Vancouver, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global market for payment processing solutions achieved a size of approximately USD 46.81 Billion in the year 2021. Forecasts from Emergen Research project a robust compound annual growth rate (CAGR) of 13.9% in revenue throughout the projected period. This analysis underscores the significant momentum in the market, attributed primarily to the escalating adoption of mobile payment applications.
Mobile wallets, which function as digital wallets residing on mobile devices, enable users to securely store diverse payment methods for conducting mobile-based transactions. Recent trends have witnessed a notable surge in the popularity of mobile wallets, thereby fostering the expansion of the payment processing solutions market. Notably, the rise of mobile payments holds the potential to catalyse the accessibility of payment services, spanning individual-to-individual transfers, governmental disbursements, and both online and offline procurement of goods and services. This trend is notably accelerated by the widespread utilization of mobile payments, encompassing over two billion individuals worldwide, with millions more becoming internet-enabled each passing year.
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The escalating utilization of smartphones and contactless services is driving the daily surge in mobile payment transactions. With a growing focus on accepting mobile payments by businesses, users are increasingly adopting this mode as one of their preferred payment methods. Notably, the COVID-19 pandemic has further propelled the expansion of mobile payment solutions. Leveraging a mobile device for payments offers a swift, straightforward, and convenient experience. Utilizing a centralized system empowers users to effectuate payments and utilize remittance services, liberated from the constraints of conventional payment modes. An additional boon lies in the empowerment of the underbanked populace, who now access banking services via mobile payments.
Globally, retailers and consumers are swiftly embracing mobile payment applications, embracing platforms such as PayPal, Apple Pay, AliPay, and Samsung Pay. This dynamic technology has evolved over several years, spurred by evolving lifestyles and the exponential growth of online retail. Furthermore, the allure of mobile payments is augmented by their consistent offering of rewards and discounted incentives. Recent surveys underscore a 29% increase in in-store mobile payments within the United States over the past year. By the close of 2020, a staggering 150 million Americans, constituting approximately 56% of the total consumer demographic, embraced mobile payments for in-store transactions. Noteworthy is the surge in businesses accepting Apple Pay, accounting for a remarkable USD 6 trillion uptick in 2020 when compared to the preceding year.
However, Payment Solutions Providers (PSPs) grapple with time-intensive and costly endeavors to stay abreast of the intricate regulatory landscape spanning multiple jurisdictions. Interpretational ambiguity in legal frameworks occasionally leads to non-compliance challenges. Consequently, certain PSPs may opt to forgo cross-border transactions, while others might impose heightened customer limitations. Additionally, the translation of information from machine to machine persists as a formidable obstacle due to the intricate nature of formulating cross-border payment messaging standards. ISO 20022, an international payment messaging standard, aims to standardize cross-border messaging protocols and enhance the efficacy of such transactions. However, significant strides remain imperative in this arena.
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Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 46.81 Billion |
| CAGR (2022–2030) | 13.9% |
| Revenue forecast to 2030 | USD 150.21 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Payment method, deployment, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | PayPal Holdings Inc., Global Payments Inc., Fiserv, Inc., Wirecard, PayU, Adyen, Visa Inc., Stripe, Inc., Mastercard Inc., Alibaba Group, Google, PhonePe, Amazon, and Paysafe Group |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global payment processing solutions market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, and developing, testing, and introducing more effective payment processing solutions. Some of the major companies included in the global payment processing solutions market report are:
- PayPal Holdings Inc.
- Global Payments Inc.
- Fiserv, Inc.
- Wirecard
- PayU
- Adyen
- Visa Inc.
- Stripe, Inc.
- Mastercard Inc.
- Alibaba Group
- PhonePe
- Amazon
- Paysafe Group
Strategic Development
- On 17 May 2022, Mastercard introduced its biometric payment system. Customers will be able to pay at the checkout or in mobile apps by simply smiling or waving their hands in front of the camera, due to facial recognition technology. One of the purported advantages of biometric systems is that they are a more secure payment method than a credit or debit card. The program is already live in five St Marche supermarkets in Sao Paulo, Brazil. Mastercard plans to launch it globally later this year.
- On 21 September 2021, PayPal released the new PayPal app that provides customers to handle their financial deals. It has new in-app shopping tools that enable users to earn rewards redeemable for cash back or PayPal shopping credit and find deals from hundreds of merchants. In addition, with the new direct deposit feature offered by one of their bank partners, the new app gives PayPal users a single location to manage their bill payments and the option to get paid up to two days earlier.
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Some Key Highlights from the Report
- The debit card segment is expected to register a steady revenue growth rate over the forecast period. Many people are choosing debit cards as their primary form of payment for reasons of convenience or security. Payments made with a debit card are less risky than those made with a credit card. This is because money was immediately taken out of a checking or savings account connected to the card.
- The retail and eCommerce segment is expected to account for a significant revenue share over the forecast period due to the increasing trend of online shopping. Retailers need eCommerce payment processors that can keep up with consumer demand. They can process payments quickly, securely, and easily due to payment solutions. The e-commerce payment processing solution comes with user-friendly software, global capabilities, and cutting-edge security.
- Market in North America accounted for the largest revenue share in the global payment processing solutions market in 2021 due to the rising demand for credit cards, debit cards, and e-wallets in countries across the region, especially in U.S. and Canada. Credit and debit cards remain by far the most popular form of payment in North America, with 59% of customers using them online. In 2021, more than four out of every five Americans used some form of digital payment, continuing a long-standing trend.
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Emergen Research has segmented the global payment processing solutions market on the basis of payment method, deployment, end-use, and region:
- Payment method Outlook (Revenue, USD Billion; 2019-2030)
-
- Credit Card
- Debit Card
- E-wallet
- Others
- Deployment Outlook (Revenue, USD Billion; 2019-2030)
-
- Cloud
- On-Premises
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
-
- BFSI
- Government and Utilities
- Retail and eCommerce
- IT and Telecom
- Media and Entertainment
- Healthcare
- Travel and Hospitality
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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