New York, USA, Nov. 15, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global payment processing solutions market is estimated to garner $176,749.5 million and grow at a noteworthy CAGR of 12.6% during the analysis period from 2022-2027.
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As per our analysts, the increase in the adoption of payment processing applications in smartphones is the major factor expected to bolster the growth of the market during the estimated time period. Moreover, the faster adoption of digital payment options in most organizations like retail shops and e-commerce sites is further expected to amplify the growth of the market during the analysis period. Besides, the increasing use of mobile devices with the advancement in digital technology and increasing internet facilities is further predicted to bring massive growth opportunities for the payment processing solutions market over the forecast period. However, the growing rate of cybercrime all over the world may impede the growth of the market during the analysis period.
Covid-19 Impact on the Payment Processing Solutions Market
Though the rise of the novel coronavirus has devastated several industries, however, it has had a positive impact on the payment processing solutions market. During the pandemic, people have adopted several precautionary measures to avoid the spread of the deadly virus. This made people adopt digital payment services during the crisis. Moreover, the increasing inclination of people towards e-commerce platforms for groceries, shopping for clothes, and other necessary goods are the major factors predicted to fortify the growth of the market during the forecast period.
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Segments of the Payment Processing Solutions Market
The report has divided the market into various segments namely, payment method, deployment mode, vertical, and region.
Payment Method: Debit Card Payment Method Sub-Segment to be Most Profitable
The debit card payment method sub-segment is anticipated to grow at a noteworthy CAGR of 12.5% during the forecast period. Debit cards are widely used by users all across the globe as they don’t have additional service charges. Moreover, as debit cards offer a faster payment mode with no interest is the factor further expected to boost the growth of the payment processing solutions market sub-segment during the analysis period.
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Deployment Mode: Cloud Deployment Mode Sub-Segment to be Most Lucrative
The cloud deployment mode sub-segment is anticipated to rise at a noteworthy CAGR of 13.3% over the analysis period. This is mainly because cloud technology helps in saving and securing the confidential data of the customers. In addition, the allowance of transparent transactions in digital payment with cloud technology more securely is further expected to foster the growth of the market sub-segment throughout the analysis period.
Vertical: BFSI Sub-Segment to Have the Largest Market Share
The BFSI sub-segment is projected to grow at a CAGR of 12.8% throughout the estimated timeframe. This is mainly due to the introduction of digital payment in various financial institutions to make faster payments in the most convenient manner. Furthermore, the broader adoption of advanced technologies and mobile applications is expected to magnify the growth of the payment processing solutions market sub-segment during the analysis period.
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Region: Asia-Pacific Region Predicted to Have Extensive Growth Opportunities
The Asia-Pacific region is expected to rise at a healthy CAGR of 13.5% throughout the analysis period. This is mainly because of the growing government initiatives to increase the use of digital payments across the region. Moreover, the increasing adoption of advanced payment processing solutions in various government institutions is further expected to drive the regional growth of the market over the estimated time period.
Key Players in the Payment Processing Solutions Market
• PayPal
• Fiserv, Inc.
• Global Payments, Inc.,
• FIS
• Mastercard
• VISA, Inc.
• ACI Worldwide, Inc.,
• PaySafe
• Dwolla, Inc.
• Wirecard
For instance, in September 2021, Deutsche Bank, a German multinational investment bank and one of the world’s leading financial service providers, has announced its acquisition with Better Payment Germany, a leading Berlin-based payment service provider. With this acquisition, Deutsche Bank has aimed to expand its broader market share in payment processing and acceptance.
Further, the report also presents various other important aspects including product portfolio, the financial performance of the key players, SWOT analysis, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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