Payment Processing Solutions Market:
Growth opportunities in the payment processing solutions market look promising over the next six years. This is mainly due to the growing eCommerce sales because of the rising penetration of the internet and the rapid technological adoption.
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Payment Processing Solutions Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The accelerating penetration of the internet has surged eCommerce sales, which accounts to be one of the major reasons responsible for the growth of the global payment processing solutions market. The ongoing expansion in the eCommerce industry is led by the fast acquisition of technology by consumers primarily because of the increasing employment of devices along with the evolution of 4G and 5G technologies. Therefore, the escalation in this sector has promoted the application of ePayments. These online payments help to curb the expenditure associated with the cash collection for the product purchased. In accordance with the IBEF, the Indian eCommerce market is likely to reach USD 99 billion by the end of 2024 while augmenting at a rate of 27% over 2019-2024. Moreover, the growing sales on platforms like Paytm Mall, Amazon India, and Flipkart will boost online retail sales. The favorable government strategies to encourage the digital mode of payment are further stimulating the payment processing solutions market size. The France government initiated the National Strategy for Cashless Payment Instruments, intending to promote electronic ways of payment in the country. However, the rising menaces of cyberattacks will curb the market growth. Moreover, the incorporation of various payment techniques in business has intensified the concerns and risks regarding compliance, information theft, and data privacy.
Regional Drivers
Based on regional coverage, Asia-Pacific is projected to dominate the market over the forecast period. The increasing number of transactions daily directed through smartphones has fuelled, primarily in China, Indonesia, India, and Malaysia. As per a report by the World Bank, the total percentage of bank account holders in the APAC reached 73% in 2017, which was 13% in 2011. Moreover, the constant escalation of India, China, and Australia's retail and consumer goods sector is propelling payment processing solutions market growth.
Payment Processing Solutions Market’s leading Manufacturers:
• Adyen
• Mastercard
• Wirecard
• Square, Inc.
• Fiserv, Inc.
• VISA
• ACI Worldwide, Inc.
• Global Payments Direct, Inc.
• FIS
• PayPal Payments Private Limited
Payment Processing Solutions Market Segmentation:
Segmentation by Payment Method
• eWallet
• Credit Card
• Debit Card
• Automatic Clearing House
• Others
Segmentation by Deployment Type
• On-Premises
• Cloud-Based
Segmentation by Vertical
• BFSI
• Government and Utilities
• Telecom and IT
• Healthcare
• Real Estate
• Retail and Ecommerce
• Media and Entertainment
• Travel and Hospitality
• Others
Segmentation by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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