Insight 2021: Information on the COVID-19 Pandemic Post Revenue on Payment Processing Solutions Market

Payment processing solutions market is predicted to grow with a CAGR of 12.6% in the estimated period by generating a revenue of $176,749.5 by 2027.

Payment Processing Solutions Market COVID-19 Effect:

The nation-wide lockdown has impacted the global payment processing solution market in a positive manner. Many people prefer to stay at home and order essential items online, which has increased the use of online payment and is predicted to drive the market in the forecast period. Buying essentials and mobile recharges are top use cases for digital payments, which is predicted to drive the market at the time of the pandemic.

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Payment Processing Solutions Market Overview:
Rise in the demand for ecommerce platform is predicted to drive the market in the estimated period. The businesses are focusing to shift their operation online as it costs less, can be operated to sell internationally and have the potential to earn 24/7 which is considered to be the biggest reason for the adoption of payment processing solution. Moreover, increase in online payment is predicted to be one of the major driving factors for the global payment processing solution market in the estimated period. Increasing use of mobile devices with the advancement in digital technology and internet facility is predicted to create more growth opportunity in the market in the forecast period.

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The increasing cases of cybercrime is one of the biggest concerns for the global payment processing solution market in the estimated period. Cybercrimes are at peak and many organizations with higher security often get trapped into cyber cases. Even the government institutions that use high level security for data have a risk of being hacked across the globe which is predicted to be the biggest restraints for the market in the estimated period.

Payment Processing Solutions Market Segmentation Insights:

E wallet sub-segment is predicted to grow with a CAGR of 13.8% in the estimated period by generating a revenue of $27,703.4 by 2027. The E wallet gives easy accessibility for the user to transact in a more secured manner with the card details already saved in it. Rise in the use of E wallets with a rise in smartphones is predicted to drive the sub-segment market in the estimated period.

Cloud sub-segment is predicted to grow with a CAGR of 13.3% in the estimated period by generating a revenue of $66,081.7 by 2027. The payments are done with the help of online services. Increasing use of online payments with the help of cloud is predicted to drive the sub-segment market in the estimated period
Retail sub-segment is predicted to grow with a CAGR of 13.2% in the estimated period by generating a revenue of $35,648.7 by 2027. The payments in the retail industry are done on a daily basis. Mostly the retail industry carries out cash transactions but with the advancement in the payment processing solution the adoption of digitalization in the retail industry is predicted to drive the retail sub-segment market in the estimated period.

Asia-Pacific region market is predicted to grow with a CAGR of 13.5% in the estimated period by generating a revenue of $60,448.3 by 2027. Adoption of digital payment solutions is predicted to be the major driving factor for the market in the estimated period. The region has a large number of saturated and small business retailers who have been depending on cash for decades; evolving digital payment options across the region is predicted to drive the region market in the estimated period.

Major Key Players in the Global Payment Processing Solutions Market

1. Fiserv, Inc.
2. PayPal
3. FIS
4. Global Payments Inc.
5. VISA Inc.
6. Mastercard
7. PaySafe
8. Dwolla Inc.
9. Wirecard
10. ACI Worldwide Inc.

Porter’s Five Forces Analysis for Payment Processing Solutions Market:

Bargaining Power of Suppliers: There are fewer number of suppliers in the market which make the consumer switching cost expensive.
The bargaining power of suppliers is very High.

Bargaining Power of Consumers: In this market, the concentration of buyers is very high; the users in the market are high in number.
The bargaining power of consumers is high.

Threat of New Entrants: Huge initial investments are essential to start a new software for payment solution due to which it is difficult for new entrants to enter the market.
The threat of new entrants is Low.

Threat of Substitutes: The market has larger number of substitute products and the existing players update their software and application.
The threat of substitutes is High.

Competitive Rivalry in the Market: The payment processing solution market has only major players to sell their products and it becomes difficult for small and medium enterprises and local manufacturer to get into the market.
The competitive rivalry in the industry is Moderate.

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This release was published on openPR.