Payment without Bank Accounts Market Scope
Payment without Bank Account offers vast convenience and ease of transferring money. Various ways one can receive and send money are through prepaid debit cards, credit cards, cash, money orders, and mobile wallets. Through these methods, there is increased privacy and security as no bank account information is disclosed or shared. Increasing encouraging initiatives led by the government in promoting cashless payments coupled with increased women's ownership support market growth positively. Several tactical partnerships and collaborations among leading market players propel development in this market.
|Unit||Value (USD Million)|
|Key Companies Profiled||PayPal.com (United States), Visa, Inc. (United States), Amazon Inc. (United States), Adyen (Netherlands), JPMorgan Chase & Co. (United States), Alipay.com Co. Ltd. (China), Western Union (United States), MobiKwik Systems Limited (India), Block, Inc. (United States) and PSI-Pay Ltd (UK)|
Competitors in this market adopt various digital technology to enhance their service capabilities and offerings. The company’s ability to rapidly develop and launch innovative products drives robust engagement and helps in establishing strategic relationships with global brands. Apart from this, profitable acquisitions and mergers as well as mutual partnerships help firms maintain their competitive advantage. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Payment without Bank Accounts market throughout the predicted period.
PayPal.com (United States), Visa, Inc. (United States), Amazon Inc. (United States), Adyen (Netherlands), JPMorgan Chase & Co. (United States), Alipay.com Co. Ltd. (China), Western Union (United States), MobiKwik Systems Limited (India), Block, Inc. (United States) and PSI-Pay Ltd (UK) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Payment without Bank Accounts market by Type and Region with country level break-up.
On the basis of geography, the market of Payment without Bank Accounts has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesOn 7th September 2021, PayPal Holdings agreed to acquire Paidy, a two-sided payments platform for USD 2.7 billion in Japan. The payment was made in cash. This acquisition tends to expand the company’s capabilities, distribution, and domestic payments in the region, thus expanding the cross-border e-commerce business.
On 23rd November 2020, Visa signed a strategic partnership with Conferma Pay to launch Visa Commercial Pay. It is a form of B2B payment that eliminates outdated manual processes. This partnership helped the company to move from traditional practices towards data-rich, secure digital payments.
Influencing Trend:Rising Penetration of Smartphone Technology to Enhance Digital Payments
Market Growth Drivers:Demand for Financing Solutions, Especially from Local Providers and Changing Consumer Expectations, Emerging Technologies, and New Business Models
Challenges:Low Penetration of Digital Payment Services in Developing Countries
Restraints:The Lack of Digital Standards and Laws As Well As the High Cost Discourage Banks and Firms from Adopting Technology
Opportunities:Participation of Emerging Local Markets in Paperless Payments
Key Target AudienceRural Population, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others