The global payment processing solutions market accounted for a value of USD 64.5 billion in 2019. Payment processing solutions market projected to register growth at a CAGR of 8.2% during forecast period.
COVID-19 has impacted payment processing solutions market. The payment processing solutions companies are focusing on development new technologies and products for achieving demand for contactless transaction due to spread of corona virus. Ecommerce sales are increasing across the globe especially the sale of groceries and heath products are increasing. According to a data released UK online retail market is increased by 200% due to COVID19. The payment processing solutions market is likely to show huge growth due to corona virus.
For more details, visit: Global Payment Processing Solutions Market By Payment Method (ACH, eWallets, Others), By Deployment Model (Cloud-Based, On-Premises, Others.), By Technology (QR Code, EMV, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The online shopping is now available to every corner of the world as internet is available to every corner of the world and the smart phone has reached to the maximum people across the world. The rapid advancement of technology and adoption of such technologies by major verticals leads to growth of ecommerce market which results in growth of e-payment methods. This drives growth in payment processing market during forecast period.
On the basis of payment method, the payment processing solution market is segmented into debit card, credit card, eWallet, ACH and others. The credit card segment is projected to hold largest market share during forecast period. Credit card payment method enables card holders to pay for goods and services with a card issued by banks. The bank creates a revolving account and provides a line of credit to the cardholder using which card holder makes payment by borrowing money. It is very convenient and largely adopted payment method across the world. This drives growth in credit card payment method during forecast period.
On the basis of end-user, the payment processing solutions market is segmented into telecommunications, utilities, retail, hospitality and others. The hospitality segment accounted for largest market share in 2019. The retail segment is estimated to register fastest growth during forecast period. Retail payments are getting advanced that allows merchants to provide flexible transaction methods. The retailers focus is increasing on providing better payment method to enhance customers experience and provides efficient checkouts. The wide adoption of such payment solution by retailers is likely to drive growth in this segment during forecast period.
Asia-Pacific region is estimated to hold largest market size during forecast period. The population of this region is very large and people are adopting new and advanced payment methods in this region which provides maximum safety to users. The growing economies in this region such as China, Indonesia, India and Malaysia are adopting mobile payment methods at large scale. The governments across many countries are also promoting such methods for consumers. In 2018, 5.3% of total GDP in Asia-Pacific region was from mobile technologies and services. The number of mobile users is estimated to grow rapidly by 2026. This drives growth in Asia-Pacific region during forecast period.
The key market players in payment processing solution market are Paypal, Fiserv, FIS, Square, Global Payments, Wirecard, ACI Worldwide, Mastercards, Visa, Adyen, Stripe, CCBILL, Payu, Wordline, Secure Paymnet Methods, Paysafe, Bliesnap, Alipay and Authorize.net.
This report forecasts The Global Payment processing Solutions Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global payment processing solution market report on the basis of deployment mode, payment mode, technology and end-users.
- What are the expected industry trends over the next three to five years?
- Which of the payment processing solutions technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?