services have raised privacy concerns because these can reveal the geographical location of the customer. Similarly, the data collected from consumer usage can be stored by e-commerce vendors, and this information can be hacked and used for personal gain.
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Some of the major companies in the global e-commerce payment market:
- Alibaba Group
- PayPal
- Visa
- Mastercard
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