New York, USA, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Research Dive has added a new report to its repository on the global payment processing solutions market. As per the report, the market is estimated to hit $176,749.5 million by 2027, growing at a CAGR of 12.6% from 2020 to 2027. This research report furnishes comprehensive insights on the current condition and future scope of the market. The report is an inclusive research study, delivering reliable market insights for new entrants, shareholders, established market players, investors, stakeholders, etc.
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Factors Impacting the Market Growth:
The key factors driving the growth of the global payment processing solutions industry are increasing demand and adoption of ecommerce platforms, rising preference of businesses to offer online services and payment options, and increasing adoption of online payment options worldwide. Moreover, growing usage of mobile devices due to rapid evolutions in digital technologies and Internet facilities is foreseen to unlock rewarding opportunities for the growth of the market in the projected period. However, increasing cases of cybercrimes is likely to impede the market growth.
Check out How COVID-19 impacts the Payment Processing Solutions Market. Click here to Connect with our Analyst to get more Market Insight: https://www.researchdive.com/connect-to-analyst/416
Impact of COVID-19 Pandemic on the Market Growth:
The outbreak of COVID-19 pandemic has made an optimistic impact on the global payment processing solutions industry growth. People across the world are greatly opting for online modes of payment for avoiding direct contact with people and averting the spread of infection. Moreover, retail shops and ecommerce platforms selling daily essentials have experienced significant surge in their sales during the pandemic, which is boosting the market growth.
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The report segments the global payment processing solutions market into payment method, deployment mode, vertical, and region.
Debit Card Payment Method Sub-Segment to Grab Dominant Market Share in the Forecast Period
Among payment method segment, the debit card payment method sub-segment is projected to grab a dominating share of the global market by growing with a CAGR of 12.5% in the estimated period. This is mostly because of the growing usage of debit cards by many people due to their benefits such as no service charges unlike credit cards and easier and faster payment with no interest.
BFSI Sub-Segment to Witness Remarkable Growth in the Forecast Period
Among vertical segment, the BFSI sub-segment is expected to witness tremendous growth by growing at a CAGR of 12.8% during the forecast period. The sub-segment is expected to garner $14,224.8 million by 2027, this is mainly due to the growing adoption of digital payment methods in several financial institutions to make the payment processes faster, easier, and convenient.
Asia-Pacific Region to Lead the Market
The report explores the global payment processing solutions market across several regions such as Asia Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific region is expected to undergo highest growth by growing with a CAGR of 13.5% in the forecast period. This is mostly due to the rising implementation of initiatives and schemes by the Government for increasing the use of digital payment methods in the region.
Top Players in the Market:
• PayPal
• Fiserv, Inc.
• Global Payments, Inc.,
• FIS
• Mastercard
• VISA, Inc.
• ACI Worldwide, Inc.,
• PaySafe
• Dwolla, Inc.
• Wirecard.
The report caters numerous business tactics and approaches undertaken by these players. For instance, in March 2020, Paysafe, a multinational online payments company, has proclaimed an expanded strategic partnership with Mastercard, an American multinational financial services corporation. The partnership aims at developing issuing solutions, such as Skrill Prepaid Mastercard and NETELLER Net+ Prepaid Mastercard. Moreover, the report offers insights such as company overview & performance, product/service line, and SWOT analysis of the foremost players functioning in the global payment processing solutions industry.
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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