The global Payment Processing Solutions market size is projected to reach US$ 52060 million by 2027, from US$ 33810 million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.9% during 2021-2027. Increasing eCommerce sales along with growing internet and smartphone penetration are expected to drive the payment processing solutions market. Embracing contactless payments globally and evolving customer expectations is expected to further drive the Payment Processing Solutions market.
A recently published report, titled “Global Payment Processing Solutions Market Size, Status and Forecast 2022” gives an overview of the overall Payment Processing Solutions market. This section sheds light on key impact-rendering drivers and constraints that are impacting the growth. It permits users to understand the different shortcomings and how they may hamper the development afterward. This segment is considered to be one of the most crucial segments of the report as it helps readers comprehend the impact of various macro and microeconomic factors on development. The role of various sectors, including small-scale and large-scale, in the expansion has also been discussed in the report. Additionally, the industry experts have put forth the current trends and prospects, which are likely to aid the growth in the upcoming years.
This section of the report has explored the overall status of the Covid scenario and has offered valuable insights into the changes in supply chain disruption, fluctuations in demand, etc. The analysts have also focused on the key measures that the companies are opting to withstand the harsh scenario.
The adoption of mobile payment applications and the rising penetration of smartphones is projected to boost the growth of the payment processing solution market. Customers can use smartphone applications to pay in a variety of ways. These applications have allowed customers to finish invoicing transactions more rapidly.
During the projected period, the desire for speedier transactions is expected to drive the growth of the payment processing solutions market. As a result of online buying, customers' expectations for payment immediacy have shifted. Customers expect firms to provide faster transaction services across the board.
The expansion of the payment processing solutions market is predicted to be fueled by rising eCommerce sales and faster internet speeds. The retail industry has changed away from old business models as a result of current payment technologies, greater smartphone transactions, and the growing use of online card payments. Retailers are increasingly focusing their efforts both online and offline on developing innovative mobile payment solutions, risk management, and customer service.
The payment processing solution market size is predicted to grow as a result of favorable government efforts. Payment services are essential for a country's economic growth. Payment processing technology will progressively give customers and organizations a number of personalized, easy, and varied transaction options as a result of digitization and ongoing technical improvements. Governments recognize that the usage of digital payments is fast-growing, and they want to make sure that everyone has the capacity to pay for products and services in this manner.
The Payment Processing Solutions Market is Segmented Type (Credit Card, Debit Card, Ewallet), Application (Hospitality, Retail, Utilities, and Telecommunication, Others). The report covers the global opportunity analysis and industry forecast from 2021 to 2026.
Based on the region, North America is expected to hold the largest payment processing solution market share during the forecast period. Market expansion is being fueled by the increased usage of digital payment solutions in North American countries. Furthermore, the region's increased acceptance of mobile wallets is likely to boost the payment processing market size. The Asia-Pacific region, on the other hand, is predicted to experience the fastest development due to the increased usage of smartphones and internet services.
The e-wallet segment is expected to grow the fastest throughout the forecast period, based on payment methods.
The Hospitality end-user sector is likely to have the biggest payment processing solution market share, while the retail end-user segment is expected to grow at the fastest rate.
The Payment Processing Solutions is moderately fragmented with large companies dominating the market.
The top companies in the payment processing solution market include:
Visa Inc., headquartered in Foster City, California, is an American international financial services firm. It supports electronic funds transfers all around the world, with Visa-branded credit cards, debit cards, and prepaid cards being the most frequent methods.
PayPal Holdings, Inc. is an American firm that operates an online payments system in the majority of nations that allow for online money transfers and serves as an electronic alternative to traditional paper methods like cheques and money orders.
Other top companies analyzed in the report include:
Payment Processing Solutions Market by Type
Report Metric |
Details |
Report Name |
Payment Processing Solutions Market |
The market size in 2020 |
$33810 Million |
The revenue forecast in 2027 |
$52060 Million |
Growth Rate |
CAGR of 5.9% from 2021 to 2027 |
Base year considered |
2020 |
Forecast period |
2021-2027 |
Forecast units |
Value (USD) |
Segments covered |
Type, End-User, Offerings, and Region |
Market by Type |
Credit Card, Debit Card, Ewallet |
Market by Applications/Enduser |
Hospitality, Retail, Utilities and Telecommunication, Others |
Report coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
Geographic regions covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Ans. The global Payment Processing Solutions market size is projected to reach US$ 52060 million by 2027, from US$ 33810 million in 2020, at a Compound Annual Growth Rate (CAGR) of 5.9% during 2021-2027.
Ans. North America dominates the market and is expected to grow at the highest CAGR during the forecast period.
Ans. The high penetration of smartphones and the adoption of mobile payment applications are expected to drive the growth of the payment processing solution market size. Smartphone applications provide customers with alternative billing options. Customers have been able to complete billing transactions more quickly due to these applications.
Ans. The e-wallet segment is anticipated to witness the fastest growth over the forecast period
Ans. The hospitality segment is expected to hold the largest payment processing solution market share, and the retail end-use segment is anticipated to witness the fastest growth.
Ans. Some top companies operating in the payment processing solutions market are Wirecard AG, Naspers Limited, Visa Inc., Jack Henry & Associates Inc., PayPal Holdings, Inc., Global Payments Inc., First Data Corporation, Square Inc., Adyen N.V.
$3900
$5850
$7800
HAVE A QUERY?
OUR CUSTOMER
SIMILAR REPORTS