III. Industry Analysis

The global e-commerce payment market size is anticipated to reach $11.58 trillion by 2028, from $5.35 trillion in 2021, at a CAGR of 11.5% during 2022-2028.[] The e-commerce payment market is expected to experience substantial growth due to the increasing popularity of online shopping and internet banking, as well as rapid technological advancements. Additionally, the use of one-factor authentication for online payment systems is expected to drive market growth. The market is further expected to be propelled by factors such as growing government support for online payment methods, businesses integrating multi-channel payment options, and the rising trend of cross-border e-commerce. Governments worldwide are actively promoting online payment methods and fostering collaboration between small businesses and e-commerce platforms. There has also been a surge in the limit for contactless payment cards, and transactions using the Unified Payments Interface (UPI) are growing rapidly, further contributing to market growth. 

The global blockchain technology market size was projected at $5.7 billion in 2021 and is extending to around $1.59 billion by 2030, poised to grow at a CAGR of 87.1% during the forecast period from 2022 to 2030.[] After the launch of bitcoin, blockchain technology witnessed a surge and is now being employed by many financial organizations for transactional purposes. In the last few years, blockchain technology solutions have been extremely popular for a variety of commercial applications, including payments, exchanges, smart contracts, documentation, and digital identification.