The growth of online payment methods around the globe has been facilitated by the proliferation of smart devices and the internet. Recurring payments, also referred to as periodic pay or AutoPay, is a system in which the consumer has provided permission to the product or service provider to deduct an amount from the bank account or pay via the credit card. The amount is detected on the due date, and this helps in the prevention of late fees or charges. The European region for instance, has seen an influx of e-commerce websites, and growth in e-commerce traffic in the last five years. In 2018, for instance, around 14% of the companies in the EU reported using only an e-commerce channel for conducting business operations. Around 45 billion retail transactions were processed in the EU area in 2019. Many of the e-commerce websites are providing recurring payment methods for commodities such as groceries and women health products. Along with this, the region has also seen a spike in card payments in recent years. European Central Bank statistics show that the card payments accounted for around 48% of the total non-cash payments in the European Union, with credit transfers accounting for 23% of the transactions in 2019. The growth of credit cards allow the merchants to provide recurring payment options to customers. Visa and Mastercard dominated the credit card numbers, with around 90% of the purchase volume share in 2017. These factors are driving the demand of recurring payments market.
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The outbreak of the novel coronavirus (COVID-19) has created an adverse impact on the growth of various sectors on the regional and global scale. Industries ranging from manufacturing, retail and consumers goods, travel and hospitality, banking, financial services and insurance among others have been observed to be some of worst hit. The concept of recurring payments has been prevalent in recent years, but the onset of the novel coronavirus has facilitated a growth in the adoption of its market offerings. Major reasons for this trend were observed to be the limited spending from the general population across various items along with measures from various organizations to market subscription-based offerings for products as well as services. Furthermore, the limitations put forth on the travel of citizens have limited the utilization of cash as the major mode of financial transactions. The subsequent months after the lockdowns have provided the financial sector with positive date related to digital payments. Governing authorities have also shown conducive initiatives with respect to the prevalence of recurring payment services across various industry sectors. Thus, the recurring payments market is expected to propel in the near future.
The detailed research study provides qualitative and quantitative analysis of recurring payments market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- Europe recurring payments market was valued at US$ 5899.33 million in 2020 and is expected to reach US$ 28395.84 million by 2028, growing at a CAGR of 21.7% over the forecast period.
- By offerings, the solutions segment accounted for the major market share in 2020.
- Large enterprises accounted for the major market share in 2020, under organization type segment.
- IT and telecommunication segment accounted for the major market share in 2020, under industry vertical segment.
- Some of the players operating in the market include Adelante, Adyen, Aria Systems, Inc., CHARGEBEE INC., Clover Network, Inc., Elavon Financial Services DAC, Nuvei, Square, Inc., Stripe, Vindicia, Inc., Visa (CyberSource), Worldline, Zoho Corporation Pvt. Ltd., ARVATO INFOSCORE GMBH and other market participants.
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Global Recurring Payments Market:
- By Offerings
- By Organization Size
- Small and Medium Sized Enterprises
- Large Enterprises
- By Industry Verticals
- IT and Telecommunications
- Banking, Financial Services and Insurance (BFSI)
- Retail and Consumer Goods
- Travel and Hospitality
- Energy and Utilities
- By Geography
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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