Press release
Payment Processing Solutions Market Size to reach $52,060 Million by 2026
The high penetration of smartphones and the adoption of mobile payment applications are expected to drive the growth of 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.
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The demand for faster transactions is expected to increase the growth of payment processing solutions market size during the forecast period. Customers' standards for the immediacy of payment have changed as a result of online shopping. Customers demand quicker transaction services from businesses around the board.
Increasing eCommerce sales coupled with increasing internet speed is expected to fuel the growth of payment processing solutions market size. With the introduction of modern payment technology, increased smartphone transactions, and the increasing use of online card payments, the retail industry has shifted away from traditional business models. Retailers are now concentrating on providing innovative mobile payment solutions, risk management, and customer support, both online and off.
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Based on the payment method the e-wallet segment is anticipated to witness the fastest growth over the forecast period.
Based on the end-user segment, 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.
Based on the region, North America is expected to hold the largest payment processing solution market share during the forecast period. The demand for payment processing solutions was dominated by North America. The widespread use of digital payment solutions in North American countries is driving market growth. In addition, the growing adoption of mobile wallets in the region is expected to fuel the payment processing market size.
Payment Processing Solutions Market Players are Covered in this Report:
o Wirecard AG
o Naspers Limited
o Visa Inc.
o Jack Henry & Associates Inc.
o PayPal Holdings, Inc.
o Global Payments Inc.
o First Data Corporation
o Square Inc.
o Adyen N.V.
o Jack Henry & Associates Inc.
o PayPal Holdings, Inc.
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