According to a market report, published by Sheer Analytics and Insights, The U.S cash-free payments market was valued at $ 4.1 billion in 2021 and it is expected to reach $ 27.1 billion at a CAGR of 17.90% between 2022 and 2032. Cash-free payments can be accomplished through a payment gateway. For example, this type of payment is conducted by using a mobile device. On a mobile device, people can use various digital payment applications which are the major platforms for customers who want to make secure and safe transactions in order to receive payment or send particular amounts to others. However, in the U.S country, the trend of cash-free payments has gained popularity recently, with the emergence of electronic banking and rising mobile usage. Thus, the volume of transactions has increased significantly over the last few years. A few years before, credit, debit cards, and cash were the most common method of payment in the U.S country. However, in the last two years, during the lockdown of the COVID-19 epidemic, customers have been using digital payment methods to manage various transactions through mobile applications and banking websites. Therefore, due to these rising factors, the U.S cash-free payment market is expected to witness significant growth during the forecast period from 2022 to 2032.
Debit cards and credit cards are the most widely used payment method in the U.S country among a large number of consumers. The primary reason for them to use cards is that it keeps the track of expenses and manages their budget in a better way. Disruption and innovation in payment technology are ongoing. Real-time payments in many places are gaining across the U.S country. Point-of-sale and buy-now-pay-later financing solutions are reimagining lending and upending the POS experience. Scan-to-pay solutions such as Google Pay, Apple Pay, and QR codes have been continuing to grow. Hence, digital payment methods are rising among a large number of people in the U.S country. The automated systems have enabled the rapid adoption of advanced technologies such as blockchain, DAG, artificial intelligence, and others are powering the next wave of card and payments technology.
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In the last few years, consumers in the U.S country have gone from using cash to not using cash. Hence, predictions have been made about the demise of cash. Increasing the amount of digital payments will further strengthen the role of banks in the payment ecosystem. While cash-free payment companies, particularly modern platforms are already well-positioned to address the shift to digital payments, banks, as the traditional incumbents should adapt their technical capabilities to keep pace. Therefore, several types of cash-free currencies such as credit cards, debit cards, mobile payments, cryptocurrency, and digital wallets are rapidly rising and giving benefits to the people of the U.S country. Hence, it is estimated to boost the growth of the U.S cash-free payments market during the forecast period from 2022 to 2032.
According to the study, key players dominating the U.S cash-free payments market are ACI Worldwide (U.S), Aurus Inc (India), Apple Inc (India), Alphabet Inc (U.S), Amazon Pay (U.S), Adyen (Netherlands), Alipay (China), BillDesk (India), BharatPe (India), Global Payments Inc (U.S), ICICI Bank (India), Instamojo (India), MasterCard (U.S), Novatti Group (Australia), One97 Communications (India), PayPal Holdings (Inc), Pine Labs (India), RazorPay (India), Stripe (U.S), Sage Pay Europe Limited (U.K), Vista Equity Partners (U.S), Visa Inc (U.S), WeChat Pay (China), WEX Inc (U.S), Walmart (U.S), among others.
U.S Cashfree Payments Market Has Been Segmented Into:
U.S Cashfree Payments Market – by Payment Type:
- Digital Currencies
- Bank Cards
- Digital Wallets
- Net Banking
- Points of Sales
- Others
U.S Cashfree Payments Market – by Enterprise Type:
- Small and Medium Enterprises
- Large Enterprises
U.S Cashfree Payments Market – by End-User Type:
- BFSI
- Healthcare
- Media and Entertainment
- Retail and E-Commerce
- Transportation
- Others
U.S Cashfree Payments Market – by Regions:
united states
- California
- Washington
- Texas
- Florida
- Others
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