Increasing worldwide initiatives for the promotion of digital and online payments is driving the growth of the global payment processing solutions market
The global payment processing solutions market size is projected to grow from USD 74.4 billion in 2020 to USD 120.7 billion by 2025, at a CAGR of 10.2% during the forecast period.Major growth factors for the market includeincreasing 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.
By payment method, eWalletsegment to grow atthe highest CAGR during the forecast period
AneWallet 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, aneWallet 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, aneWallet is provided through some payment processing models.
By region, 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 the 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 Stakeholder: Payment Processors: 67%, Card Issuers: 25%, and Network Providers: 8%
- By Designation: C level Executives: 25%,Director Level: 58%, and Manager Level:17%
- By Region: NorthAmerica: 50%, Europe: 17%, APAC: 25%, and Rest of the World: 8%
Major vendors in the global payment processing solutions market includePayPal (US), Fiserv (US), Global Payments (US), FIS (US),Square (US), Stripe (US), MasterCard (US), Visa (US), Dwolla (US), ACI Worldwide (US), Adyen (Netherlands), Paysafe (UK), Jack Henry & Associates (US), Wirecard (Germany), and PayU (Netherlands).The payment processing solutions market study includes an in-depth competitive analysis of these key players, along with their profiles, recent developments, and key market strategies.
The market study covers the payment processing solutions market size across different segments. It aims at estimating the market size and the growth potential across different segments, by payment method, mode of deployment, vertical, and region. The study further includes an in-depth competitive analysis of the leading market players, along with their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Key benefits of buying the report:
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the global payment processing solutions market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.