United States E-commerce Payment Industry will be US$ 875.20 Billion in 2022. Industry Trends, Share, Growth, Impact of Inflation, Opportunity Company Analysis
The United States E-Commerce Payment market is expected to grow from US$ 1.19 trillion in 2023 to reach US$ 3.60 trillion by 2032, with a CAGR of 13.05 % from 2024 to 2032. The growing use of smartphones and increased accessibility to the internet is driving growth in the e-commerce payment industry. Additionally, it is anticipated that the e-commerce payment business would expand significantly over the course of the projection period due to the expanding population of bankers and digitalization.
United States E-Commerce Payment Overview
E-commerce payment is a billing technique that allows online retailers to handle payments instantly. Usually referred to as an online mobile payment network, it is categorized as an e-commerce payment system. Either cash or checks are not required for this kind of digital payment. Thanks to paperless e-commerce facilities, labor costs, delivery fees, and general documentation have decreased, changing the nature of online payments. It has been shown that this payment greatly improves the digital payment service's efficiency and provides extra benefits like improved customer satisfaction, fraud protection, and currency conversion, all of which are beneficial to the US e-commerce payment market overall.
The majority of American internet users now shop primarily through mobile devices. Our research indicates that mobile apps are the most popular platform for online grocery shopping, with almost 80 percent of users expected to make purchases through these apps in 2021. Additionally, the average value of online orders placed in the United States is higher on desktop computers than on mobile devices. Consequently, mobile commerce is quickly emerging as the channel of choice for customers to shop through, though daily usage of apps for online stores is becoming increasingly important year over year.
Growth Drivers for the United States E-Commerce Payment Market
The banking industry's increased use of the internet and the variety of e-commerce payment choices available
The e-commerce payment market in the United States is expanding rapidly. The main drivers driving the growth of the US e-commerce payment market are the increasing usage of e-commerce payment systems by millennials, the availability of several e-commerce payment choices, and the increasing penetration of the internet in the banking sector. The US is the second-largest country in the world e-commerce market by sales volume. Online buying is becoming more and more popular, and in the US, e-commerce payments are thought to be the best option. Additionally, using e-commerce payments offers the consumer several advantages like easier use, cost control for customers, more effective and efficient transactions, and much more. Anti-fraud and security mechanisms are provided by the payment providers and payment gateways, the transactions are quite dependable.
Each of these elements is equally responsible for the market's expansion in the US. In addition, the increasing usage of tablets and smartphones, digital wallets, and special incentives from major banks like JP Morgan & Bank of America are all driving the market's expansion. Furthermore, there may be plenty of opportunity for the growth of the US e-commerce payment industry throughout the projection period due to the quick rise in popularity of digital shopping and grocery applications, as well as the rapid expansion of domestic online giants like eBay and Amazon. However, the expansion of the e-commerce payment business in the United States is probably going to be hampered by elements like a lack of anonymity and an increase in e-commerce fraud rates.
Florida E-Commerce Payment Industry
Over the past ten years, the Florida e-commerce payment market has grown remarkably because to changes in consumer behavior and technology improvements. Florida has a diverse population and is a popular destination for tourists, therefore there is a growing need for easy online payment options. Companies of all sizes, from start-ups to multinational corporations, have embraced digital payment methods quickly in response to the changing expectations of their clients, who want ease and security from their transactions.
Fintech firms, payment processors, and large financial institutions are some of the primary participants in Florida's e-commerce payment market. Businesses in the state are served by companies like PayPal, Square, and Stripe, which have made a name for themselves by offering a variety of payment options like digital wallets, integrated payment gateways, and mobile payments. This environment of competition fosters efficiency and innovation, which is advantageous to both customers and retailers. Additionally, Florida's consumer protection laws and regulatory improvements have had a significant impact on the development of the e-commerce payment sector. The state's emphasis on guaranteeing dependable and safe payment systems promotes customer confidence and aids in the expansion of the digital economy. Florida's payment sector is well-positioned to adjust and prosper in this changing environment as e-commerce continues to develop.
United States E-Commerce Payment Company Analysis
The major participants in the United States E-Commerce Payment market includes Amazon.com Inc., American Express Company, Apple Inc., Fiserv Inc., Mastercard Incorporated, PayPal Holdings Inc., Visa Inc.
United States E-Commerce Payment Company News
In June 2023, Amazon Pay and BNPL retailer Affirm announced their alliance. Through this agreement, small company owners who use Amazon Pay's online store can take advantage of buy-now-pay-later (BNPL) services.
In March 2023, Apple Inc. released Apple Pay. Subsequently, in the United States, purchases can be divided into four equal installments, spaced out over six weeks, with no fees or interest, all planned with the consumers' financial well-being in mind. With Apple Wallet, users can conveniently track, manage, and return their Apple Pay later loans all in one handy location.
Type - Industry is divided into 8 viewpoints:
1. Digital Wallet
2. Credit Card
3. Debit Card
4. Account-to-Account (A2A)
5. Buy now pay later (BNPL)
6. Cash on Delivery (CoD)
7. PrePay
8. Others
Application - Industry is divided into 5 viewpoints:
1. Electronics & Media
2. Food & Personal Care
3. Fashion Accessories
4. Furniture & Appliances
5. Others
States: Industry is divided into 11 States:
- Florida
- Texas
- South Carolina
- North Carolina
- California
- Iowa
- New York
- Illinois
- Arizona
- Wisconsin
- Others
All companies have been covered with 5 viewpoints:
1. Overview
2. Key Persons
3. Recent Development & Strategies
4. Product Portfolio
5. Financial Insight
Company Analysis
1. Amazon.com Inc.
2. American Express Company
3. Apple Inc.
4. Fiserv Inc.
5. Mastercard Incorporated
6. Paypal Holdings Inc.
7. Visa Inc.
Key Questions Answered in Report:
1. How big is the United States E-Commerce Payment industry?
2. What is the United States E-Commerce Payment industry growth rate?
3. Who are the key players in United States E-Commerce Payment industry?
4. What are the factors driving the United States E-Commerce Payment industry?
5. Which Region held the largest market share in the United States E-Commerce Payment industry?
6. What segments are covered in the United States E-Commerce Payment Market report?
Table of Contents
Companies Mentioned
- Amazon.com Inc.
- American Express Company
- Apple Inc.
- Fiserv Inc.
- Mastercard Incorporated
- Paypal Holdings Inc.
- Visa Inc.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | October 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 1.19 Trillion |
| Forecasted Market Value ( USD | $ 3.6 Trillion |
| Compound Annual Growth Rate | 13.0% |
| Regions Covered | United States |
| No. of Companies Mentioned | 7 |
