Global payment processing solutions market size to grow at a CAGR of 10.4% during the forecast period
The global payment processing solutions market is expected to grow from USD 39.3 billion in 2019 to USD 64.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period. Major growth factors for the market include increasing worldwide initiatives for the promotion of digital and online payments, high proliferation of smartphones, focus on improving customer experience, and customers’ demand for immediacy of payments and settlements. These factors are expected to drive the global payment processing solutions market. However, lack of global standard for international transaction may limit the market growth.
eWallet segment to grow at the highest CAGR during the forecast period
An eWallet is a way of carrying digital card information in a digital form on a mobile device. To make purchases, people can pay with their tablets, smartwatches, or smartphones. Normally, an eWallet is a payment service through which individuals and businesses can send and receive money through a mobile device. Primarily, it enables an individual to receive payments, as well as pay, using a mobile device. Usually, an eWallet is provided through some payment processing models.
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Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. Payment methods vary widely across the region, both between and within countries, and across the spectrums of development from urban to rural. Companies operating in Asia thus, face a complicated and demanding payment landscape. Since last few years, APAC increasingly preferred to pay online via alternative payment methods, such as eWallets, bank transfers, and cash on delivery. Moreover, the increasing market of retail in APAC has enabled the payment processing solutions provider to focus more in this region for providing advanced solutions.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the payment processing solutions market.
The following list provides the breakup of primary respondents’ profiles:
- By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By designation: C level Executives: 35%, Director Level: 25%, and Others: 40%
- By region: North America: 45%, Europe: 20%, APAC: 30%, and Rest of the World: 5%
Major vendors in the global payment processing solutions market include PayPal Payments Private Limited (PayPal), Adyen, Inc. (Adyen), Stripe, Inc. (Stripe), Square, Inc. (Square), Wirecard AG (Wirecard), Global Payments Direct, Inc. (Global Payments), CCBill, LLC. (CCBill), PayU (PayU), Authorize.Net (Authorize.Net), Due Inc. (Due), First Data Corporation (First Data), Jack Henry & Associates, Inc. (Jack Henry & Associates), Alipay (Alipay), Paysafe Holdings UK Limited (Paysafe), and BlueSnap Inc. (BlueSnap).
The report includes an in-depth competitive analysis of the key players in the payment processing solutions market, along with their company profiles, recent developments, and key market strategies. The report segments the global payment processing solutions market by payment method, vertical, and region.
Key benefits of buying the report:
The report would provide the market leaders/new entrants in the payment processing solutions market, information on the closest approximations of the revenue numbers for the overall payment processing solutions market and subsegments. The report would also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.