Market Overview:
The global virtual payment systems market is expected to grow at a CAGR of over 20% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing adoption of virtual payment systems by consumers and businesses across the globe. In addition, the growing demand for digital payments and rising preference for convenience are also contributing to the growth of this market. The global virtual payment systems market can be segmented on the basis of type into blockchain, digital wallets, mobile money, digital money from banks, P2P apps, and others. The blockchain segment is expected to witness high growth during the forecast period owing to its advantages such as security, transparency, and immutability. Furthermore, increasing awareness about blockchain technology among consumers is also contributing significantly towards its growth in this market. On the basis of application, retail sector is anticipated to hold a dominant position in terms of revenue contribution throughoutthe forecast period followed by healthcare sector.
Product Definition:
A virtual payment system is a platform that allows two or more parties to exchange money or other assets without the need for a third party. The importance of virtual payment systems lies in their ability to reduce costs and improve efficiency.
Blockchain:
Virtual payment systems are expected to witness significant growth over the forecast period owing to increasing demand for cross-border payments. Cross border transactions involve multiple banks, which makes it more complex and increases the risk of failure. However, blockchain technology helps in simplifying and automating such transactions with minimal chances of failure.
Digital Wallets:
A digital wallet is a secure way to manage cash and electronic payments. It helps in making payments online without the need for using physical wallets. Digital wallets offer numerous benefits such as they are lightweight, have high security levels, help in tracking spending etc. The most common type of digital wallet used across the globe is a mobile application based wallet.
The global virtual payment systems market size was valued at USD 2,500 million in 2016.
Application Insights:
The retail segment dominated the global virtual payment systems market in 2017, accounting for over 60.0% share of the overall revenue. The growth can be attributed to a rise in e-commerce activities and increasing penetration of smartphones, which has resulted in increased usage of mobile payments and wallets. Furthermore, growing consumer preference for cashless transactions due to convenience and ease is expected to drive the growth further.
The healthcare segment is anticipated to register a significant CAGR over the forecast period owing to an increase in demand for cost-effective medical services that do not require patients¢â‚¬â„¢ presence at treatment centers or hospitals as well as reduced travel costs incurred by providers due largely lack of reimbursement system associated with these services thus making them more attractive than conventional medical treatments. In addition, technological advancements such as implementation of AI platforms are expected fuel industry growth further driving adoption across various industries including transportation & logistics among others leading towards higher market penetration globally over next few years.
Regional Analysis:
The market in Asia Pacific is expected to grow at a significant rate over the forecast period. The growth can be attributed to increasing adoption of smartphones, high internet penetration, and rapid development of financial institutions. In addition, growing popularity of online shopping has led retailers in the region to adopt virtual payment systems for accepting payments from customers. Increasing number of retail outlets and vendors using these systems is also anticipated to drive regional market growth over the forecast period.
The European region accounted for more than 20% revenue share in 2016 owing to early adoption by several countries such as U.K., Germany, Spain among others which have been significantly contributing towards regional growth since 2012-13 when it was first introduced globally by Satoshi Nakamoto (creator/developer) through a whitepaper titled A Peer-to-Peer Electronic Cash System . However with growing popularity comes increased cyber threats which has led some governments across regions including U.S.
Growth Factors:
- Increasing demand for online and mobile payments
- Proliferation of digital wallets and increasing acceptance of virtual payments by merchants
- Rising use of smartphones and other mobile devices for making virtual payments
- Growing popularity of cloud-based payment solutions
- Emergence of new payment technologies such as near field communication (NFC)
Scope Of The Report
Report Attributes
Report Details
Report Title
Virtual Payment Systems Market Research Report
By Type
Blockchain, Digital Wallets, Mobile Money, Digital Money From Banks, P2P Apps, Others
By Application
Retail, Healthcare, Transportation
By Companies
Paytm, MobiKwik, PayUmoney, Vodafone Mpesa, Idea Money, ABPB Wallet, HDFC Bank, ICICI Bank, Axis Bank, PhonePe (Flipkart), Samsung, Google, Apple
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
149
Number of Tables & Figures
105
Customization Available
Yes, the report can be customized as per your need.
Global Virtual Payment Systems Market Report Segments:
The global Virtual Payment Systems market is segmented on the basis of:
Types
Blockchain, Digital Wallets, Mobile Money, Digital Money From Banks, P2P Apps, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Retail, Healthcare, Transportation
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Paytm
- MobiKwik
- PayUmoney
- Vodafone Mpesa
- Idea Money
- ABPB Wallet
- HDFC Bank
- ICICI Bank
- Axis Bank
- PhonePe (Flipkart)
- Samsung
- Google
- Apple
Highlights of The Virtual Payment Systems Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Blockchain
- Digital Wallets
- Mobile Money
- Digital Money From Banks
- P2P Apps
- Others
- By Application:
- Retail
- Healthcare
- Transportation
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Virtual Payment Systems Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Virtual Payment Systems (VPS) are a type of payment system that allow customers to make payments online. VPS systems use software to process payments and provide the customer with a secure online account. Customers can then use this account to make purchases or withdraw cash from their bank accounts.
Some of the major companies in the virtual payment systems market are Paytm, MobiKwik, PayUmoney, Vodafone Mpesa, Idea Money, ABPB Wallet, HDFC Bank, ICICI Bank, Axis Bank, PhonePe (Flipkart), Samsung, Google, Apple.
The virtual payment systems market is expected to grow at a compound annual growth rate of 20%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Virtual Payment Systems Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Virtual Payment Systems Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Virtual Payment Systems Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Virtual Payment Systems Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Virtual Payment Systems Market Size & Forecast, 2018-2028
4.5.1 Virtual Payment Systems Market Size and Y-o-Y Growth
4.5.2 Virtual Payment Systems Market Absolute $ Opportunity
Chapter 5 Global Virtual Payment Systems Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Virtual Payment Systems Market Size Forecast by Type
5.2.1 Blockchain
5.2.2 Digital Wallets
5.2.3 Mobile Money
5.2.4 Digital Money From Banks
5.2.5 P2P Apps
5.2.6 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Virtual Payment Systems Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Virtual Payment Systems Market Size Forecast by Applications
6.2.1 Retail
6.2.2 Healthcare
6.2.3 Transportation
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Virtual Payment Systems Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Virtual Payment Systems Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Virtual Payment Systems Analysis and Forecast
9.1 Introduction
9.2 North America Virtual Payment Systems Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Virtual Payment Systems Market Size Forecast by Type
9.6.1 Blockchain
9.6.2 Digital Wallets
9.6.3 Mobile Money
9.6.4 Digital Money From Banks
9.6.5 P2P Apps
9.6.6 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Virtual Payment Systems Market Size Forecast by Applications
9.10.1 Retail
9.10.2 Healthcare
9.10.3 Transportation
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Virtual Payment Systems Analysis and Forecast
10.1 Introduction
10.2 Europe Virtual Payment Systems Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Virtual Payment Systems Market Size Forecast by Type
10.6.1 Blockchain
10.6.2 Digital Wallets
10.6.3 Mobile Money
10.6.4 Digital Money From Banks
10.6.5 P2P Apps
10.6.6 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Virtual Payment Systems Market Size Forecast by Applications
10.10.1 Retail
10.10.2 Healthcare
10.10.3 Transportation
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Virtual Payment Systems Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Virtual Payment Systems Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Virtual Payment Systems Market Size Forecast by Type
11.6.1 Blockchain
11.6.2 Digital Wallets
11.6.3 Mobile Money
11.6.4 Digital Money From Banks
11.6.5 P2P Apps
11.6.6 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Virtual Payment Systems Market Size Forecast by Applications
11.10.1 Retail
11.10.2 Healthcare
11.10.3 Transportation
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Virtual Payment Systems Analysis and Forecast
12.1 Introduction
12.2 Latin America Virtual Payment Systems Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Virtual Payment Systems Market Size Forecast by Type
12.6.1 Blockchain
12.6.2 Digital Wallets
12.6.3 Mobile Money
12.6.4 Digital Money From Banks
12.6.5 P2P Apps
12.6.6 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Virtual Payment Systems Market Size Forecast by Applications
12.10.1 Retail
12.10.2 Healthcare
12.10.3 Transportation
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Virtual Payment Systems Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Virtual Payment Systems Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Virtual Payment Systems Market Size Forecast by Type
13.6.1 Blockchain
13.6.2 Digital Wallets
13.6.3 Mobile Money
13.6.4 Digital Money From Banks
13.6.5 P2P Apps
13.6.6 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Virtual Payment Systems Market Size Forecast by Applications
13.10.1 Retail
13.10.2 Healthcare
13.10.3 Transportation
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Virtual Payment Systems Market: Competitive Dashboard
14.2 Global Virtual Payment Systems Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Paytm
14.3.2 MobiKwik
14.3.3 PayUmoney
14.3.4 Vodafone Mpesa
14.3.5 Idea Money
14.3.6 ABPB Wallet
14.3.7 HDFC Bank
14.3.8 ICICI Bank
14.3.9 Axis Bank
14.3.10 PhonePe (Flipkart)
14.3.11 Samsung
14.3.12 Google
14.3.13 Apple
