Merchant Acquiring Market Size, Future Trends, Key Growth Drivers, Share Analysis And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Merchant Acquiring Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The merchant acquiring market size has grown rapidly in recent years. It will grow from $23.00 billion in 2023 to $25.43 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to increasing demand for cross-border e-commerce, growth of peer-to-peer (p2p) payment systems, growth of digital banking and fintech innovations, growth of e-commerce, and rise in demand for cash alternatives.

The merchant acquiring market size is expected to see rapid growth in the next few years. It will grow to $38.16 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to the increasing use of smartphones and mobile payments, rising adoption of contactless payments, increasing demand for digital payments, rising need for secure and fraud-resistant payment solutions, and growing investment in payment technology. Major trends in the forecast period include technological advancements, integration of AI, subscription-based models, digital currencies, and contactless wearables.

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Market Drivers and Trends:

The increasing demand for digital payments is expected to propel the growth of merchant acquiring going forward. Digital payments refer to the electronic transfer of funds from one party to another using digital technologies, bypassing the need for physical cash or checks. The increasing demand for digital payments is driven by several factors, including the growth of e-commerce, the rise of contactless payment methods, and the widespread penetration of internet access. The use of digital payments in merchant acquiring streamlines transactions, reduces cash handling, and enhances payment security, leading to increased efficiency for businesses. For instance, in September 2023, according to the Consumer Financial Protection Bureau, a US-based government agency, American consumers used Google Pay (a mobile payment service developed by Google, designed to facilitate in-app, online, and in-person contactless purchases using mobile devices) to spend $65.2 billion at retail establishments in 2022, up from $24.8 billion in 2021. Therefore, the increasing demand for digital payments is driving the growth of the merchant acquiring market.

Major companies operating in the merchant acquiring market are focused on forming strategic partnerships to gain a competitive edge in the market. Strategic partnerships in merchant acquiring involve collaborations between financial institutions, payment processors, and technology providers to enhance payment solutions and expand market reach. For instance, in July 2024, Shift4 Payments, Inc., a US-based payment processing company, partnered with Phos, a Bulgaria-based software company, to enhance Phos' acquiring capabilities and boost the adoption of its SoftPOS solution among merchant customers across Europe. This partnership enables Phos customers to utilize Shift4's global acquiring and payment processing services, allowing them to accept payments through global card networks and digital wallets.

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Major Key Players of the Market:

Commercial and Industrial Bank of China, JPMorgan Chase & Co., Bank of America Merchant Services, Citi Merchant Services, American Express Company, ING Group N.V., Banco Bilbao Vizcaya Argentaria S.A., Fiserv Inc., Fidelity National Information Services Inc., Global Payments Inc., Sberbank, The Royal Bank of Scotland plc, Shift4 Payments Inc., Worldpay Group plc, Heartland Payment Systems Inc., Adyen N.V., Paysafe Group, Elavon Inc., Crédit Agricole S.A., Zettle by PayPal, Chase Paymentech Solutions LLC, PayCommerce Inc.

Merchant Acquiring Market 2024 Key Insights:

• The merchant acquiring market size is expected to see rapid growth in the next few years. It will grow to $38.16 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• The Increasing Demand For Digital Payments Propelling The Growth Of The Merchant Acquiring Market
• Strategic Alliance Enhances Merchant Acquiring Services
• North America was the largest region in the merchant acquiring market in 2023

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