The global smart payment system market is anticipated to grow at a considerable CAGR of 16% during the forecast period. Smart payments enable businesses to explore several marketing opportunities such as integrating customer loyalty programs, location-based marketing, and utilizing personalized mobile couponing. The companies are developing and launching new solutions in the market which will boost the market growth during the forecast. For instance, in February 2022, Apple announced plans to introduce Tap to pay on iPhone. The new capability aims to empower millions of merchants across the US, from small businesses to large retailers, to use their iPhones to seamlessly and securely accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap on their iPhones with no additional hardware or payment terminal requirement. Tap to Pay on iPhone will be available for payment platforms and app developers to integrate into their iOS apps and offer a payment option to their business customers.
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Some other major launches in the smart payment system market include-
In December 2021, Route Mobile launched Click2Pay, an instant payment solution designed to simplify communications commerce & deliver a seamless conversational experience. As a part of Bring your own Payments’ philosophy, the payment solution is developed to adapt to the evolving requirements of the customer and it connects an existing payment system with the conversational flow of the existing communication channel. It also reduces the number of steps required to complete the payment and induces a positive customer experience that translates into higher conversions and retention rates for the brand.
In March 2021, Axis Bank stepped up its game in the contactless payments segment by launching its range of wearable contactless payment devices, thus, making payments truly on the go and convenient for its customers. Axis Bank partnered with Thales Group and Tappy Technologies to design and create these products, which are exclusively available on the Mastercard platform.
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Market Coverage
Segment Covered-
- By Type
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- including Apple Inc., Diebold Nixdorf, Inc., Dwolla Inc., Google Pay, Infineon Technologies AG, PayPal Holdings, Inc., PhonePe Pvt. Ltd., Tipalti Inc., Total System Services, Inc., and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Smart Payment System Market Report Segment
By Type
- Internet Payment
- Mobile Payment
By Application
- Retail
- Transportation
- Hospital
- Media & Entertainment
- Others
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