Payment systems

Card Payment Systems

Main article: Card payment systems

Mobile Payment Services

Main article: Mobile payment services

Payment systems in Russia

• Non-cash payments in Russia
• Electronic payment systems in Russia

Payment systems in countries of the world

• BRICS Pay
• Electronic payment systems in Belarus
• Electronic payment systems in Kazakhstan
• Electronic payment systems in Uzbekistan
• Electronic payment systems in Ukraine
• Electronic payment systems in Azerbaijan

• Bakong State Payment System of Cambodia

Remittances

• Remittances (Russian market)
• Remittances (Global Market)

Technologies for Electronic Payment Systems

2024: The volume of the global IT payment infrastructure market grew by 8% over the year and reached $80 billion

At the end of 2024, the volume of the global IT payment infrastructure market is estimated at $79.91 billion. For comparison, a year earlier, the costs in the relevant area amounted to $74.21 billion. Thus, an increase of almost 8% was recorded. This is stated in the Market Research Future study, the results of which are presented in early February 2025.

Analysts call the main driver of the industry the widespread adoption of digital payment solutions due to the growth of online commerce and the increase in the popularity of mobile banking. The COVID-19 pandemic accelerated the transition to cashless transactions, which had a positive effect on the development of the market. The introduction of digital technologies contributes to the emergence of new services that increase the convenience of transactions, including cross-border ones. In addition, the demand for fast, safe and simple financial transactions is increasing. All this leads to the need to form an effective and flexible payment infrastructure.

Technological advances such as blockchain solutions, artificial intelligence and machine learning play an important role. Such tools are integrated into payment systems to improve security, speed up transaction processes, and deliver real-time data analytics. These technologies improve transaction security, reduce fraud risk, and improve overall customer experience. With the development of digital systems, the complexity of payment infrastructures is growing, which is necessary to meet the changing needs of organizations and ordinary consumers.

The exponential growth of the e-commerce sector is also having a stimulating effect on the industry. Marketplaces require efficient payment systems to handle a huge number of transactions while ensuring a high level of security. Therefore, companies invest heavily in improving the IT payment infrastructure. There is a significant shift towards contactless payments: this trend is further fueled by advances in wireless technology and the growing use of digital wallets.

The authors of the study identify four key market segments: cloud platforms, local solutions, mobile payments and contactless payments. In 2024, cloud systems generated revenues of $30 billion: this sector dominates due to scalability, cost-effectiveness and flexibility. Local solutions accounted for $20 billion: this type of deployment is in demand among organizations that prioritize control over their data and operations. Mobile payment products brought $15 billion, infrastructure solutions for contactless payments - $14.91 billion. Such companies as contribute significantly to development of the world industry:

• Square;
• Worldpay;
• Visa;
• Wells Fargo;
• Mastercard;
• PayPal;
• JPMorgan Chase;
• Bank of America;
• Adyen;
• Fisglobal;
• Global Payments;
• Stripe;
• Discover Financial;
• Fiserv;
• American Express.

Regionally, North America held the lead in 2024, where costs reached $30 billion. Costs in Europe are estimated at about $20 billion, in the Asia-Pacific region - at $15 billion. Another $9 billion was the contribution of South America, and the Middle East and Africa provided $5.91 billion.

According to Market Research Future analysts, in the future, the CAGR (compound percentage CAGR) in the market under consideration will be about 7.68%. Thus, by 2035, spending on a global scale may increase to $180.34 billion.^[1]

2021: Global Electronic payment systems Technology Market Reaches $89.1 Billion

On February 18, 2022, analysts at ResearchAndMarkets published a study according to which the global technology market for digital payments reached $89.1 billion in 2021. Experts did not specify the dynamics in comparison with 2020, but noted that the costs of such solutions are on the rise and will grow in the future.

The main growth factors in the electronic payment systems market include global initiatives to promote digital payments, the widespread adoption of smartphones that contribute to the growth of e-commerce, as well as a surge in online sales amid the COVID-19 coronavirus pandemic and the growing spread of the Internet.

The global market for electronic payment systems reached $89.1 billion in 2021

Some vendors in the market offer payment solutions through the public and private cloud. Cloud payment solutions are available in a variety of subscription and pay-as-you-go models. These solutions enable businesses to invest in payment technology to meet their specific requirements. Cloud-based deployment of digital payment software is increasingly popular among small and medium-sized enterprises as cloud-based deployment helps small and medium-sized enterprises avoid the initial costs of hardware, software, storage, and technical personnel.

The digital payments market is classified into payment gateway solutions, payment processing solutions, payment wallet solutions, payment security and fraud management solutions, and POS solutions. Major providers of digital payment solutions are gradually adopting intelligent technologies such as cloud computing, analytics, and big data to offer prospective customers end-to-end solutions. 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 the vertical industries, the study said.^[2]

Notes