Payment Processing Solutions Market

Global Payment Processing Solutions Market Size (2024 to 2029)

The global payment processing solutions market is projected to reach USD 64.45 billion in 2024 and USD 105.70 billion by 2029, growing at an annual growth rate (CAGR) of 10.4% over the conjecture period.

Payment processing solutions are combined technology offerings that collaborate with the merchant and the customer to process financial transactions by generating a payment gateway that operates on a set of parameters predefined by the merchant. These solutions act as intermediaries between the business account and the consumer account, ensuring an efficient flow of financial transactions. These solutions are a combination of all the processes that work together to provide a better flow of transactions.

MARKET TRENDS

By payment method, the credit card segment will have the largest payment processing market during the forecast period. A credit card allows consumers to accumulate a continuous balance of debt, subject to interest.

By vertical sector, the hospitality industry will have the largest size for the payment processing solutions market during the forecast period. The hospitality sector is a broad category of service industry areas that include lodging, food and beverage, event planning, theme parks, transportation, cruise lines, travel, and other areas of the tourism industry. The growth in leisure activities and disposable income has promoted the hospitality sector. The rise in tourism activities has made the hospitality industry one of the largest contributors as well as one of the fastest-growing verticals in the global payment processing solutions market.

MARKET DRIVERS

Increased promotion and strategies adopted by various authorities around the world to promote digital payment methods should stimulate market growth. The increasing use of online payment methods, as they promote convenience and ease of transactions, should stimulate market growth.

A significant increase in the number of smartphone users and the integration of online payment solutions on these devices should stimulate market growth Increased demand to facilitate the transaction flow towards greater efficiency with constant progress made to improve customer management.

MARKET RESTRAINTS

The lack of availability of standards and regulations for carrying out international transactions should limit market growth. Concerns about cyber-attacks and the confidentiality of information associated with digital payment methods are expected to limit market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Payment Processing Solutions Market Analysis By Payment Method

Depending on the payment method, the global payment processing solutions market was segmented into credit cards, debit cards, and electronic wallets.

The credit card segment held a substantial share in 2019. Businesses make extensive use of credit card processing tools because they enable functions like placing commercial orders, shipping and turnover, and determining the level of stock within the company. The e-wallet segment is expected to experience the fastest growth over the outlook period. The increasing penetration of smartphones and laptops around the world is likely to boost the usage of electronic wallets. The increased speed of payment processing and the convenience of these e-wallets are expected to create growth opportunities over the envisioned period. The emergence of numerous e-commerce platforms around the world is also boosting the e-wallet segment.

Global Payment Processing Solutions Market Analysis By Vertical

Based on end-use, the payment processing solutions market was segmented into hotels, retail, utilities, telecommunications, etc. The hospitality segment dominated the worldwide market in 2019. The hospitality industry is also determined to experience the fastest growth over the conjecture period. Suppliers are focused on providing personalized retail payment processing solutions that allow merchants to provide flexible point-of-sale transaction methods. This helps retailers improve customer service through secure, fast, and efficient payments. In addition, retailers widely adopt these solutions to have complete visibility of payment transactions.

REGIONAL ANALYSIS

In terms of region, the global market for payment processing solutions is divided into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America dominated the global payment processing solutions market in 2019. The high adoption of digital payment solutions in North American countries is supposed to contribute to the growth of the regional market. In addition, the increasing adoption of mobile wallets in the region should stimulate growth in the local market. In addition, in North American countries, a credit card is the preferred method of money transfer between customers, both at the point of sale (POS) and online.

The United States had the largest market share in the North American payment processing solutions market. This dominance is due to the need for advanced applications in end-use segments such as banking, retail, financial services, transportation, and other industries. Credit cards are the most popular form of payment for consumers for POS and online platforms in North American countries.

The Asia-Pacific region is determined to witness exceptional demand in the global payment processing solutions market over the forecast period. China and India are expected to maintain substantial shares during the forecast period due to the increasing government initiatives to promote contactless payments. The governments of both countries encourage people to adopt technology to make or receive payments.

KEY PLAYERS IN THE GLOBAL PAYMENT PROCESSING SOLUTIONS MARKET

The main providers in the market are PayPal (United States), Adyen (Netherlands), Stripe (United States), Square (United States), Wirecard (Germany), Global Payments (United States), CCBill (United States), PayU (Netherlands), Authorize.Net (United States), Due (United States), First Data (United States), Jack Henry & Associates (United States), Alipay (China), Paysafe (United Kingdom) and BlueSnap ( United States).

RECENT HAPPENINGS IN THE GLOBAL PAYMENT PROCESSING SOLUTIONS MARKET

• In March 2019, Square expanded its omnichannel offerings with Square's new online store and a new Square store for retail. Both products offer vendors the tools they need to have a consistent solution for starting or developing an omnichannel business.

• In July 2019, PayU announced that it had acquired a significant stake in Red Dot Payment, a company based in Southeast Asia. This acquisition essentially expanded PayU's ability to provide services in the region and extend its offerings. Payment solutions. This acquisition demonstrates PayU's desire to position itself as the leader in payment solutions and to become the world's largest financial investor.

• In May 2019, Global Payments Inc. and Total System Services, Inc. declared a joint merger, becoming a global leader in payment technologies and solutions. The combined organizations will be able to offer world-class solutions to merchants and consumers in different industry sectors.

DETAILED SEGMENTATION OF THE GLOBAL PAYMENT PROCESSING SOLUTIONS MARKET INCLUDED IN THIS REPORT

This research report on the global payment processing solutions market has been segmented and sub-segmented based on the payment method, vertical, and region. 

By Payment Method                               

• Credit Card              
• Debit Card               
• E-Wallet   

By Vertical                    

• Retail         
• Hospitality               
• Utilities     
• Telecommunication            

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa