Report Code: A07577 | Pages: NA | Mar 2023 | 3226 Views | ||
Author(s) : NA | Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
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The cash payment market size is experiencing a tremendous growth, and is expected to shift in trends from conventional physical cash payments to digital, card and other sources of payments. Cash payment is a formal transfer of money by a participant, such as individual or a corporation to another party in return for products or services to satisfy a legal obligation. In addition, cash payment can also involve a wire transfer of funds, which are instantly available and allows consumers to pay or transfer funds across geographic boundaries.
Market scope and structure analysis:
Report Metric | Details |
Market size available for years | 2019–2027 |
Base year considered | 2019 |
Forecast period | 2020–2027 |
Forecast units | Value ($) |
Segments covered | Application, End User, and Region |
Companies covered | Major players analyzed include Mastercard Incorporated, The American Express Company, Visa Inc., Apple Pay, PayPal Payments Private Limited, Capital One Financial Corporation, The Bank of America Corporation, Payoneer Inc., Stripe, and Due Inc. |
COVID-19 scenario analysis:
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis:
Increase in need in daily payments for purchasing, transacting bills payment, provisions among individuals & businesses are some of the factors that drive the market growth. However, rise in competition among players offering cash payments and stringent government regulations are some of the factors that hamper the market growth.
Conversely, rise in payments through mobiles, wearable, cards, and e-wallets, and growth in volume of online transactions globally are some of the factors expected to create lucrative opportunities for key players in the upcoming years.
The global Cash Payment Market trends are as follows:
Multi-channel payments and personalization:
Features such as faster, simpler, and secured payment options encourage key players to create and develop multiple payment channels in the market. Moreover, merchants are introducing a variety of new payment systems to attract customers and appeal existing ones. In addition, several options for payments allows customers to pay by their convenient methods. For instance, “Buy now pay later," "Order online pick up at the stores", and "Contactless checkouts” are some of the payment trends largely preferred by consumers.
Artificial Intelligence (AI) in B2B payment systems:
Data analytics and machine learning are accelerating payments market for tender approvals and cash flow management. Providers in the Cash Payment Market are implementing artificial intelligence & machine learning technologies to maintain time-consuming activities and sustain in the competitive market. However, the cash payment market have several challenges including the amount of invoices that are refused due to conflict with purchaser's regulations, detecting erroneous prices, finding alternate suppliers, easily provide relevant input to partners, collect details for reports, and others.
Key Benefits of the Report:
Cash Payment Market Report Highlights
Aspects | Details |
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By Application |
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By End User |
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By Region |
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Key Market Players | Mastercard Incorporated, The American Express Company, Visa Inc., Apple Pay, PayPal Payments Private Limited, Capital One Financial Corporation, The Bank of America Corporation, Payoneer Inc., Stripe, Due Inc. |
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