The global payment processing solutions market is projected to expand from US$ 39.3 billion in 2019 to $ 64.5 billion in 2025, at an annual growth rate (CAGR) of 10.4% over the conjecture period.
Payment processing solutions are the combined technology offerings that work in collaboration with the merchant and the customer to process financial transactions with the generation of a payment gateway that operates on a set of parameters predefined by the merchant. These solutions act as intermediaries between the business account and the consumer account, ensuring an efficient flow of financial transactions. These solutions are a combination of all the processes that work together to provide a better flow of transactions.
Recent developments:
Covid-19's impact on the payment processing solutions market is clearly visible across the world as governments are strongly encouraging contactless payment solutions. This trend is foreseen to continue in the future irrespective of the spread of the coronavirus.
Growth and market trends:
Market Drivers and Restraints:
REPORT METRIC |
DETAILS |
Market Size Available |
2020 – 2026 |
Base Year |
2020 |
Forecast Period |
2022 - 2027 |
CAGR |
10.4% |
Segments Covered |
By Payment Method, Vertical and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
PayPal (United States), Adyen (Netherlands), Stripe (United States), Square (United States), Wirecard (Germany), Global Payments (United States), CCBill (United States), PayU (Netherlands), Authorize.Net (United States), Due (United States), First Data (United States), Jack Henry & Associates (United States), Alipay (China), Paysafe (United Kingdom) and BlueSnap ( United States) and Others. |
Payment Processing Solutions Market segmentation:
Depending on the payment method, the global payment processing solutions market was segmented into credit cards, debit cards and electronic wallets.
The credit card segment held the substantial share in 2019. Businesses make extensive use of credit card processing tools because they enable functions like placing commercial orders, shipping and turnover and the level of stocks within the company. The e-wallets segment is foreseen to experience the fastest growth over the outlook period. The increasing penetration of smartphones and laptops around the world is likely to boost the usage of electronic wallets. The increased speed of payment processing and the convenience of these e-wallets are expected to create growth opportunities over the envisioned period. The emergence of numerous e-commerce platforms around the world is also boosting the e-wallet segment.
Based on end-use, the payment processing solutions market was segmented in the hotel, retail, utilities and telecommunications, etc. The hospitality segment dominated the worldwide market in 2019. The hospitality industry is also determined to experience the fastest growth over the conjecture period. Suppliers are focused on providing personalized retail payment processing solutions that allow merchants to provide flexible point-of-sale transaction methods. This helps retailers improve customer service through secure, fast and efficient payments. In addition, retailers widely adopt these solutions to have complete visibility of payment transactions.
Regional Analysis:
In terms of region, the global market for payment processing solutions is divided into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America dominated the global payment processing solutions market in 2019. The high adoption of digital payment solutions in North American countries is supposed to contribute to the growth of the regional market. In addition, the increasing adoption of mobile wallets in the region should stimulate growth in the local market. In addition, in North American countries, a credit card is the preferred method of money transfer between customers, both at the point of sale (POS) and online.
The United States had the largest market share in the North American payment processing solutions market. The reason for this dominance is the need for advanced applications in end-use segments, such as banking, retail, financial services, transportation and other industries. Credit cards are the most popular form of payment for consumers for POS and online platforms in North American countries.
The Asia-Pacific region is determined to witness exceptional demand over the forecast period in the global payment processing solutions market. China and India are expected to maintain substantial shares during the forecast period due to the increasing government initiatives to promote contactless payments. The governments of both countries encourage people to adopt technology to make or receive payments.
Key players in the market:
The main providers in the market are PayPal (United States), Adyen (Netherlands), Stripe (United States), Square (United States), Wirecard (Germany), Global Payments (United States), CCBill (United States), PayU (Netherlands), Authorize.Net (United States), Due (United States), First Data (United States), Jack Henry & Associates (United States), Alipay (China), Paysafe (United Kingdom) and BlueSnap ( United States).
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