Global Next Generation Payment Technology Market Overview
Next Generation Payment Technology Market accounted for US$ 125.0 Billion in 2024 and is estimated to be US$ 660.0 Billion by 2034 and is anticipated to register a CAGR of 20.0%
There are numerous trending techniques that overcome the traditional credit card payment system, along with new technology. Their main focus is to develop different payment processing technologies that allows more convenient transactions and also more secured payment. The next generation payment technology market is growing vastly as well as it is supportive in addressing security, authenticity, and latency. Next generation payment technology market ecosystem is applied highly in addressing security, authenticity, and latency. However, this market solves the inconvenience issues of the individuals doing payments through timely, accurate, and convenient payment solutions. The technological companies, financial institutions, e-commerce companies, payment service providers, payment hardware suppliers and all others have routine to payment technology products to ensure simplified and time saving transactions. Rising development in the market is reason to the enormous demand of payment security regulations, innovation by technology companies, reforming payments landscape, speed of transactions, ease of use, secure and robust systems against potential attackers to systems among others.
Impact of COVID-19 pandemic on market
At the start of2020, COVID-19 disease began to spread around the world; many more peoples are infected with COVID-19 disease, and major countries around the world have send the orders to companies for employee prohibition and work strike. Hence most industries are mainly impacted and in that next generation payment technology industries have also been greatly affected. Hence the target market size is suddenly declines.
Global Next Generation Payment Technology Market Dynamics
The government of most countries is encouraging heavy investments in major research and development projects to support advanced innovations in payment technology market. Further, it will give effective applications with payment technology to investors to direct more funds towards financing more next generation payment technology initiatives and strategies.
Rapid adoption of next generation payment technology among individuals
The next generation payment technology market is growing stepwise because of payment security regulations, innovation in IT companies, speed of transactions, easy to use, secure and robust systems against potential attackers. The increasing demand of smartphones, increasing adoption of e-commerce & m-commerce by banking and finance, government policies, entry of leading IT companies, and availability of trending payment technology products and solutions are mostly driving the global market growth. Hence, the global payment technology has been initiated and augmented for key geographical areas, payment technology types and by applications. The market is constantly rising with scientific innovations and trending activities in the industry. Additionally, local and regional industries are offering specific new application products to end users.Rapidly changing financial services and technologies witnesses’ major disturbance in the next generation payment technology market. Nonetheless, due to failures in integration of payment technology with existing company systems, mobile application, and financial pressure hampers growth of the target market.
Global Next Generation Payment Technology Market Segmentation
Next generation payment technology market is segmented based on the technology type, platform, security architecture, application, and region.
The major segmentation of next generation payment technology majorly segmented on the basis of trending technologies. The technologies include EMV chip, near field communication, magnetic secure transmission, bluetooth low energy, and quick response code. The global market, help to deliver secure financial services as well as technical and commercial transactions in many aspects by technologies such as Europay MasterCard Visa (EMV) Chip, Near Field Communication (NFC), Bluetooth Low Energy (BLE), Quick Response Code (QR Code) and Magnetic Secure Transmission (MST).
On the basis of platform, this market is again sub-segmented into browser, mobile app, and point of sale. The overall market makes impact with exponential growth of mobile and digital payments. Again, the service providers and customers have expressed interest in next generation payment technology due to change in transaction pattern and increased convenience. Considering the security, the security architecture segment is sub-divided into encryption and tokenization, secure element systems, host card emulation, biometrics, certificates and standards, and fraud and risk tools. Based on the application, the global market is bifurcated into retail and commercial, enterprise, healthcare, and hospitality.
Regional insights:
According to the regional, market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for highest investments in global next generation payment technology market with rapid growth in transaction value from 2019 to 2029. Next to the North America, Asia Pacific is the next region that plays the lead role in the payment technology market. Increasing contactless payment technologies gives scope to the smartphones and mobile devices in APAC. Europe is also showing the considerable market growth for next generation payment technology due to innovations in contactless smart cards.
Detail Segmentation:
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Attribute |
Details |
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The base year for estimation |
2023 |
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Forecast Period |
2024 - 2034 |
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Market Representation |
Revenue in USD Million & CAGR from 2024-2034 |
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Market Segmentation |
By Technology – EMV clip, Near Field Communication, Magnetic Secure Transmission, Bluetooth Low Energy, and Quick Response Code. By Platform – Browser, Mobile App, and Point of Sale. By Security Architecture - Encryption and Tokenization, Secure Element Systems, Host Card Emulation, Biometrics, Certificates and Standards, and Fraud and risk tools By Application - Retail and Commercial, Enterprise, Healthcare, and Hospitality By Region - North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Regional Scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments covered in the report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the global next generation payment technology market report based on technology type, platform, security architecture, , application, and region.
Next Generation Payment Technology Market, By Technology Type:
- EMV Chip
- Near Field Communication
- Magnetic Secure Transmission
- Bluetooth Low Energy
- Quick Response Code
Next Generation Payment Technology Market, By Platform:
- Browser
- Mobile App
- Point of Sale
Next Generation Payment Technology Market, By Security Architecture:
- Encryption and Tokenization
- Secure Element Systems
- Host Card Emulation
- Biometrics
- Certificates and Standards
- Fraud and risk tools
Next Generation Payment Technology Market, By Application:
- Retail and Commercial
- Enterprise
- Healthcare
- Hospitality
Next Generation Payment Technology Market, By Region:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
Global Next Generation Payment Technology Market Key Players
Key players in the next generation payment technology market include Adygen, Alipay, Cayan LLC, Citrus, Dwolla, Equinox, First Data Corporation, Gemalto, Google, and Ingenico. Companies are involved in launching new payment services to initiate secure payment options for consumers. For instance, in February 2019, Netherlands-based payments platform Adyen has launched a new payment service powered by Open Banking. The new service is an alternative to card payments and takes advantage of the European Union’s Payment Service Directive (PSD2) requirement for banks to create APIs for approved third parties to initiate payments on behalf of consumers.
Global Next Generation Payment Technology Market Company Profile
- Adygen
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Alipay
- Cayan LLC
- Citrus
- Dwolla
- Equinox
- First Data Corporation
- Gemalto
- Ingenico.
“*” marked represents similar segmentation in other categories in the respective section.
Global Next Generation Payment Technology Market Table of Contents
Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
Market Preview
- Executive Summary
- Key Findings—Global Outlook for medical carts Strategies
- Key Questions this Study will Answer
- Market Snippet, By Technology Type
- Market Snippet, By Platform
- Market Snippet, By Security Architecture
- Market Snippet, By Application
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restrains
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
Next Generation Payment Technology Market, By Technology Type, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- EMV Chip
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Near Field Communication
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Magnetic Secure Transmission
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Bluetooth Low Energy
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Quick Response Code
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Next Generation Payment Technology Market, By Platform, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Browser
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Mobile App
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Point of Sale
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Next Generation Payment Technology Market, By Security Architecture, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Encryption
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Tokenization
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Secure Element Systems
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Host Card Emulation
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Biometrics
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Certificates and Standards
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Fraud and Risk Tools
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Next Generation Payment Technology Market, By Application, Forecast Period up to 10 Years, (US$ Bn)???????
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Segment Trends
- Retail
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Commercial
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Enterprise
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Healthcare
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
- Hospitality
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
Next Generation Payment Technology Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
- Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Technology Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Platform , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Security Architecture , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Technology Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Platform , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Security Architecture , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- UK
- France
- Germany
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Technology Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Platform , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Security Architecture , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- India
- Japan
- South Korea
- China
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Technology Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Platform , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Security Architecture , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Technology Type, Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Platform , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Security Architecture , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Application , Forecast Period up to 10 Years
- Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
- GCC
- Israel
- South Africa
- Rest of Middle East
Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
Company Profiles
- Adygen
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Alipay
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Cayan LLC
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Citrus
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Dwolla
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Equinox
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- First Data Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Gemalto
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Google
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
- Ingenico
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Performance
- Business Strategies
The Last Word
- Future Impact
- About Us
- Contact
FAQs
The Next Generation Payment Technology Market is segmented into technology type, platform, security architecture, application, and region.
Factors include the demand for seamless and secure payment experiences, advancements in digital wallets and contactless technology, and the rise of mobile and online payments, driving global growth in the next-generation payment technology market.
Challenges include security and privacy concerns, resistance to change in traditional payment habits, and interoperability issues, posing restraints on the global market.
By region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period.
The key players operating the target market includes, Adygen, Alipay, Cayan LLC, Citrus, Dwolla, Equinox, First Data Corporation, Gemalto, Google, and Ingenico.