New York, USA, Oct. 18, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global payment processing solutions market is predicted to grow at a tremendous CAGR of 12.6%, thereby garnering a revenue of $176,749.5 million in the 2020-2027 timeframe. This holistic report provides an overarching overview of the nature of the payment processing solutions market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2020-2027 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Payment Processing Solutions Market
Drivers: Increasing adoption of smartphones with payment processing solutions and applications is expected to be the primary growth driver of the payment processing solutions market in the forecast period. Additionally, continuous advancements in digital technology are expected to help the market grow in the forecast period.
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Opportunities: Rapid growth in e-commerce businesses across the globe is anticipated to offer numerous growth opportunities to the market in the forecast period. Moreover, the increasing use of mobile devices with advancements in digital technology and internet facility is estimated to augment the growth rate of the market in the forecast period.
Restraints: Increasing cases of cybercrime, however, might restrict the growth of the payment processing solutions market.
Impact of Covid-19 on the Payment Processing Solutions Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The payment processing solutions market, however, has been an exception. Increased adoption of digital payment applications and e-commerce websites & platforms were the two major factors that led to a rise in the growth of the market during the pandemic years.
Segments of the Payment Processing Solutions Market
The report has divided the market into certain segments based on payment method, deployment mode, vertical, and region.
Payment Method: Debit Card Sub-Segment to be the Most Dominant
By payment method, the debit card sub-segment accounted for $21,187.1 million in 2019 and is expected to grow with a CAGR of 12.5% by 2027. Since debit cards don’t have any service charges like credit card and offer faster payment with no interest charges, there is an increase in the use of these cards which is anticipated to help the market register positive growth during the forecast period.
Deployment Mode: Cloud Deployment Sub-segment to Have the Maximum Share
By deployment mode, the cloud deployment sub-segment of the payment processing solutions market is expected to hold the maximum market share and grow with a CAGR of 13.3% during the forecast timeframe. Cloud services offer transparent transactions in digital payments in terms of security, which is predicted to augment the growth rate of this sub-segment.
Vertical: BFSI Sub-Segment to be the Most Profitable
By vertical, the BFSI sub-segment accounted for $14,775.9 million in 2019 and is expected to grow with a CAGR of 12.8% by 2027. The introduction of digital payments in various financial institutions to make payments faster and in a more convenient manner is anticipated to help the market register a positive growth during the forecast period
Region: Market in Asia-Pacific Region to be the Most Lucrative
By regional analysis, the payment processing solutions market in the Asia-Pacific region is projected to be the most lucrative and register a stunning CAGR of 13.5% in the analysis timeframe. The adoption of advanced payment processing solutions in various government institutions across the region is expected to be the main factor behind the growth of the market in this region.
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Prominent Payment Processing Solutions Market Players
Some prominent market players of the payment processing solutions market are
- PayPal
- Mastercard
- PaySafe
- Fiserv, Inc.
- VISA, Inc.
- Dwolla, Inc.
- Global Payments, Inc.
- ACI Worldwide, Inc.
- Wirecard
- FIS, among others.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market. – Inquire here to get Full Report
For instance, in January 2022, Till Payments, an Australian fintech company, announced the acquisition of ZIPS, a payment processing platform of the hospitality firm Ziosk. This acquisition is expected to help Till payments to reach an even bigger customer base which will ultimately help in increasing its foothold in the market.
Finally, this report published by Research Dive, also offers many vital facets of the payment processing solutions market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Payment Processing Solutions Market:
- Strategic Partnerships & Collaborations to Propel the Growth of the Global Payment Processing Solutions Market
- Payment Processing Solutions: The Smarter and Safer Payment Solutions for the Growing World
