Payment Processing Software Market 2020 - SWOT Analysis, Growth Factors, Revenue | Adyen , Alipay, Alphabet Inc., Authorize.Net, BlueSnap, CCBill, Due, First Data Corporation & More

Payment processing is a process that automates payment transactions between a merchant and consumers. It enables organizations to process credit cards, debit cards, and other payment methods via internet or traditional point of sale interfaces. Moreover, it can be integrated with online wallets or digital payment methods to provide an alternative to credit card payments. It ensures that merchants are paid efficiently and all transactions are completed quickly and securely. Businesses that accept payments apart from cash are benefited by payment processing software and with the rise in online transactions across the globe, demand for the software is also expected to increase.

Rise in number of initiatives for promoting digital payments across the globe and growth in the e-commerce sector propel growth of the payment processing software market. In addition, rise in mobile phone users across the globe fuels the market growth. However, data security and online cyber threats hamper the market growth. Furthermore, increase in adoption of various advanced technologies such as internet of things (IoT) and rise in per capita disposable income are expected to provide lucrative opportunities for the payment processing software market.

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Payment processing software is a very competitive and growing market, hence to increase the consumer base, prominent players are adopting different strategies such as expansion of their services, new product launches, collaborations, partnerships, and mergers. For instance, in March 2019, Square Inc. expanded its omni channel offerings with new Square Online Store and a revamped Square for Retail. The 2 products offer sellers the tools to start or grow an omni channel business with one cohesive solution.

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Asia-Pacific region is expected to have the largest payment processing software market share during the forecast period, owing to emerging economies such as India, China, and South Korea and increase in smartphone users in the region. In addition, the e-commerce sector in countries such as India is growing at a rapid pace. People prefer to buy things online instead of going physically to stores, which created demand among enterprises for efficient payment processing software, which, in turn, boosts growth of the market.

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Major players include : Adyen , Alipay, Alphabet Inc., Authorize.Net, BlueSnap, CCBill, Due, First Data Corporation, Global Payments PayU, Jack Henry & Associates Paysafe, PayPal Holdings Inc., Stripe, Square Inc., Wirecard, and Visa Inc.

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