Digital Payments in Sport – Thematic Intelligence
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Digital Payments in Sport Thematic Report Overview
As online shopping and ecommerce company profiles and revenues grow, there will enable greater opportunities for digital payment companies to generate more business, with one potential avenue being sport sponsorship. Brands like PayPal and JP Morgan Chase have been successful in establishing a foothold in the sports sponsorship market, and there will be significant room to grow, given how much the digital payments industry is forecast to grow over the next decade.
Digital payments in sport thematic report provides breakdowns of how the nature of digital payments have evolved over the last two decades. It identifies the key trends that are unique to the development and growth of the digital payments sector.
Pages Covered | 23 |
Regions Covered | Global |
Key Trends | · Technical Difficulties
· International Markets · Interconnectivity · Cashless Payments · Third-Party Sellers · Sponsorships · Cryptocurrency |
Key Value Chain Components | · Ecommerce
· Sponsorship · Venues |
Leading Public Companies | · Adidas
· Amazon · Alibaba · JP Morgan Chase · PayPal · Puma · Nike |
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Key Trends in the Digital Payments in Sports Theme
The main trends shaping the digital payments theme in the sports sector are technical difficulties, international markets, interconnectivity, cashless payments, third-party sellers, sponsorships, and cryptocurrency.
Technical difficulties: For ecommerce platforms, there are many technical challenges to overcome for stable performance. Dealing with increased site traffic during windows where the number of users has increased is a staple for any website, and greater traffic peaks can happen when a new kit is announced or when a new signing is announced, and unplanned traffic can occur when the team or a specific player does particularly well in a game, incentivizing fans to head to the store to browse or potentially buy from the club store.
Interconnectivity: Integrating different kinds of ecommerce systems is essential for platform accessibility. While ecommerce platforms often focus on merchandise and consumer goods, things like match tickets are usually sold through a club’s website. Fans will want to apply for discounts they are valid for, so these systems need to be closely linked and integrated. The answer to these issues is middleware, pieces of software explicitly designed to link systems together.
For more insights on the major trends in the digital payments in sports theme, download a free report sample
Digital Payments in Sports Theme – Industry Analysis
The global digital payments industry was valued at $88.1 billion in 2021 and is forecasted to grow at a CAGR of more than 20% by 2030. This can be attributed to growing ecommerce platforms that require digital payment options, growing cashless payments in emerging economies such as China and India, as well as a rise in urbanization and globalization, as well as the constantly increasing use of smartphones for online shopping and money management.
The digital payments in sports thematic intelligence report also covers:
- Timeline
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Digital Payments in Sports Theme – Value Chain Analysis
The major revenue generators in the digital payments sector are via ecommerce, venues, and sponsorships. Sponsorship deals can be considered a revenue generator due to the way they can elevate a company’s visibility, which in turn can increase business and generate further revenues.
Ecommerce: An essential part of every ecommerce platform is having a flexible and convenient digital payment system. To attract the widest base of customers, brands must be fully aware of which payment options are more popular in different markets, and to adjust accordingly.
Digital Payments in Sports Theme, by Value Chain
For more insights on the digital payments in sports value chain, download a free report sample
Leading Public Companies
Some of the leading public companies in the digital payments in sports theme are:
- Adidas
- Amazon
- Alibaba
- JP Morgan Chase
- PayPal
- Puma
- Nike
For more insights on the public companies, download a free report sample
Scope
- This report provides breakdowns of how the nature of digital payments have evolved over the last two decades.
- It identifies the key trends that are unique to the development and growth of the digital payments sector.
- A look at how the growing usage of ecommerce platforms has necessitated the increased use of digital payments services.
- A detailed look at the digital payments value chain, and what generates value for sport amongst these younger generations.
Key Highlights
This growing need for digital payments has been highlighted by the increasing number of sponsorship agreements being signed with companies like PayPal. Other digital payment companies and startups have begun inserting themselves into the picture, including Square, a San-Francisco-based company that signed a ten-year deal with the SoFi Stadium, the home of the NFL’s Los Angeles Rams and Los Angeles Chargers. As part of the agreement, Square handles all payment services at the venue, ensuring that the NFL’s biggest venue is also a cashless one.
Fiserv Forum, the home of the NBA’s Milwaukee Bucks, has seen significant success in employing cashless payments at their venue since the pandemic. Surveys conducted during the pandemic gauged that fans were concerned about ordering digitally. As a response, Fiserv implemented a system involving the worker scanning a printed ticket to inform the fan that their food is ready for pickup, and when the fan arrives, to scan the ticket again to confirm that the fan has received it. Not only has this process significantly sped up the pace of transactions but has also resulted in fans spending more as a result. During the 2021 NBA Finals between the Milwaukee Bucks and Phoenix Suns, between eight to 10 percent of all food orders were made through mobile services at each game, and the mobile order totals were approximately 28% higher than cashier totals, according to Fiserv.
As a way of taking cashless payments even further, Amazon has introduced the idea of cashier-less stores and supermarkets. In these Amazon Go stores, customers pick up the items they want and then simply walk out. Customers require the Amazon app on their smartphone, and then technology utilizing a mix of artificial intelligence, computer vision, and data from multiple sensors detects when products are taken from or returned to shelves and charges the customer accordingly. Upon leaving, the customer’s Amazon account is charged, and a digital receipt is sent to the customer. The first of these stores opened in Seattle but have now expanded to 25 locations across North America, while 17 stores have been opened in London. A report from the Wall Street Journal hints at Amazon wanting to open upwards of 2,000 of these stores, but as they have only just begun opening, it will take some time for Amazon to reach their goal, even if the stores prove incredibly successful.
Throughout 2021, there was a significant uptick in sports teams inking deals with crypto firms. The estimated valuations of these deals were enormous, given the popularity of crypto and the types of deals being signed. Among the most extraordinary were the Los Angeles Lakers signing a deal with Crypto.com for the company to be the naming rights partner for the team’s arena for the next 20 years, at an estimated valuation of over $700 million. However, the collapse of the market has led to many of these deals being reconsidered, given that some crypto companies have gone bankrupt, while others are being investigated for fraud.
Reasons to Buy
- For those wanting an in-depth analysis of the digital payments sector and its crossover with sport.
- Discusses how the nature of payment services has changed with technology growth, and why it’s become a more convenient option for consumers.
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
Amazon
Alibaba
JP Morgan Chase
PayPal
Puma
Nike
Visa
Table of Contents
Frequently asked questions
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What are the key trends impacting the digital payments in sports theme?
The main trends shaping the digital payments theme in the sports sector are technical difficulties, international markets, interconnectivity, cashless payments, third-party sellers, sponsorships, and cryptocurrency.
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Which are key revenue generators in the digital payments in sports value chain?
The major revenue generators in the digital payments sector are via ecommerce, venues, and sponsorships.
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Which are the leading public companies in the in the digital payments in sports?
Some of the leading public companies in the digital payments in sports theme are, Adidas, Amazon, Alibaba, JP Morgan Chase, PayPal, Puma, and Nike.
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