Dubai, UAE, June 14, 2023 (GLOBE NEWSWIRE) -- The Global Payment Processing Solutions Market size was valued at USD 46.73 billion in 2022 and is estimated to grow to USD 121.34 billion by 2032, recording a significant CAGR of 10.1% from 2023 to 2032. The extensive use of the Internet and the rising popularity of smartphones in several nations will likely drive further growth in the global market for payment processing solutions.
In the current digital era, payment processing solutions are becoming increasingly crucial. By sending information from credit or debit cards to both parties' bank accounts, these solutions make it easier for customers and businesses to make transactions. Financial institutions and other relevant industries predominantly employ these solutions to enhance their payment processes and provide clients with additional value-added services. This leads to more customer loyalty and higher standards of public service.
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Competitive Landscape
Key players operating in the global payment processing solutions market focus on several growth strategies to gain a competitive edge. The suppliers focus on several collaboration activities to diversify their product offerings. Leading solution providers are putting much effort into innovations to set themselves apart from the competition and tailor their solutions to prospective customers. Prominent companies operating in the payment processing solutions market include:
- ACI Worldwide
- Adyen
- Alphabet (Google Pay)
- Amazon Payments, Inc.
- Block, Inc. (Square)
- Elavon Inc.
- FIS
- Fiserv, Inc.
- GoCardless
- PayPal
- PayTabs
- PayU
- SecurePay
- Stripe, Inc.
- Swift
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Market Segmentation
By Payment Method
- Credit Card
- Debit Card
- E-Wallet
- Automatic Clearing House (ACH)s
Regulatory Backing to Propel Sales Growth for E-wallet Providers
The e-wallet segment is projected to lead the global payment processing solutions market, primarily driven by increasing regulatory support to foster partnerships with e-commerce distributors as well as e-wallet providers. This rising support extends to various payment platforms in the market, ultimately boosting the growth of the market.
As a result, the aforementioned factors are expected to offer lucrative potential growth opportunities throughout the projection period. For instance, in 2021, according to Shopify, 53% of the population is likely to use mobile wallets by 2024, and the market for mobile wallets as a whole is projected to be worth $350 billion by 2026.
By Vertical
- BFSI
- Media & Entertainment
- Retail
- Travel & Hospitality
- Government
- IT & Telecommunications
- Others
Adoption of More Advanced Payment Processing Methods in BFSI to Promote Market Growth
The BFSI segment dominated the payment processing solutions market in 2022 and is anticipated to grow substantially throughout the projection period as banks, and Fintech companies increasingly adopt more advanced payment processing methods.
In response to the expanding network of trade activities attributed to the increased Internet usage, banks have implemented several initiatives to create a reliable and economical payment system. With the rise in Internet usage, banks have launched several initiatives to offer a safe and inexpensive payment option to assist in growing corporate operations.
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Growing Internet Penetration and Increasing E-Commerce Sales to Support Market Growth
The quick adoption of technology is driving the expansion of e-commerce. Online shopping is now more convenient than ever since the advent of smartphones, tablets, and other mobile devices, as well as fast internet connections, including 4G and 5G. E-payments, which have several benefits over conventional payment systems, are essential to e-commerce. E-payments streamline the payment process and make it simpler for customers to conduct transactions online by eliminating the time-consuming and expensive procedure of directly collecting cash for online purchases. This could potentially lead to an upsurge in e-commerce transactions.
The e-commerce ecosystem is undergoing rapid change due to e-commerce's proliferation and the adoption of e-payment technologies. It is simpler than ever to conduct business online due to advancements in electronic payment technology and online payment processing. The majority of e-commerce businesses have now incorporated credit card acceptance capabilities.
Strong Adoption of Advanced Technologies to Position North America as a Market Leader
North America is the largest market for payment processing solutions due to the rising interest rates and the increasing popularity of online transactions in the region. The adoption of cutting-edge technologies has majorly propelled regional market growth. The current account balance's net interest margins have significantly increased due to a stronger interstate economic structure.
Additionally, the growth rate of electronic payment operations, which is nearly twice as fast as the GDP, has been increased by the e-commerce boom and the continued shift away from cash and checks. These factors have contributed to the significant growth of the market in North America, establishing it as a key player in the global market.
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Rising Popularity of Digital Payments in Asia Pacific to Boost Demand for Payment Processing Solutions
Asia Pacific is projected to grow at a rapid CAGR in the payment processing solutions market due to the rising number of customers seeking secure and seamless payment experiences throughout their digital payment journeys. The region's increasing retail industry has offered international providers of payment processing solutions the opportunity to provide cutting-edge services throughout the region.
Billions of transactions are made daily on mobile devices in several major economies, including China, India, Indonesia, and Malaysia. The emphasis on customer payment options by respective governments has compelled them to prioritize accessibility, thereby boosting the market growth in the region.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and Assumptions
2.3. Data sources
2.3.1. Secondary sources
2.3.1.1. Preliminary data mining
2.3.2. Primary sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Proliferation of Contactless Payments is a Vital Trend
3.3. Market drivers
3.3.1. Increasing E-Commerce Sales Along with Growing Internet Penetration is Augmenting the Market Growth
3.4. Market restraints
3.4.1. Absence of a Global Standard for Cross-Border Transactions is Hampering the Market
3.5. Market opportunities
3.5.1. Rising Government and Private Initiatives to Promote Digital Transactions
3.6. Market Challenges
3.6.1. Threat of Increasing Cyberattacks on Digital Payment Solutions
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Payment Processing Solutions Market
Chapter 5. Global Payment Processing Solutions Market Overview, By Payment Method, 2018 - 2032 (USD Million)
Chapter 6. Global Payment Processing Solutions Market Overview, By Deployment, 2018 - 2032 (USD Million)
Chapter 7. Global Payment Processing Solutions Market Overview, By Vertical, 2018 - 2032 (USD Million)
Chapter 8. Global Payment Processing Solutions Market Overview, By Geography, 2018 - 2032 (USD Million)
...
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2022
14.2. Strategic Framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. Recent development
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
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