What is Installment Payment Solution Market?
The global installment payment solutions market is expected to grow at a healthy pace during the forecast period, according to the AMA study. Rising adoption of online payment solutions and increasing demand for installment based transactions worldwide are expected to be some of the major factors aiding into the growth for the market. However, the market is expected to witness a decline in the growth during FY 2020 but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (On Premise and Cloud Based), by Application (Email Notifications, Invoicing, Customer Portal, Loyalty Management, Payment Gateway, Payment Tracking, E-commerce Integration and Payment Scheduling) and major geographies with country level break-up.
Affirm (United States), Afterpay (Australia), Easy Pay Private Ltd. (India), GoCardLess (United Kingdom), J2Store (Singapore), Kiva (United States), Klarna (Sweden), Partially LLC (United States), PAYFORT INTERNATIONAL FZ LLC (United Arab Emirates), PayPal (United States), Sezzle (United States), Splitit Payments Ltd. (United States) and ViaBill, Inc. (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Installment Payment Solution market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Installment Payment Solution market by Type, Application and Region.
On the basis of geography, the market of Installment Payment Solution 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Rising Adoption of Online Payment Solutions
- Increasing Demand for Installment-based Transactions
- Implementation of Artificial Intelligence (AI) Installment Payment Solutions
- Slow Down in the Global Economy Leading to Lowered Purchase & Business Transactions
- Opportunities in the Asia Pacific Region
- Short-term Challenges due to Reduced Operations Across Different Industries & Economic Crisis caused by COVID-19 Pandemic Across the World
Splitit Systems Ltd. announced that it has launched Splitit Business Payments as a first of its kind innovative business-to-business (B2B) payment platform
Stringent Government Regulations Regarding Lock-Down of Cities & Shutting Down of Operations Across Different Industries Across the World Due to the COVID-19 Pandemic is Impacting the Demand for Installment Payment Solutions
Since the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already starting to be felt, and will significantly affect the installment payment solutions market in 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
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