Payment Processing Solutions Market
Payment Processing Solutions Market
The Payment Processing Solutions Market was estimated around USD 66 billion in 2019 and is predicted to grow at a CAGR of 10.8% over the forecast period (2020-2027).
The factors driving the growth of Payment Processing Solutions Market includes expansion of the e-commerce industry, rise in the number of smartphone users around the world, improvements in internet connectivity, growing popularity of e-wallets and increase in the number of online transactions. According to the report published by Statista, the total transaction value in digital payments worldwide is calculated around USD 8.49 trillion in 2022 and this figure is expected to reach USD 15.17 trillion by the end of 2027, growing at a CAGR of 12.31% over the forecast period (2022-2027), which will accelerate the Payment Processing Solutions Market size in the approaching years. Moreover, commercialization of 5G technology, rising awareness about financial services in the rural and remote regions and Government initiatives to promote digital payment solutions, are some of the additional factors supplementing the Payment Processing Solutions Market Growth. In addition, growing adoption of advanced technologies such as big data analytics, machine learning and Chatbots by businesses, increasing investments by major corporations on research and development and rapid urbanization, are further contributing towards the market growth.
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However, the growth of Payment Processing Solutions Market is hindered due to growing concerns related to cyberattacks.
The prominent players operating in the market are Global Payments Direct, Inc., Wirecard, ACI Worldwide, Inc., PayPal Payments Private Limited, Fiserv, Inc., FIS, Mastercard, VISA, Square, Inc., and Adyen, among others.
Based on Payment Method, the Credit Card segment is expected to expand at a significant CAGR during the forecast period
Credit cards are easily available and affordable by mass population, cashback benefits and rewards provided by companies to credit card holders, are some of the factors responsible for the segment’s growth
Based on Vertical, the BSFI segment is projected to grow at a remarkable CAGR over the forecast period
Growing adoption of payment processing solutions by major banks to enhance customer’s experience, is the propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Rise in the number of digital transactions, rapid growth in the e-commerce sector, Government policies supporting digitalization, increasing disposable incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
- In 2020, Fiserv, Inc., entered into partnership with Deluxe Corporation, and launched merchant solutions for Deluxe small business customer.
- In 2019, PayPal Payments Private Limited collaborated with Citibank, to enable bank’s institutional clients to make payments into the individual’s PayPal digital wallets
- In 2019, FIS completed the acquisition of Worldpay, through this acquisition, FIS aims to become world leader in technology and solutions for merchants, banks, and capital markets.
Market Segmentation
Segmentation by Payment Method
- eWallet
- Credit Card
- Debit Card
- Automatic Clearing House
- Others
Segmentation by Deployment Type
- On-Premises
- Cloud-Based
Segmentation by Vertical
- BFSI
- Government and Utilities
- Telecom and IT
- Healthcare
- Real Estate
- Retail and Ecommerce
- Media and Entertainment
- Travel and Hospitality
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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