Overview and Scope
Payment processing solutions refer to a service or software that enables online and offline payments. This payment solution technology acts as an intermediary, handling transactions between the buyer’s and merchant’s banks. It accepts buyer payment requests through a web page, verifies payment details and commerce, and transfers funds to the online merchant’s account. It integrates multiple payment management systems into one solution, providing complete payment flexibility.
Sizing and Forecast
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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Segmentation & Regional Insights
The payment processing solutions market covered in this report is segmented –
1) By Payment Method: eWallet, Credit card, Debit card, Automatic clearing house, Other Methods
2) By Deployment Type: On-premises, Cloud-based
3) By Vertical: Banking, Financial Services, and Insurance (BFSI) , Government and Utilities, Telecom and IT, Healthcare, Real Estate, Retail and eCommerce, Media and Entertainment, Travel and Hospitality, Other Verticals
Asia-Pacific was the largest region in the payment processing solutions market share in 2023. The regions covered in the payment processing solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing e-commerce sales along with internet penetration is expected to propel the growth of payment processing solutions. Consumers’ preference for online shopping has increased due to internet accessibility, ease of transaction, a wide range of products and personalized offers, and the absence of the constraints of physical presence and interaction. Furthermore, with the advent of COVID-19, there was a change in the economic situation that resulted in significant changes in consumer purchasing behavior. These changes caused an increased preference for online shopping, therefore increasing the need for a payment processing system for secure and integrated payment solutions. For instance, according to an article published by Forbes, a US-based magazine, in 2021, e-commerce sales in the United States were $870 billion. Therefore, the increasing e-commerce sales along with the increased penetration will drive the market for payment processing solutions.
Key Industry Players
Major companies operating in the payment processing solutions market report are 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
The payment processing solutions market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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