Press release
Payment Processing Solutions Market reached USD 66 billion in 2019 and will grow at 10.8% CAGR during 2020-2027 | Report Size, Growth & Global Forecast
The Payment Processing Solutions Market was estimated around USD 66 billion in 2019 and is predicted to grow at a CAGR of 10.8% over the forecast period (2020-2027).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/payment-processing-solutions-market-analysis-industry-research/
The factors driving the growth of Payment Processing Solutions Market includes expansion of the e-commerce industry, rise in the number of smartphone users around the world, improvements in internet connectivity, growing popularity of e-wallets and increase in the number of online transactions. According to the report published by Statista, the total transaction value in digital payments worldwide is calculated around USD 8.49 trillion in 2022 and this figure is expected to reach USD 15.17 trillion by the end of 2027, growing at a CAGR of 12.31% over the forecast period (2022-2027), which will accelerate the Payment Processing Solutions Market size in the approaching years. Moreover, commercialization of 5G technology, rising awareness about financial services in the rural and remote regions and Government initiatives to promote digital payment solutions, are some of the additional factors supplementing the Payment Processing Solutions Market Growth. In addition, growing adoption of advanced technologies such as big data analytics, machine learning and Chatbots by businesses, increasing investments by major corporations on research and development and rapid urbanization, are further contributing towards the market growth.
However, the growth of Payment Processing Solutions Market is hindered due to growing concerns related to cyberattacks.
The prominent players operating in the market are Global Payments Direct, Inc., Wirecard, ACI Worldwide, Inc., PayPal Payments Private Limited, Fiserv, Inc., FIS, Mastercard, VISA, Square, Inc., and Adyen, among others.
Based on Payment Method, the Credit Card segment is expected to expand at a significant CAGR during the forecast period
Credit cards are easily available and affordable by mass population, cashback benefits and rewards provided by companies to credit card holders, are some of the factors responsible for the segment's growth
Based on Vertical, the BSFI segment is projected to grow at a remarkable CAGR over the forecast period
Growing adoption of payment processing solutions by major banks to enhance customer's experience, is the propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Rise in the number of digital transactions, rapid growth in the e-commerce sector, Government policies supporting digitalization, increasing disposable incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
In 2020, Fiserv, Inc., entered into partnership with Deluxe Corporation, and launched merchant solutions for Deluxe small business customer.
In 2019, PayPal Payments Private Limited collaborated with Citibank, to enable bank's institutional clients to make payments into the individual's PayPal digital wallets
In 2019, FIS completed the acquisition of Worldpay, through this acquisition, FIS aims to become world leader in technology and solutions for merchants, banks, and capital markets.
Market Segmentation
Segmentation by Payment Method
eWallet
Credit Card
Debit Card
Automatic Clearing House
Others
Segmentation by Deployment Type
On-Premises
Cloud-Based
Segmentation by Vertical
BFSI
Government and Utilities
Telecom and IT
Healthcare
Real Estate
Retail and Ecommerce
Media and Entertainment
Travel and Hospitality
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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