Global Payment Processing Solutions Market to Garner $176,749.5 Million at a CAGR of 12.6% from 2020-2027 Timeframe - [300 pages] Exclusive COVID-19 Impact Analysis Report by Research Dive

The global payment processing solutions market to augment during the 2020-2027 timeframe due to an increase in the adoption of online payments by people. The debit card payment sub-segment is predicted to be the highest growing. The Asia-Pacific region is expected to dominate the market during the estimated timeframe.

New York, USA, June 07, 2021 (GLOBE NEWSWIRE) -- As per a recent report studied by Research Dive, the global payment processing solutions market is anticipated to register a revenue of $176,749.5 million by the end of 2027, rising from a market size of $65,710.5 million in the year 2019, at a healthy CAGR of 12.6% during 2020-2027 forecasted years. The report highlights the Covid-19 impact on the market, major drivers, hindrances, and regional outlook of the market. The research methodology used in the report is a combination of both primary and secondary research methods.

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Covid-19 Impact on the Market

The global payment processing solutions market is anticipated to surge during the Covid-19 pandemic due to the massive adoption of digital payment portals by people. Fear of getting infected during cash exchange is the major reason for adopting digital payment methods. Also, e-commerce platforms, online grocery delivery apps, and retail stores have shifted toward online payment options for contactless delivery to curb the coronavirus infection rate. These factors are projected to fuel the market growth during the forecasted timeframe.

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Factors Affecting the Market Growth

Digital payments are safer, assure minimum pay-out time, and can manage payments for all regions and currencies. All of the retail shops, organizations, service providers and e-commerce platforms prefer online transactions due to security and fast payment. These factors are estimated to boost the global market during the forecasted timeframe. However, rising cases of cybercrimes across the globe are projected to be the main restraint of the market. On the other hand, payments will be handled by all types of devices like watches in the future, therefore creating lucrative opportunities for the market in the forthcoming years.

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Debit Card Payment Sub-Segment to be the Highest Growing

From the payment method segment, the debit card payment sub-segment is anticipated to be the highest revenue generator. The sub-segment market stood at $21,187.1 million in 2019 and is expected to rise at a CAGR of 12.5% during the forecasted period. Debit cards are greatly preferred as they don’t have any service charges like credit cards and they offer a faster mode of payment with zero interest. These factors are projected to bolster the growth of the sub-segment market during the forecasted years.

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Cloud Sub-Segment to be the Most Profitable

From the deployment mode segment, the cloud sub-segment is predicted to gather tremendous profits during the coming years. The sub-segment was estimated to hold a market share of $23,495.9 million in the year 2019 and is expected to surge at a CAGR of 13.3% during the forecasted timeframe. Cloud services store all the confidential data of the customers and ensure transparent payments as well as security. These aspects are considered to drive the sub-segment market during the anticipated timeframe.

BFSI Sub-Segment to Hold Biggest Market Share

From the vertical segment, the BFSI sub-segment held a market size of $14,775.9 million in 2019 and is projected to upsurge at a CAGR of 12.8% during the forecasted timeframe. The sub-segment market is driven by the usage of modern technologies in mobile applications and websites. This factor is speculated to boost the global market during the upcoming years.

Regional Outlook

The Asia-Pacific region is projected to display massive growth for the global market. The Asia-Pacific payment processing solutions market stood at $21,158.8 million in the year 2019, and is expected to grow at a notable CAGR of 13.5% during the forecasted period. Government programs and initiatives to boost digital payments in the region are anticipated to drive the market in the area. Also, the usage of advanced payment methods by governments and people is projected to fuel the growth of the market during the coming years.

Top Players in the Market:

• PayPal
• Fiserv, Inc.
• Global Payments, Inc.,
• Mastercard
• VISA, Inc.
• ACI Worldwide, Inc.,
• PaySafe
• Dwolla, Inc.
• Wirecard.

These leading players are planning varied strategies such as acquisitions of companies, product developments, tie-ups & collaborations for maximizing profits, research & development, and organizational development to gain an upper edge in the market worldwide. For example, in February 2020, Paytm, an online payment method company, launched ‘Paytm Business Solutions’ and ‘All-in-One PG’ for SMEs to digitize their business techniques. Such launches will enhance the efficiency of accepting and making payments.

The report mentions numerous factors of all the crucial market players that are active in the market. Some features such as financial performance, present strategic plans, product file, developments and SWOT scrutiny are also included in the report. Click Here to Get Absolute Top Companies Development Strategies Summary Report.


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