The ‘Payment Processing Solutions Global Market Share, Size, Report and Forecast 2024-2032’ by Expert Market Research gives an extensive outlook of the global payment processing solutions market, assessing the market on the basis of its segments like components, deployment types, payment methods, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Payment Processing Solutions Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2032)
• Historical Market Size (2023): USD 42.74 billion
• Forecast CAGR (2024-2032): 14.20%
Payment processing solutions are hassle-free, provide customers with alternative payment options, allow merchants to integrate payments in their own systems, and offer flexibility which boosts business expansion. In addition, these solutions are fast and reliable. Hence, the increasing adoption of payment processing solutions across various end use sectors such as banking, financial services and insurance, IT and telecom, and healthcare, among others, is driving the global payment processing solutions market.
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In the BFSI sector, payment processing solutions are transforming financial services by enabling a digital economy and securing a repository of payment gateway solutions. Through payment processing solutions, a customer can facilitate transactions of all crucial currencies including European Union, North America, Middle East, and the Asia Pacific, among others. This factor is expanding the reach of BFSI institutions. Moreover, payment processing solutions prevent fraud, theft, identity theft, and various other crimes which are major concerns across this sector.
Meanwhile, the increasing penetration of electronic payment functionalities across the healthcare sector is further bolstering the payment processing solutions market growth. Online payments reduce documentation time while securing patient privacy. Over the forecast period, the anticipated increase in the reliance of patients on payment processing solutions is expected to garner the market growth.
Payment Processing Solutions Industry Definition and Major Segments
Payment processing solutions are defined as the software or service solutions which are used to facilitate financial transactions. These solutions enable secure transmission of data which opens payment gateways, enabling transfer of money from a customer to the seller’s bank account. With increased online security, payment processing solutions are becoming reliable and fully secure.
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Based on component, the market is segmented into:
• Solution
• Service
By deployment type, the market is bifurcated into:
• On-Premises
• Cloud-Based
On the basis of payment method, the market is divided into:
• Debit Card
• Credit Card
• E-Wallet
• Automated Clearing House
• Others
Based on end use, the market is classified into:
• Banking, Financial Services and Insurance
• Government and Utilities
• IT and Telecommunications
• Healthcare
• Travel and Hospitality
• Retail and Consumer Goods
• Transportation and Logistic
• Media and Entertainment
• Others
On the basis of region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Payment Processing Solutions Market Trends
The key trends in the global payment processing solutions market include the growing adoption of high-end internet-enabled devices such as smartphones and tablets. These devices are portable and can facilitate a transaction within seconds. Technological advancements in the networking field, supported by the growing availability of 5G networks are further expanding the reach of payment processing solutions.
The thriving e-commerce sector is expected to be another crucial trend in the payment processing solutions market. Growing purchasing power and increasing number of online users are leading to an increased penetration of payment processing solutions across the e-commerce sector.
The rapid digitalisation across government and utilities sector is another crucial market driving factor as users can pay for utilities in a reliable manner while maintaining official records of all payments. Increasing investments in stocks, gold, and various investable entities are made possible using payment processing solutions.
In geographical terms, Asia Pacific accounts for a significant share in the payment processing solutions market. The thriving end use sectors such as travel and hospitality, transportation, healthcare, and IT and telecom, among others, is driving the market in this region. Meanwhile, North America is expected to witness a steady growth, owing to the advanced digital infrastructure across the United States and Canada.
Key Market Players
The major players in the global payment processing solutions market report are:
- PayPal Holdings Inc.
- Fiserv Inc.
- Mastercard Incorporated
- ACI Worldwide
- Visa Inc
- Amazon Payments, Inc.
- FIS
- Alipay
- PayU Group
- SignaPay Ltd
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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