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B2C Payment Market to Reach $4,736.2 Billion Globally, by 2032 at 12.3% CAGR: Allied Market Research

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Growth in the e-commerce industry and rise in consumer demand for digital payments, technological advancements such as digital wallets, and contactless payments driving innovation, and increased adoption of mobile payments and online banking boost the growth of the global B2C payment market.

PORTLAND, Ore, Feb. 12, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “B2C Payment Market by Type (Cards, Digital Wallet, and Others), Industry Vertical (BFSI, Healthcare, Hospitality & Tourism, Hospitality & Tourism, Transportation & Logistics, Retail & E-commerce, Energy & Utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the B2C payment market was valued at $ 1.5 trillion in 2022 and is projected to reach $ 4.7 trillion by 2032, exhibiting a CAGR of 12.3% from 2023 to 2032.

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Prime determinants of growth

Growth in the e-commerce industry, rise in consumer demand for digital payments, and technological advancements such as digital wallets and contactless payments driving innovation boost the growth of the global B2C payment market. In addition, factors such as increased adoption of mobile payments and online banking have positively impacted the growth of the market. However, cybersecurity threats, fraud risks, and regulatory uncertainty are expected to hamper the market growth. On the contrary, advancing biometric authentication technologies such as facial recognition and fingerprints can enhance security and blockchain-based solutions can enable faster cross-border transactions. Lower costs are expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the B2C payment market.

Report coverage & details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$ 1.5 trillion

Market Size in 2032

$ 4.7 trillion

CAGR

12.3 %

No. of Pages in Report

249

Segments covered

Type, Industry Vertical, and Region.

Drivers

Growth in the e-commerce industry and rise in consumer demand for digital payments

Technological advancements such as digital wallets and contactless payments driving innovation

Increased adoption of mobile payments and online banking

Opportunities

Advancing biometric authentication technologies such as facial recognition and fingerprints can enhance security

Blockchain-based solutions can enable faster cross-border transactions and lower costs

Restraints

Cybersecurity threats and fraud risks

Regulatory uncertainty

 

Procure Complete Report (249 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3UD4j7j

Impact of Russia-Ukraine War

  • The lockdowns and social distancing measures implemented globally led to a sharp decline in in-store shopping and accelerated the shift towards e-commerce.
  • Contactless payments also surged as consumers sought to avoid touching surfaces while transacting. Payment service providers promoted contactless cards and mobile wallets, which further accelerated adoption.
  • Initiatives by governments and industry players in response to pandemic-driven demands.

The cards segment to maintain its leadership status throughout the forecast period.

By type, the cards segment held the highest market share in 2022, accounting for more than half of the global B2C payment market revenue, owing to the high penetration of credit and debit cards. However, the digital wallet segment is projected to manifest the highest CAGR of 14.5% from 2023 to 2032, owing to a surge in the application of digital wallets in emerging markets.

The BFSI segment to maintain its leadership status throughout the forecast period

By industry vertical, the BFSI segment held the highest market share in 2022, accounting for nearly one-fourth of the global B2C payment market revenue. This is owing to increased B2C product offerings from major banking companies. However, the healthcare segment is projected to manifest the highest CAGR of 17.1% from 2023 to 2032, owing to increased digitalization in healthcare.

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North America is expected to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the B2C payment market revenue, advanced mature banking system is the major factor that drives the growth of the market in this region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.5 % from 2023 to 2032 and is projected to dominate the market during the forecast period, owing to economic development in China and India.

Leading 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.

The report provides a detailed analysis of these key players in the global B2C payment market. These players have adopted different strategies such as new product launches, collaborations, expansion, partnership, agreement, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the b2c payment market analysis from 2022 to 2032 to identify the prevailing b2c payment market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the b2c payment market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global b2c payment market trends, key players, market segments, application areas, and market growth strategies.

B2C Payment Market Report Highlights

By Type

  • Cards
  • Digital Wallet
  • Others

By Industry Vertical

  • BFSI
  • Healthcare
  • Hospitality and Tourism
  • Transportation and Logistics
  • Retail and E-commerce
  • Energy and utilities
  • Others

By Region

  • North America (U.S., Canada)
  • Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
  • Latin America (Brazil, Argentina, Rest of Latin America)
  • Middle East and Africa (Gcc Countries, South Africa, Rest of Middle East And Africa)

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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J&T Express Sees Strong Growth in Lunar New Year, Showcasing Advantageous Southeast Asia Logistics Network

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HONG KONG, Feb. 23, 2024 /PRNewswire/ — J&T Express, a global logistics service operator, announced the company has achieved significant enhancements in parcel volume and delivery efficiency across several key markets in China and Southeast Asia during the recent Lunar New Year, attributing to the company’s continuous operational capacity improvements and early preparations for the holiday season.

Data of J&T Express reveals that over the Lunar New Year period, its average daily parcel delivery time in China improved by approximately 5% compared to the previous year, while the average daily delivery rate increased by approximately 17% year-on-year. In Singapore, there has been an 81% year-on-year increase in its parcel volume, alongside a 9% improvement in average delivery time efficiency. Similarly, in Malaysia, its parcel volume surged by approximately 54% year-on-year.

In addition to China, the Lunar New Year is celebrated as a public holiday in numerous Southeast Asian countries. With the global popularity of e-commerce, ensuring reliable logistics services during the holiday season has become increasingly critical for businesses and consumers alike. As the largest courier service provider in Southeast Asia, J&T Express plays a vital role in meeting this demand.

With the company’s extensive and comprehensive logistics network across multiple countries, coupled with its year-round collaboration with e-commerce platforms and expertise in operating during the Lunar New Year in the Chinese market, J&T Express has significantly bolstered its hardware and personnel and updated the delivery fleet in key markets to meet the challenges of delivering shipments during the holiday season.

For instance, J&T Express Vietnam added over 3,000 delivery personnel before the Lunar New Year, and upgraded more than 100 service points, expanding the operational area by over 7,000 square meters. Additionally, at the end of December 2023, J&T Express Vietnam officially received 140 new trucks from THACO AUTO.

According to a forecast by the Ho Chi Minh City’s Department of Industry and Trade, seasonal purchases are expected to grow by more than 11% in 2024, and the growth trend of social commerce will continue as well. Against the backdrop of a thriving online shopping landscape, the demand for delivery services presents both opportunities and challenges. Recognizing the potential, J&T Express Vietnam has strategically improved and enhanced its service quality to meet the evolving demands. The recent upgrade of the company’s truck fleet not only reflects the company’s clear goal of improving the quality of its transportation services but also helps the company meet the growing demand for deliveries during the holiday season, creating significant benefits for its customers with guaranteed service quality and capacity. With unwavering confidence in the market’s prosperity and a customer-centric approach, J&T Express is poised to seize growth opportunities in Vietnam and is actively accelerating its market capture. It will continue to expand its logistics network and transit centers to ensure optimal operational processes and improve user experience and service quality.

J&T Express is a global logistics service provider. According to Frost & Sullivan, J&T Express was the No. 1 express delivery operator in Southeast Asia by parcel volume in 2022 and had the highest market share in China. The company adopts an innovative business model that combines unified standards with a high degree of regional autonomy. This model balances service quality and flexible decision-making, reduces costs, and enables localized and efficient development in each market. With its self-developed JMS system, J&T Express is able to integrate and manage the full lifecycle of shipments, from order placement and collection to settlement, ensuring efficient operations in each market.

J&T Express has further expanded its express delivery business to five countries in Latin America, the Middle East, and North Africa, building upon its successful operations in China and Southeast Asia. Currently, the company provides express delivery services in 13 countries worldwide.

Looking ahead, J&T Express is committed to enhancing its global logistics network while continuously improving service quality and operational efficiency. The company is eager to establish collaborative partnerships with new industry leaders to deliver high-quality logistics solutions for customers worldwide.

About J&T Express

J&T Express is a global logistics service provider with leading express delivery businesses in Southeast Asia and China, the largest and fastest-growing market in the world. Founded in 2015, J&T Express’ network spans thirteen countries, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia, Singapore, China, Saudi Arabia, the UAE, Mexico, Brazil and Egypt. Adhering to its “customer-oriented and efficiency-based” mission, J&T Express is committed to providing customers with integrated logistics solutions through intelligent infrastructure and digital logistics network, as part of its global strategy to connect the world with greater efficiency and bring logistical benefits to all.

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United Imaging Showcases AI-Driven Innovations and Expands European Presence at ECR 2024

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VIENNA, Feb. 23, 2024 /PRNewswire/ — United Imaging, a global leader in medical technology, is showcasing its full portfolio of AI-empowered innovations at the European Society of Radiology (ECR) 2024 in Vienna, Austria.  The company highlights its significant EU growth since establishing its regional headquarters in Poland in 2019.

Dr. Al Zhang, Ph.D, Chairman & Co-CEO of United Imaging, stated, “The theme of this year’s ECR, ‘next-generation radiology,’ aligns seamlessly with our innovation philosophy. We’re not just thinking about today; we’re actively shaping the future. At United Imaging, all our innovations are AI-driven, enhancing clinical workflows and supporting diverse scenarios, solidifying our commitment to delivering value to the global medical community. Our future-ready innovation strategy has propelled us to significant global growth.”

Lukasz MIZERKA, vice president of United Imaging international business and general manager for Europe, added, “Last March, we held our first brand launch at ECR, officially introducing our passion for change to the European market. During the year, we achieved swift progress, extending our footprint to numerous European countries with our high-end equipment, serving as testament to the resonance of our mission of bringing ‘equal healthcare for all’. This year marks both our second ECR and fifth year in Europe, and we’re going to present our full portfolio of groundbreaking products and numerous world-first innovations to showcase our confidence and persistence in Europe. We eagerly await everyone to witness our changes and embrace the bright future ahead.”

In five years, United Imaging has introduced hundreds of systems and reached 16 European countries, offering efficient and professional service. Globally, United Imaging’s products have reached more than 12,000 institutions in over 60 countries, including the U.S., France, Italy, Japan, Korea, and the UAE. Also, the company’s top-tier technologies have led to collaborations with prestigious institutions such as Yale University, UC Davis, Washington University in St. Louis, and University of Texas.

Highlighting the growth at ECR 2024, United Imaging will feature the uMR Jupiter 5T (not CE marked in EU) at ECR 2024, a revolutionary whole-body 5T MRI system. The world’s first whole-body ultra-high field 5T MR, the uMR Jupiter 5T, is a revolutionary whole-body 5T MRI system. It transcends the traditional constraints of ultra-high-field MRI, previously confined to imaging of the brain and selected MSK joints. The potential applications of the uMR Jupiter 5T extend to encompass not only the brain and MSK, but also the abdomen, cardiac, pelvis and other additional anatomical regions. The uMR Jupiter 5T has the potential to eclipse the capabilities of standard 3T MRI machines in resolution and signal-to-noise ratio, delivering clarity that empowers radiologists to ‘see the unseen.’ The uMR Jupiter 5T is also designed to overcome the key hurdles of ultra-high field MRI: image uniformity and radio frequency safety. It fits into existing 3T MRI spaces, signaling a significant advancement in the industry.

Pioneering the digital transformation of medical imaging, the booth will also feature AI platforms for the full portfolio of innovations. The uAIFI is an end-to-end technology platform that revolutionarily enhances MRI with AI-integrated hardware and software, significantly improving image quality and expediting diagnostic processes while enhancing user-friendliness. Pioneering with care, the uAIFI offers a holistic approach across the care continuum. Standout features include ACS, the AI-assisted MR acceleration technology designed to enhance both 2D and 3D imaging, and EasySense respiratory gating and monitoring, offering a unique, belt-free experience for patients while simultaneously streamlining the workflow for healthcare professionals, redefining the image quality standard. Evolving intelligently, this future-oriented, human-centered platform undoubtedly brings a new level of AI integration to uMR systems. In tandem with uMI scanners, uExcel is a multi-dimensional molecular imaging technology platform. It aims to meet the advanced demands for functionality, usability, safety, stability, and scientific research. Combined with uExcel UDP, the ultra-digital-platform detector, uExcel SCAN, the smart scanning toolset, uExcel CARE, the AI reconstruction engine, uExcel QA, the efficient quality control system and uExcel EXPLORE, the suite for scientific research, this platform empowers the exploration with ease and innovation both today and tomorrow, promising a more comfortable experience for patients, and a more effective workflow for doctors. Furthermore, the uVera Technology empowers the DSA system with intuitively bionic ability by intelligence-driven robotics, perception, and imaging. And the All-In-One Solution redefines radiotherapy workflow efficiency from CT simulation to treatment delivery.

Adhering to the “Born with AI” philosophy and aligning with the theme of this year’s ECR, “Next Generation Radiology,” United Imaging Intelligence (UII), an AI company within the United Imaging Group’s portfolio, will demonstrate how the fusion of AI is revolutionizing healthcare, highlighting the company’s comprehensive approach to innovation. At the company’s booth this year, UII is poised to showcase its latest medical AI technological breakthroughs, including groundbreaking AI applications of large medical image models and surgical planning, as well as a full spectrum of medical AI solutions across neurology, cardiology, thoracic care, and oncology.

In terms of novel AI applications, UII will unveil the uAI SAT, a smart annotation tool powered by the large medical image model, as well as the next generation of uAI Pioneer Portal, which is equipped with a goggle-less 3D monitor controlled by hand gestures. The audience will experience advancements in 3D surgical planning for thoracic, hepatobiliary, and urological surgeries. Additionally, with a wide array of clinical solutions, UII will also present its support throughout the entire clinical workflow from imaging and prevention to diagnosis, treatment, follow-up assessment, and research.

Aiming at propelling radiology into a new era of transformation, UII has deployed its innovative products in over 3,000 medical institutions worldwide and formed research and product collaborations in Europe, remaining steadfast in further expanding development and partnerships across the globe, thus universally enhancing medical AI accessibility.

(Notes: Products and features mentioned herein may not be commercially available in all countries. Their future availability cannot be guaranteed.)

Attendees of the ECR are welcome to explore the forefront of radiology at booth 401 – Expo X4, where United Imaging persists in connecting innovation with patient well-being through cutting-edge technologies.

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Flash News: Native Integrates OKX Wallet for Seamless Access

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SINGAPORE, Feb. 22, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for February 23, 2024.

OKX Wallet’s browser extension is now integrated with Native, the invisible decentralized exchange (DEX) layer that allows each DEX to be owned by an individual project. By integrating OKX Wallet, Native users can now easily connect their wallets to access the DEX network’s deep liquidity pools directly from the Native interface.

The integration gives Native traders improved convenience by enabling decentralized trading without leaving Native. Users also maintain control of their private keys while trading on Native’s DEX layer, improving security.

OKX Wallet is a secure and user-friendly crypto wallet and gateway to decentralized apps. By integrating with Native, OKX Wallet gives its users access to Native’s broad DEX liquidity pools and trading capabilities. This creates a smooth, seamless trading experience for the Native community.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
  • DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
  • NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
  • Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

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