Payment Processing Solutions Market by Payment Method (Credit Card, Debit Card, and Ewallet), Vertical (Retail, Hospitality, Utilities & Telecommunication), And Region (North America, Europe, APAC, MEA, and Latin America) - Global Forecast to 2024

[104 Pages Report] The global payment processing solutions market size is expected to grow from USD 39.3 billion in 2019 to USD 64.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period. Major driving factors for the payment processing solutions market are the growing initiatives for the promotion of digital and online payments, high proliferation of smartphones, focus on improving customer experience, and customers’ demand for immediacy of payments and settlements. These factors are expected to drive the global market.

Payment Processing Solutions Market
By payment method, the credit card segment to hold the largest market size during the forecast period

A credit card is a payment card issued to users (cardholders), enabling the cardholder to pay a merchant for goods and services, and pay them for the amounts along with the other agreed charges. The card issuer (usually a bank) creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money for payment to a merchant or as a cash advance. A credit card enables consumers to build a continuing balance of debt, subject to interest being charged.
By vertical, hospitality segment to hold the largest market size during the forecast period

The hospitality vertical is a broad category of fields within the service industry that includes lodging, food and beverages, event planning, theme parks, transportation, cruise line, traveling, and additional fields within the tourism industry. Hospitality is an industry that depends on the availability of leisure time and disposable income. A hospitality unit, such as a restaurant, hotel, or an amusement park, consists of multiple groups, including facility maintenance and direct operations. The hospitality vertical is one of the biggest contributors, as well as, one of the fastest-growing verticals in the payment processing solutions market.

Payment Processing Solutions Market
North America to hold the largest market size during the forecast period

North America comprises developed countries, such as the US and Canada. These countries have invested significantly in Research and Development (R&D) activities, thereby contributing to the development of innovative technologies. The payment processing solutions market in North America is highly competitive, as countries such as the US and Canada are focused on R&D and innovation. These countries are early adopters of technologies in various verticals. The US and Canada are also the leading countries in retail, financial services, banking, and other industries, such as transportation and manufacturing. Credit card is the most preferred mode of payment by consumers in both online and point-of-sale (POS) method in North American countries.
Key Payment Processing Solutions Market Players

Major vendors in the market include PayPal (US), Adyen (Netherlands), Stripe (US), Square (US), Wirecard (Germany), Global Payments (US), CCBill (US), PayU (Netherlands), Authorize.Net (US), Due (US), First Data (US), Jack Henry & Associates (US), Alipay (China), Paysafe (UK), and BlueSnap (US).
Recent Developments:

In March 2019, Square expanded its omnichannel offerings with new Square Online Store and a revamped Square for Retail. The 2 products offer sellers the tools to have one cohesive solution to start or grow an omnichannel business.
In September 2018, Global Payments partnered with Ingenico Group to deliver an advanced terminal to enhance the consumer payment experience.
In July 2017, PayPal extended its partnership with Visa to enhance in-app, online, and in-store payment experiences for European consumers and issue Visa accounts to PayPal’s European customers.

Key questions addressed by the report:

Where would all these developments take the industry in the mid to long term?
What are the upcoming industry solutions for the payment processing solutions market?
Which are the major factors expected to drive the market?
Which region would offer high growth for vendors in the market?
Which solution would gain the highest market share in the market?

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This release was published on openPR.