Payment Processing Solutions Market To Reach $569.2 Billion by 2030

These major key drivers in the global payment processing solutions market are the rising utilization of smartphones, increasing internet penetration, and surging e-commerce sales. In 2021, the market was valued at $90.4 billion, and it is projected to touch $569.2 billion in 2030, advancing at a 22.7% CAGR from 2021 to 2030. Furthermore, greater integration of varied payment solutions by all the types of enterprises, such as mobile applications, e-wallets, and cards will augment growth in this market.

Under the segment of payment method, the e-wallet category will dominate the payment processing solutions market, and it is predicted to grow at a CAGR of 23% from 2021 to 2030. This can be credited to the greater deployment of e-wallets due to the rising penetration of smartphones and laptops all around the world. More than 80% of the population owned a smartphone in 2022, which accounts for about 6 billion of the total world population. The increasing investments, coupled with a rising count of e-commerce platforms will also propel growth in this category.

Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/payment-processing-solutions-market/report-sample

Based on deployment, the payment processing solutions market is bifurcated into cloud-based and on-premises. The cloud-based category ruled the market by generating higher revenue, accounting for about 60% of the total market revenue. This is on account of various advantageous features provided by this category over the on-premises category including better scaling, swift speed, extensive security, and full-time deployment. Moreover, the risk-averse property associated with the economic costs of this category accounts for the market growth. The outbreak of COVID-19 had further pushed the demand for these solutions with a dire need for contactless payments.

The BFSI category is projected to hold the largest share in the payment processing solutions market, accounting for one-fourth of the end use segment share in 2030. By making the banking process convenient and swift, and removing extensive paperwork, there is a high use of these solutions in the finance and banking industry. Furthermore, they offer payroll processing, liquidity management, and easy online transactions such as payments and transfers. Moreover, the popularity of advanced payment processing solutions among banks and fintech firms will propel market growth.

Another major driver in the payment processing solutions market is extensive government support. Several initiatives and favorable policies undertaken by the government will allow the market players to gain a competitive edge in this digitalized era. For instance, a partnership with Mastercard Incorporated was announced by a cloud banking network named Temenos AG to permit the bank to accelerate its integration of the services of request-to-pay in the U.K. Furthermore, these acquisitions will swift, enhance, and economize the adoption of these services.

Browse full report at: https://www.psmarketresearch.com/market-analysis/payment-processing-solutions-market

The highest revenue in the payment processing solutions market was generated by APAC in 2021, accounting for approximately $40 billion. The market will continue this trend, exhibiting the highest CAGR in the forecast period owing to greater adoption of e-wallets and cards, surging internet services, and rising smartphones use. All of this goes hand in hand with enhanced government support in these countries and a skyrocketing count of daily transactions in countries such as South Korea, China, and India further augmenting the APAC market growth.

Hence, rising e-commerce sales and surging internet penetration will create lucrative opportunities for the market players to remain highly competitive.

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Follow Us: https://www.linkedin.com/company/pnsintelligence/

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.