Payment Processing Solutions Market - By Technology, By Deployment Model, By Mode of Payment, By Organisation Size, By End-User, & Global Region - Market Size, Trends, Opportunity, Forecast 2023-2032
Brief Overview
Payment processing solutions are the combined technological offerings that work together with the merchant and customer to generate a payment gateway that operates on a set of parameters predefined by the merchant to process the financial transactions. One of the most significant tasks for every company is payment processing. Online transactions have become the easiest way for organizations to pay. These solutions act as a middleman for efficient financial transactions between the merchant and the consumer account. Such approaches are a blend of all the procedures that work together to provide better transactional flow.
Market Insights
Increasing E-commerce along with Growing Internet Penetration
Internet access has reached every corner of the world, boosting online shopping. In the 21st century, smartphones have also become an essential part of several individuals. The growth of eCommerce is driven by the rapid adoption of technology, driven by the increasing use of smartphones and tablets and internet access via 4 G, 5 G, etc. The continuous acceleration of eCommerce promotes the use of ePayments and produces significant advantages. EPayments help overcome the complicated and expensive process of collecting cash physically for a product purchased or sold online. In addition, ePayment innovations can ease carrying out payments and other financial services, which can boost additional opportunities for eCommerce. Therefore, increasing eCommerce sales are expected to positively impact the growth of the market for payment processing solutions.
Rising Financial Inclusion across the Globe
In developing the economy of a country, payment services play a crucial role. This technology can increasingly offer consumers and businesses different ways of conducting tailored, convenient, and flexible transactions with digitization and constant technological developments. Digital payments can also contribute to financial inclusion, make budgeting more comfortable, and enable measures to prevent and tackle economic crimes.
Recognizing that the growth in digital payments has been rapid, governments want to ensure that everyone has the opportunity to pay for goods and services digitally. This is why different initiatives are being undertaken that have already helped make digital payments simpler, faster, and cheaper.
During the forecast period (2019-2025), the global payment processing solutions market is expected to increase by USD 1 20,774 million by 2025, at a CAGR of 10.2 percent. Customer demand for immediate settlements and payments will likely contribute significantly to market growth. Online shopping convenience and speed have changed customer expectations about the immediacy of the payment experience. Customers from all sectors expect faster transaction services. In addition, through mobile apps, smartphone technology has allowed customers to access an ever-expanding range of services.
However, numerous factors are expected to adversely affect market growth over the forecast period, such as the lack of digital literacy in emerging economies and the absence of a global standard for international transactions. Moreover, cyber-attacks are further influencing the market growth. The model of traditional payment providers has been disrupted by rapid changes in the payment space, including real-time and blockchain payments. Ultimately, for cyber attackers, this has opened different avenues. However, gradual changes in regulatory frameworks over the forecast period are expected to curb these attacks.
Geographical Analysis
North America dominated the market for solutions to payment processing. It is expected that the high adoption of digital payment solutions across North American nations will contribute to the growth of the market. In addition, the region’s increasing adoption of mobile wallets is expected to fuel regional market growth. In addition, a credit card is the most popular mode of money transfer among customers in both point-of-sale (POS) and online methods in North American countries.
During the forecast period, Asia Pacific is expected to emerge as the fastest-growing regional market for payment processing solutions. Growing smartphone adoption, coupled with internet services, is expected to accelerate the regional market's growth. The region has seen increased adoption of alternative transaction methods, such as bank transfers and e-wallets, over the past few years. In addition, the region’s growing retail market is expected to create growth opportunities for the regional market.
Segmentation
By Technology
- Near-Field Communication (NFC)
- QR Code
- EMV
By Deployment Model
- In-store
- Online
- Mobile
By Mode of Payment
- Credit Cards
- Debit Cards
- E-wallets
By Organization Size
- SMEs
- Large Enterprises
By End-user
- Tourism and Hospitality
- Retail & E-commerce
- Healthcare
- BFSI
- Government and Public Sector
By Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East & Africa
Competitive Landscape
The report profiles various major market players such as
- PayPal Holdings Inc.
- Global Payments Inc.
- First Data Corporation
- Square Inc.
- Wirecard AG
- Naspers Limited
- Visa Inc.
- Jack Henry & Associates Inc.
- Adyen N.V.
- Paysafe Group Limited.
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities). The study also provides company’s positioning and market share of the overall market.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global payment processing solutions market by the following segments:
- Technology
- Deployment Model
- Mode of Payment
- Organisation Size
- End-User
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Payment Processing Solutions Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2023-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 20th September 2023
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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