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Application Programming Interface (API) Payments Market by Component (Solution and Service), Solution Type (Payment Processing, Payment Gateway, Payment Wallet, Point of Sale, and Payment Security and Fraud Management), Service Type (Professional Service, Support & Maintenance, and Managed Service) Deployment Model (Cloud and On-Premise), and Enterprise Size (Large Enterprise and Small & Medium Enterprises): Global Opportunity Analysis and Industry Forecast, 2021–2030

A11872
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Sep 2021 | 116 Views
   
Author(s) : Vijay Poola
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COVID-19

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Application Programming Interface (API) serves as a connection between a programmer and the applications he develops. It serves as a contract between two software components, allowing them to agree on how to communicate. The middleman receives messages, forwards them as requests, and then sends data back to the sender. A user could request information from the middleman such as list of customer names. This interfacing allows a third-party application to access a bank's common tools, services, and valuable assets, such as financial data, customer accounts, and product catalogues, in the banking context. APIs allow the bank and the third-party to connect in a quick, convenient, and cost-effective manner. Customers may have better overall experience when conducting their financial affairs if valuable shared customer data is made more accessible. An API could analyze customer transaction data to determine which financial products, such as a lower-interest credit card, a specific loan product, or a higher-interest loan, are best for that particular customer. Therefore, the demand for application programming interface payments while accessing banking data through online mobile devices from different location is expected to boost the market growth in future.

The Application Programming Interface (API) Payments Market share is segmented on the basis of component, solution type, service type deployment model, enterprise size, and region. Based on component, the market is bifurcated into solution and service. By solution type, it is categorized into payment processing, payment gateway, payment wallet, point of sale, and payment security and fraud management. Based on service type, the market is bifurcated into professional service, support & maintenance, and managed service. Based on deployment model, the market is bifurcated into cloud and on-premise. Based on enterprise size, the market is divided into large enterprise and small & medium enterprises. Based on region, the market is analyzed across North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

Key players operating in the Application Programming Interface (API) Payments Market include PayPal Inc., PayMaya Inc., JP Morgan Chase & CO, Stripe, ADP Inc., Payoneer Inc., Coinbase, Razorpay, Square Inc., and Intuit Inc. These players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the Application Programming Interface (API) Payments industry and develop new products for enhancing product portfolio.

COVID-19 Impact Analysis

  • The COVID-19 pandemic has led to the implementation of social distancing, lockdowns, and other restrictions in various regions. This has further led the customers to heavily rely on internet. Be it for streaming of films & videos or online shopping, customers are entirely dependent on digital services with the ongoing pandemic and its restrictions, which is the major factor driving the growth of the market.   
  • The pandemic has accelerated the growth of various digital payment systems, which increases the demand for application programming interface (API). Among many sectors that are currently operating with API payment systems, BFSI sector is expected to hold the largest market size as many financial institutions are adopting API management solutions to streamline their digital business for banking, insurance, trading, capital markets, and payments by developing a lean, flexible, and efficient approach.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Rise in government initiative for accelerating digital payments across the globe and increase in real-time payments systems drive the growth of the market. In addition, rise in adoption of contactless payments and surge in e-commerce sales propel the growth of the market. However, risk of cyber-attacks and lack of digital literacy in emerging countries hamper the growth of the market. Contrarily, gradual adoption of open-banking APIs substantially contributes to growth of API payments across various economies, which can be perceived as an opportunity for the API market.

The global application programming interface (API) payments market trends are as follows:

Rise in adoption of contactless payments

Contactless payments help in reducing customer queues and hassles, and in turn, provide better results in the form of higher revenue for retailers. It is well known that contactless transactions are much faster than both cash and conventional card transactions, which drive the growth of the market. Furthermore, the adoption of contactless smartcards is rapidly increasing across the globe as the transaction process is comparatively simple and easy, which enhances the growth of the market. Therefore, increase in acceptance of smartphones for banking services will foster the global application programming interface (API) payments market growth during the forecast period.

Growing government initiative for accelerating digital payments across the globe

Governments have introduced various initiatives to promote and accelerate API payment to make it accessible for everyone. Governments have come up with various initiatives to curb the usage of cash, which resulted in increased transactions through e-wallets and point of sale machines. Various discounts were given to encourage API payments by allowing customers to make payments through “low-cost digital payment modes”. Such payments will boost the growth for the global application programming interface (API) market during the forecast period.

Market Scope and Structure Analysis

Report Metric

Details

  Market Size Available for Years

  2020–2030

  Base Year Considered

  2020

  Forecast Period

  2021–2030

  Forecast Units

  Value ($)

  Segments Covered

Component, Solution Type, Service Type Deployment Model, Enterprise Size, and Region

  Regions Covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies Covered

PayPal Inc., PayMaya Inc., JP Morgan Chase & CO, Stripe, ADP Inc., Payoneer Inc., Coinbase, Razorpay, Square Inc., and Intuit Inc.

 

Key Benefits of the Report

  • This study presents analytical depiction of the global application programming interface (API) payments market along with the current trends and future estimations to determine the imminent investment pockets.    
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.      
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global application programming interface (API) payments market growth scenario.                               
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.  
  • The report provides a detailed market analysis based on the present and future competitive intensity of the application programing interface (API) market.

Key Segments Covered

Segment

Sub-segment

  Component

  • Solution
  • Service

  Solution Type

  • Payment Gateway
  • Payment Processing
  • Payment Wallet
  • Payment Security and Fraud Management Solutions
  • Point of Sale (POS)

 

  Service Type

  • Professional Service
  • Support & Maintenance
  • Managed Service
  •  

  Deployment Model

  • Cloud
  • On-Premise

  Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises

 

Questions Answered in the Application Programming Interface (API) Payments Market Research Report:           

  • Which are the leading market players active in the global application programming interface (API) payments market?
  • What are the detailed impacts of COVID-19 on the market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
 
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