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Card payment systems
Main article: Card payment systems
Electronic payment systems in Russia
Main article: Electronic payment systems in Russia
2021: Global Electronic Payment Systems Market Reaches $89.1 Billion
On February 18, 2022, ResearchAndMarkets analysts published a study according to which the volume of the global market for digital payments technologies in 2021 reached $89.1 billion. Experts did not specify the dynamics in comparison with 2020, but noted that the costs of such decisions are on the rise and will grow in the future.
The main growth factors of the electronic payment system market include global initiatives to promote digital payments, widespread growth, smartphones e-commerce as well as a surge in online sales amid the coronavirus pandemic COVID-19 and an increase in distribution. Internet
Some vendors in the market offer payment solutions through the public and private cloud. Cloud-based payment solutions are available in a variety of subscription and pay-as-you-go models. These solutions allow enterprises to invest in payment technologies according to their specific requirements. Cloud deployment of digital payments software is increasingly popular among small and medium-sized enterprises, as cloud deployment helps small and medium-sized enterprises avoid the initial costs associated with hardware, software, storage, and technical personnel.
The digital payment market is classified into payment gateway solutions, payment processing solutions, payment purse solutions, payment security and fraud management solutions, and POS solutions. Major digital payment solution providers are gradually deploying intelligent technologies such as cloud computing, analytics, and big data to offer end-to-end solutions to potential customers. Payment gateways and payment processing are the most popular solutions among merchants.
In 2021, retail and e-commerce accounted for the largest market share in vertical industries, the study said.[1]
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