Global Payment Processing Solutions Market Report and Forecast 2024-2032

Global Payment Processing Solutions Market Outlook

The global payment processing solutions market size reached a value of approximately USD 48.81 billion in 2023. The market is expected to grow at a CAGR of 14.2% during the forecast period of 2024-2032, driven by the rising demand for digital payment.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Global Payment Processing Solutions Market Trends

A payment processing solution is a service or software that facilitates online transactions. These services handle and execute all the transactions made by a customer while buying products and services from a market.

• The demand in the market for payment processing solutions is expected to surge with the increasing usage of smart devices, such as smartphones, tablets, laptops, and computers. The demand is likely to further increase with network technological advancements and increasing penetration in different parts of the world.

• The rapidly growing e-commerce business sector due to technological advancements and the increasing number of online users can propel the market development.

• E-commerce platforms are one of the major fields that utilise online payment methods, and with major companies in the field extensively investing in market expansion, payment processing services are expected to further grow during the forecast period.

• The rising demand from customers for faster and more immediate payment solutions will aid the market value. Online market platforms are increasingly becoming convenient with quick transaction services and customers are expecting the same services from other sectors.

Global Payment Processing Solutions Market Analysis

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Based on components, the market can be segmented into solutions and services. Based on the deployment type, it can be bifurcated into on-premises and cloud-based. Based on the payment method, the market for payment processing solutions includes debit card, credit card, e-wallet, and automated clearing house, among others. 

Based on end-use, the market can be divided into banking, financial services, insurance, government utilities, IT and Telecommunications, healthcare, travel and hospitality, retail and consumer goods, transportation and logistics, media and entertainment, among others. The regional markets for the market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global payment processing solutions market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• PayPal Holdings Inc.

• Fiserv Inc.

• Mastercard Incorporated

• ACI Worldwide

• Visa Inc

• Amazon Payments, Inc.

• FIS

• Alipay

• PayU Group

• SignaPay Ltd

• Others

Various Payment Methods Available in the Market

Based on payment methods, the market divisions include debit card, credit card, e-wallet, and automated clearing house, among others. The credit card segment is likely to dominate the market as they are widely used by different businesses.

Manually inputting data in every single transaction process takes time and is prone to human errors. With the introduction of an integrated credit card processing solution, data flows continuously to ERP systems which can eliminate entry mistakes and avoid data redundancy.

End-Users of Payment Processing Services in the Market

The market for payment processing solutions, based on end-user, can be segmented into banking, financial services, insurance, government utilities, IT and Telecommunications, healthcare, travel and hospitality, retail and consumer goods, transportation and logistics, and media and entertainment, among others.

Among the mentioned end-uses, the BFSI is expected to hold the largest market share. The BFSI sector extensively utilizes payment processing solutions to make financial procedures easy. These solutions enable the completion of various routine transactions, including transfers and payments, liquidity management, and payroll processing. Additionally, the rapid development and implementation of fintech to utilise innovative payment processing solutions can further drive the market growth.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Competitive Landscape

PayPal Holdings Inc. is one of the largest financial technology companies, based in America and founded in 1998. It is widely used by merchants and consumers across the world to complete various transactional processes, whether it is online or offline. The company has multiple brands, including PayPal, Braintree, Venmo, Xoom, Zettle, Hyperwallet, Honey, Happy, and Chargehound, among others.

Fiserv Inc. is an American-based multinational financial technology services company. The company provides their services to various financial sectors, including banks, thrifts, credit unions, security broker-dealers, insurance, and retailers, among others. The company is engaged in creating applications and solutions that utilise embedded fintech and payment innovations. The company specialises in mobile banking, online banking, financial services, and processing solutions, among many others.

Mastercard Incorporated is one of the largest payment processing solution providers in the world. It is a global technology company, operating in the payment industry since 1966. The company actively provides its services to consumers, small and medium enterprises, governments and public sectors, large enterprises, banks and credits. The company is engaged in innovating and creating solutions that enable individuals, financial institutions, governments, and organisations to reach their full potential.

Other market players include ACI Worldwide, Visa Inc, Amazon Payments, Inc., FIS, Alipay, PayU Group, and SignaPay Ltd, among others.

Key Highlights of the Report