Global Third Party Payment market is projected is to exhibit a growth rate of 18.9% CAGR during the forecast period 2018 to 2026. Third Party Payment is a payment process where persons other than the principals are also involved. This type of transaction generally involves the seller, the buyer, and another party which is not affiliated in any way with the buyer or seller. The third party can be either a online payment portal or a broker.
Third Party Payment Market Dynamics
The global Third Party Payment market is driven owing to the significant rise in cloud computing and tremendous update of the e-commerce market. In addition, the increased penetration of smartphones and internet connectivity across the globe further bolsters the adoption of third party payment apps and services. However, security concerns and privacy regarding finances restricts the growth of the global third party payment market.
Third Party Payment Market Insight
North America accounted for the biggest chunk of the global third party payments market revenue share and is analyzed to dominate during the forecasted period. The region being developed sees significant mobile and online payments. In addition, many of the top e-commerce giants originate from the region which sees high volumes of e-commerce trade. Lastly, even the third-party payment giants originate from this region, hence making it the leader in this market. Asia Pacific and Europe also occupy a key share in this market owing to a big user base.
Third Party Payment Market Segmentation
The global Third Party Payment market is segmented into product, type, and region. On the basis of type, the global third party payment market is segregated into Online, Mobile, and Point-of-Sale (PoS). The global third party payment market is further bifurcated by end-user into BFSI (banking, financial services and insurance), Retail, Healthcare, FMCG (fast-moving consumer goods), E-commerce, Automotive, Education, and Others. Based on the geography the market is further segregated into North America, Latin America, Europe and Asia Pacific.
Third Party Payment Market Competitive Landscape
The major players associated with the global Third Party Payment market are PayPal Holdings, Inc., Stripe, Inc, 2Checkout Inc, First Data Corporation, Amazon Inc, Authorize.net, Alipay Co Ltd, Adyen BV, One97 Communication Ltd, and FuturePay, Inc among others.