Global Payment Processing Solutions Market, By Payment Mode (E-Wallet, Credit Card, Debit Card, Automatic Clearing House, Others), Deployment Mode (On-Premises, Cloud-Based), End User Industry (Banking, Financial Services and Insurance, IT and Telecommunication, Healthcare, E-Commerce and Retail, Government and Utilities, Others) – Industry Trends and Forecast to 2030.
Payment Processing Solutions Market Analysis and Size
Increasing penetration of high-speed internet is a significant factor raising the growth of global payment processing solutions market. The growing internet penetration and increasing smartphone usage will boost the demand for the payment processing solutions in the market. The credit card is the fastest growing payment mode segment during the forecast period due to the upsurge in the availability of numerous affordable credit cards and growth in the preference for cash alternatives.
Data Bridge Market Research analyses that the payment processing solutions market was valued at USD 54.37 billion in 2022 and is expected to reach the value of USD 130.94 billion by 2030, at a CAGR of 11.43% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Payment Processing Solutions Market Scope and Segmentation
2023 to 2030
2021 (Customizable to 2015 - 2020)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Payment Mode (E-Wallet, Credit Card, Debit Card, Automatic Clearing House, Others), Deployment Mode (On-Premises, Cloud-Based), End User Industry (Banking, Financial Services and Insurance, IT and Telecommunication, Healthcare, E-Commerce and Retail, Government and Utilities, Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Global (MEA) as a part of Global (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
ACI Worldwide (U.S.), PayPal, Inc. (U.S.), Novatti Group Ltd (Australia), Global Payments Inc. (U.S.), Visa (U.S.), Stripe, Inc. (Ireland), Google, LLC (U.S.), Finastra. (U.K.), SAMSUNG (South Korea), Amazon Web Services, Inc. (U.S.), Financial Software & Systems Pvt. Ltd. (U.S.), Aurus Inc. (U.S.), Adyen (Netherlands), Apple Inc. (U.S.), Fiserv, Inc. (U.S.), WEX Inc. (U.S.), wirecard (U.S.), Mastercard. (U.S.)
Payment processing solutions are the technological offerings that make a linking pin between consumer and merchant in financial transactions. In other words, payment processing solutions offer an online platform for the customers to pay for the online buying to the merchant. Payment processing solutions are a combination of all the procedures that work together to deliver better transactional flow and are safe and secure transactional interfaces.
Global Payment Processing Solutions market
- Rising preference of online shopping
The mounting preference for online shopping among consumers has propelled merchants to use the payment processing solutions. These solutions aid retailers control the risk of fraudulent transactions and improve purchaser service. Payment processing solutions highly use artificial intelligence (AI) technologies and machine learning (ML) because these work as anti-fraud tools. Similarly, these solutions can be basically integrated with point of sale (POS) systems, thus propelling the growth of the payment processing solutions market.
- Growing usage of payment processing solutions most in BFSI Sector
The banking, financial services, and insurance (BFSI) category is likely to drive the payment processing solutions market growth. Payment processing solutions are very popular in finance and banking sector because this solution aids in eliminating lot of paperwork and making banking processes very easy and quick. Moreover, these solutions are also suitable for performing day-to-day transactions such as transfers and payments, liquidity management and payroll processing.
- Government policies and initiatives
Favourable policies and numerous initiatives taken by governments to support the payment processing solutions are expected to drive the market's growth rate. For instance, the European Central Bank started Initiative for European payments in July 2020, under a joint decision with approximately 16 regional banks. This initiative generally focuses on unified payment solutions for customers and merchants, through the use of payment cards and digital wallets in cloud-based and on-premises payment.
- Higher investments associated with digitization
In current times, numerous payment processing solution providers are collaborating with other companies to upsurge the adoption of request-to-pay services, which will create immense opportunities for growth of the market. For instance, Temenos AG which is a cloud banking platform has declared its collaboration with Mastercard Incorporated in March 2023. This will aid the bank to upsurge adoption of request-to-pay services in the U.K. Thus, through this collaborations, the adoption of these services become easier, faster, and cheaper by financial institutions will be easier,
Moreover, rising demand of payment processing solutions from several developing countries due to the profits offered by payment processing solutions to consumers such as rewards, cashbacks and coupons among others are further creating ample and new opportunities for the growth of the payment processing solutions market.
- Issues associated with payment processing solutions
However, many factors such as unavailability of digital literacy in developing countries and absence of a global standard for international transactions are expected to harmfully effect the market growth in the forecast period. Furthermore, cyber-attacks are further affecting payment processing solutions market growth. Rapid change in the payments space, such as, development of real-time and blockchain payments, has disturbed the model of traditional payment providers. This has ultimately opened numerous avenues for cyber attackers.
This payment processing solutions market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the payment processing solutions market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Payment Processing Solutions Market
The outbreak of coronavirus has affected the payment processing solutions market in a positive manner. The fear of coronavirus has made people adopt digital payment services which is likely to be the major factor for the growth of the market all over the globe. E-commerce platforms, specifically websites which distribute groceries has seen an upsurge in the orders for essential goods, and retail stores have increased online payment. Most of the people order food through numerous online platforms and make payment numerous online sources, which is expected to rise the global payment processing solution market in a progressive way during the pandemic.
- In June, 2019, Noor Bank introduced e-Wallet, a digital payment service for consumers, through their partnership with Etisalat. This new service is mainly used to attract more consumers with aid of fintech Company. Such initiative increase the services for the consumers which is generating opportunity and demand for the market growth.
- In October, 2019, NCPI has declared the development of the UPI, RuPay, BHIM and other payment solutions to the UAE countries. Such initiative to amenities the Indian customer in the UAE nation and also this is assisting the segment to grow in the forecast period.
Global Payment Processing Solutions Market Scope
The payment processing solutions market is segmented on the basis of payment mode, deployment type and end user industry. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Credit Card
- Debit Card
- Automatic Clearing House
End User Industry
- Financial Services and Insurance
- IT and Telecommunication
- E-Commerce & Retail
- Government and Utilities
Payment Processing Solutions Market Regional Analysis/Insights
The payment processing solutions market is analysed and market size insights and trends are provided by country, payment mode, deployment type and end user industry as referenced above.
The countries covered in the payment processing solutions market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Global (MEA) as a part of Global (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the payment processing solutions market in terms of revenue and market share. This is due to the speedy growth in the online transactions coupled with increasing e-commerce sector. Electronic transactions have exactly doubled in the last few years thus contributing to the overall revenue growth.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to the growing internet and smartphone penetration. Shifting focus on the digitization of nations is also generating lucrative opportunities for market growth in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Payment Processing Solutions Market Share Analysis
The payment processing solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to payment processing solutions market.
Some of the major players operating in the payment processing solutions market are:
- ACI Worldwide (U.S.)
- PayPal, Inc. (U.S.)
- Novatti Group Ltd (Australia)
- Global Payments Inc. (U.S.)
- Visa (U.S.)
- Stripe, Inc. (Ireland)
- Google, LLC (U.S.)
- Finastra. (U.K.)
- SAMSUNG (South Korea)
- Amazon Web Services, Inc. (U.S.)
- Financial Software & Systems Pvt. Ltd. (U.S.)
- Aurus Inc. (U.S.)
- Adyen (Netherlands)
- Apple Inc. (U.S.)
- Fiserv, Inc. (U.S.)
- WEX Inc. (U.S.)
- wirecard (U.S.)
- Mastercard. (U.S.)