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Payment Processing Solutions Market 2024-2033: Size, Trends, and Growth Forecast
Payment Processing Solutions Global Market Report 2024
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According to The Business Research Company's, The payment processing solutions market size has grown rapidly in recent years. It will grow from $104.73 billion in 2023 to $121.77 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to e-commerce expansion, introduction of credit cards, atm network establishment, emergence of debit cards, regulatory changes .
The payment processing solutions market size is expected to see rapid growth in the next few years. It will grow to $227.19 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to contactless payments surge, blockchain integration, embedded payments , enhanced cybersecurity , expansion of mobile wallets. Major trends in the forecast period include biometric authentication adoption, iot payment integration, subscription-based payment models, focus on user experience, globalization of payment solutions.
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Market Drivers and Trends:
The increasing use of mobile payment is expected to propel the growth of payment processing solutions market going forward. The widespread use of smartphones has led to the rise of mobile payment solutions and digital wallets. The convenience of making payments through mobile devices drives the adoption of mobile payment technologies. For instance, according to Oberlo, a US-based online platform, in 2023, the number of global smartphone users is estimated at 5.25 billion, marking a 4.9% annual increase. Furthermore, according to Oberlo, a US-based online platform, the US mobile payments spending per user is expected at $5,189 per mobile phone user in 2023. This is a 24.2% year-over-year increase from $4,177 in 2022. Therefore, the increasing use of mobile payment is driving the growth of the payment processing solutions market.
Technological advancement is a key trend in the payment processing solutions market. The collection of advanced payment solutions that use cutting-edge technology provides innumerable benefits to financial and fintech services, allowing businesses to grow and scale. Such advancements enable key players to gain a competitive edge in the market. For instance, in June 2022, PayTab, a Saudi Arabia-based payment solution company, launched its SwitchOn platform, which provides established financial institutions with unrivalled capabilities, value, and flexibility. PayTabs Switch On architecture is intended to provide a one-of-a-kind payment capability where users can choose what best suits their needs, from the card and wallet management system to the unified Access Policy Manager (APM) gateway.
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Major Key Players of the Market:
PayPal Holdings Inc., Fiserv Inc., Global Payments Inc., Mastercard Incorporated, Square Inc., Visa Inc., Paysafe Ltd., FIS Inc., ACI Worldwide Inc., Wirecard CEE, Jack Henry and Associates Inc., Stripe Inc., PayU LLC, CCBill LLC, Authorize.Net, Nelnet Business Solutions Inc., Rapyd Financial Network Ltd., Dwolla Inc., U.S. Bank National Association Inc., GoCardless Ltd., Melio Inc., Amazon Payments Inc., Podium Corporation, BlueSnap Inc., JPMorgan Chase & Co., Stax Inc., Payline Data LLC, Dharma Merchant Services LLC, Helcim Inc., Shopify Inc., Payoneer Inc., Gusto Holdings Inc., Freedom Financial Network LLC, Adyen N.V., Worldpay LLC, CyberSource Corporation, PaySimple Inc., PayJunction Inc., Paycor Inc., Paycom Software Inc., Heartland Payment Systems LLC, BluePay Processing LLC, Global Payments Inc., Vantiv LLC, Braintree LLC
Payment Processing Solutions Market 2024 Key Insights:
• The payment processing solutions market size is expected to see rapid growth in the next few years. It will grow to $227.19 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%.
• Unleashing The Potential Of Payment Processing Solutions In The Era Of Soaring E-Commerce And Internet Dependence
• Technological Advancements Fueling Unprecedented Growth In Payment Processing Solutions
• Asia-Pacific was the largest region in the payment processing solutions market share in 2023
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