BANGALORE, India, March 15, 2021 /PRNewswire/ -- The Payment Processing Solutions Market is Segmented Type (Credit Card, Debit Card, Ewallet), Application (Hospitality, Retail, Utilities and Telecommunication, Others). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published onValuates Reports in the Software & Services Category.
The global Payment Processing Solutions market size is projected to reach USD 52,060 Million by 2026, from USD 33,810 Million in 2019, at a CAGR of 5.9% during the forecast period 2021-2026.
Major factors driving the growth of payment processing solutions market size are,
- Increasing eCommerce sales along with growing internet and smartphone penetration.
- Embracing contactless payments globally and evolving customer expectations
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TRENDS INFLUENCING THE PAYMENT PROCESSING SOLUTIONS MARKET SIZE
The high penetration of smartphones and the adoption of mobile payment applications are expected to drive the growth of payment processing solution market size. Smartphone applications provide customers with alternative billing options. Customers have been able to complete billing transactions more quickly due to these applications.
The demand for faster transactions is expected to increase the growth of payment processing solutions market size during the forecast period. Customers' standards for the immediacy of payment have changed as a result of online shopping. Customers demand quicker transaction services from businesses around the board.
Increasing eCommerce sales coupled with increasing internet speed is expected to fuel the growth of payment processing solutions market size. With the introduction of modern payment technology, increased smartphone transactions, and the increasing use of online card payments, the retail industry has shifted away from traditional business models. Retailers are now concentrating on providing innovative mobile payment solutions, risk management, and customer support, both online and off.
Favorable government initiatives are expected to increase the payment processing solution market size. Payment services are critical to a country's economic development. With digitization and ongoing technological advancements, the payment processing technology will increasingly provide customers and businesses with a variety of personalized, easy, and versatile transaction options. Governments understand that the use of digital payments is rapidly increasing, and they want to ensure that everybody has access to the ability to pay for goods and services digitally.
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PAYMENT PROCESSING SOLUTIONS MARKET SHARE ANALYSIS
Based on the region, North America is expected to hold the largest payment processing solution market share during the forecast period.
The demand for payment processing solutions was dominated by North America. The widespread use of digital payment solutions in North American countries is driving market growth. In addition, the growing adoption of mobile wallets in the region is expected to fuel the payment processing market size.
On the other hand, the Asia-Pacific is expected to witness the highest growth due to the growing adoption of smartphones, coupled with internet services.
Based on the payment method the e-wallet segment is anticipated to witness the fastest growth over the forecast period.
Based on the end-user segment, the hospitality segment is expected to hold the largest payment processing solution market share, and the retail end-use segment is anticipated to witness the fastest growth.
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Payment Processing Solutions Breakdown Data by Type
- Credit Card
- Debit Card
- Ewallet
Payment Processing Solutions Breakdown Data by Application
- Hospitality
- Retail
- Utilities and Telecommunication
- Others
The following players are covered in this report:
- Wirecard AG
- Naspers Limited
- Visa Inc.
- Jack Henry & Associates Inc.
- PayPal Holdings, Inc.
- Global Payments Inc.
- First Data Corporation
- Square Inc.
- Adyen N.V.
- Jack Henry & Associates Inc.
- PayPal Holdings, Inc.
"We can also add the other companies as you want"
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