Pune, India, June 06, 2022 (GLOBE NEWSWIRE) -- The global payment processing solutions market size is expected to showcase an exponential growth by reaching USD 116.17 billion by 2027. This is attributable to the increasing adoption of value-added services by major Fintech firms, along with the growing demand for payments through credit & debit cards that is leading the developers to introduce advanced payment solutions globally. Fortune Business Insights, published this information in its latest report, titled, “Payment Processing Solutions Market Size, Share Forecast, 2027.” The report further mentions that the market stood at USD 48.60 billion in 2019 and is likely to exhibit a CAGR of 11.7% between 2020 and 2027.
Industry Development:
- October 2020 - Rapyd Financial Network Ltd., a leading Fintech firm, announced the launch of its new all-in-one payment processing solutions for the South Korean market. According to the company, the payment solution is likely to aid in processing payment efficiently and provides a platform for easy transaction across mobile wallets and international cards.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 11.7% |
| 2027 Value Projection | USD 116.17 Billion |
| Base Year | 2020 |
| Payment Processing Solutions Market Size in 2019 | USD 48.60 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 120 |
| Segments covered | Payment Method, Industry Vertical and Geography |
| Payment Processing Solutions Market Growth Drivers | Rapid Rise in Real-time Online Payments to Boost Market Growth |
| Significant E-commerce Growth Worldwide to Drive Product Adoption | |
| Data Security and Identity Theft Concerns to Impede Market Growth |
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What does the Report Provide?
The Payment Processing Solutions Market report includes a detailed analysis of several factors such as the key drivers and restraints that will have an impact on the market. Furthermore, the report includes significant insights into the regional insights that include different regions, which are contributing to the market growth. It includes the competitive landscape involving the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to the market growth during the forecast period. Moreover, the research analyst has adopted several research methodologies such as SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth during the forecast period.
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REGIONAL INSIGHTS
North America to Remain Dominant; Increasing Number of Online Transactions to Augment Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global payment processing solutions market during the forecast period. This dominance is attributable to the increasing number of online transactions backed by the e-commerce boom in the region between 2020 and 2027. North America stood at USD 17.06 billion in 2019.
The Payment Processing Solutions Market in Asia-Pacific is anticipated to experience substantial growth during the forecast period. This is ascribable to factors such as the rising retail and consumer goods industry that is driving the demand for advanced payment processing solutions in countries such as Australia, India, and China in the region.
SEGMENTATION
E-Wallet Segment Held 18.2% Market Share in 2019
The e-wallet segment, based on the payment method, held a market share of about 18.2% in 2019 and is anticipated to gain momentum backed by the growing rate of digital payments amid COVID-19 that is driving the adoption of innovative e-wallet payment processing solutions globally.
DRIVING FACTORS
Increasing Adoption of Value-Added Services by Fintech Firms to Augment Growth
The emergence of advanced technologies has led to a massive overhaul in the operations of several Fintech firms and major banks globally. They are adopting modern technologies such as artificial intelligence (AI) and machine learning to provide their customers with contextual and customized payment solutions. This is driving the demand for advanced payment solutions to enable fast, simple, and secure business transactions. Furthermore, the surging use of credit and debit cards over cash is likely to boost the global payment processing solutions market growth in the forthcoming years.
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Massive Surge in Online Transaction amid COVID-19 to Aid Market Growth
The global pandemic has led to a massive surge in online contactless transactions over cash payments. Bound by the fear of contracting the disease, several consumers are opting for digital payments when purchasing commodities at stores. This rise in online payments presents a lucrative opportunity for the developers to introduce advanced payment solutions that will contribute to the Payment Processing Solutions Market growth in the near future.
Payment processing solutions are a medium that enables efficient handling of transactions when the customers purchase things. The payment processing provider promptly establishes a communication between the customer’s credit/debit card, mobile wallet, and others to the bank of the customer to enable a fast and secure transaction. The growing focus on digitization provides a platform for developers to innovate payment solutions, along with the addition of modern technologies to cater to the customer’s online payment demand.
List of the Companies Profiled in the Global Payment Processing Solutions Market:
- PayPal Holdings, Inc. (California, United States)
- Fiserv Inc. (Wisconsin, United States)
- GLOBAL PAYMENTS INC. (Georgia, United States)
- Mastercard Incorporated (New York, United States)
- Square, Inc. (California, United States)
- VISA Inc. (California, United States)
- PayMyTuition (Toronto, Canada)
- Rapyd Financial Network Ltd. (London, United Kingdom)
- Stripe (California, United States)
- PAYU (Hoofddorp, Netherlands)
- CCBill, LLC. (Malta, Europe)
- AUTHORIZE.NET (Utah, United States)
- Jack Henry & Associates, Inc. (Missouri, United States)
- Paysafe Group Limited (London, United Kingdom)
- Alipay (Shanghai, China)
- BlueSnap Inc. (Massachusetts, United States)
- Worldline (Bezons, France)
- Fattmerchant Inc. (Orlando, Florida)
- SignaPay (Irving, Texas)
- Dwolla (Iowa, United States)
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Table of Content
- Profiles of Key Players
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Payment Method (Value)
- Debit Card
- Credit Card
- e-Wallet
- Automated Clearing House (ACH)
- Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
- By Industry Vertical (Value)
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- IT and Telecommunications
- Travel and Hospitality
- Retail and Consumer Goods
- Healthcare
- Transportation and Logistics
- Others (Government, Media and Entertainment, Education, Etc.)
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Payment Method (Value)
- North America Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Payment Method (Value)
- Debit Card
- Credit Card
- e-Wallet
- Automated Clearing House (ACH)
- Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
- By Industry Vertical (Value)
- Banking, Financial Services and Insurance (BFSI)
- Manufacturing
- IT and Telecommunications
- Travel and Hospitality
- Retail and Consumer Goods
- Healthcare
- Transportation and Logistics
- Others (Government, Media and Entertainment, Education, Etc.)
- By Country (Value)
- United States
- Canada
- Mexico
- By Payment Method (Value)
- South America Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Payment Method (Value)
- Debit Card
- Credit Card
- e-Wallet
- Automated Clearing House (ACH)
- Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
- By Payment Method (Value)
- Global Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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