New York, USA, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Research Dive has added a new report on the global payment processing solutions market to its repository. As per the report, the market is expected to hit $176,749.5 million, growing with a remarkable CAGR of 12.6% in the 2020-2027 timeframe. The report is an in-depth study presenting all-inclusive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and promises to be a reliable source of data and wide-ranging market insights for new entrants, investors, prevailing market players, stakeholders, shareholders, etc.
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Impact of COVID-19 Pandemic on the Market Growth:
The outburst of the COVID-19 pandemic has had a positive impact on the growth of the payment processing solutions market in 2020. Widespread adoption of digital payment solutions mainly in the ecommerce and retail sectors to buy daily essentials is fueling the demand for payment processing solutions in the pandemic period. Moreover, the fear of getting infected through direct contact is also boosting the need for digital payment options. All these factors are greatly contributing to the market growth.
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Factors Impacting the Market Growth:
Numerous benefits of payment processing solutions, such as safer payments, minimum pay out time, and support for payments across different platforms, currencies, and regions, are boosting their adoption, and thus thriving the global payment processing solutions market growth. Moreover, the trend for Internet of payment and significant rise in advancements in digital technologies are expected to bring in lucrative opportunities for the market growth in the forecast period. However, rising cybercrime cases worldwide is expected to hamper the growth of the global market.
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The report segments the global payment processing solutions market into payment method, deployment mode, vertical, and region.
Debit Card Payment Sub-Segment to Witness Highest Growth
The debit card payment sub-segment of the payment method segment is anticipated to undergo maximum growth by rising with a CAGR of 12.5% in the projected timeframe. The growth of this sub-segment is chiefly because of the growing use of debit cards by consumers as debit cards do not charge any service charges like credit cards and also enable faster transaction with zero interest charges.
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Cloud Sub-Segment to Hold Highest Market Share
The cloud sub-segment of the deployment mode segment is projected to hold maximum market share, rising with a CAGR of 13.3% in the projected timeframe. The growth of this sub-segment is mostly because cloud technology facilitates transparent and secured transactions in digital payments.
BFSI Sub-Segment to Lead the Market Growth
The BFSI sub-segment of the vertical segment is projected to experience maximum growth with a CAGR of 12.8% in the projected timeframe. This growth is mostly due to the rising use of digital payment methods in numerous financial organizations to enable faster payment in a convenient way.
Asia-Pacific Region to Observe Significant Growth
The report analyzes the global payment processing solutions market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to grow significantly, rising with a CAGR of 13.5% in the projected period. The growth of this region market is mostly due to the growing initiatives by governments for surging the adoption of digital payment methods.
Key Players in the Market:
• PayPal
• Fiserv, Inc.
• Global Payments, Inc.,
• FIS
• Mastercard
• VISA, Inc.
• ACI Worldwide, Inc.,
• PaySafe
• Dwolla, Inc.
• Wirecard
For instance, in June 2021, GoDaddy, an American publicly traded Internet domain registrar and web hosting company, launched payment processing solution for small businesses to manage transactions on their own business platform.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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