- The Global Payment Processing Solutions Market is expected to grow at a CAGR of 9.6% during the forecasting period (2020-2027).
- Payment processing refers to automated operations between the customer and the merchant. A third-party service, usually a computer-based system such as merchant Gateway, processes the customer's payment information and is set up to accept or decline payments on behalf of the merchant oriented on pre-set parameters. A merchant account is a business and financial arrangement with a credit card processor that enables a dealer to accept payment cards online. The payment processing solutions market is growing owing to several factors such as increasing initiatives for the promotion of digital and online payments, growing focus on improving customer experience, and rising customer demand for immediacy of payments and settlements.
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Market Segmentation Analysis
- Based on the Payment Method, the market is segmented into Credit Card, Debit card, Ewallet, and others. The credit card segment is estimated to hold the largest market share during the forecast period.
- The credit card payment market was valued at USD YY million in 2018 and the market is estimated to grow at a CAGR of YY% in the forecast period to reach a market value of USD YY million by 2026.
- Credit cards are payment cards issued to users, which enables the cardholder to pay merchants for goods and services, and make payments for the amounts along with the other agreed charges.
- The card issuer, usually a bank, creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money to make payment to a merchant or as a cash advance.
- A credit card allows customers to build a continuous balance of debt, subject to interest charges. The credit card segment is anticipated to have the largest market size in the market for payment processing solutions.
- Credit card remains to be the favored way to pay in department shops, most probably due to people who prefer credit card for purchases in a higher value.
Market Geographical Analysis
- The North America market for payment processing solutions was valued at USD YY million in 2018 and the market is estimated to grow at a CAGR of 9.6% during the forecast period to reach a market value of USD YY million by 2026.
- North America comprises developed countries, such as the US and Canada. These countries have invested significantly in Research and Development (R&D) activities, thereby contributing to the development of innovative technologies.
- The payment processing solutions market in North America is highly competitive, as countries such as the US and Canada are focused on R&D and innovation. These countries are early adopters of technologies in various verticals.
- The US and Canada are also the leading countries in retail, financial services, banking, and other industries, such as transportation and manufacturing. Credit card is the most preferred mode of payment by consumers in both online and point-of-sale (POS) method in North American countries.
Market Competitive Trends
- On November 18th, 2019, an International maritime payment solutions provider, ShipMoney launched a new initiative: ShipMoney Cares. ShipMoney Cares will be managed by ISWAN and is designed to provide one-time financial grants to seafarers in need, which could include medical or educational support. ShipMoney along with its strategic remittance partners will make a sizable annual donation to the program. There is a maximum grant of $500 and seafarers can apply once a year.
- In June 2019, ShipMoney has extended its maritime payment services agreement with the UK-based shipping company Helikon Shipping Enterprises Limited into a long-term multi-year relationship.
- In April 2019, ShipMoney rolled out innovative crew payment solutions across Tsakos Columbia Shipmanagement Fleet
- In January 2018, Brightwell Payments, Inc., a maritime payments and technology company has extended its agreement with Norwegian Cruise Line and leverage the Brightwell Navigator payments platform, a web-based technology that delivers access to money transfer services and Brightwell's OceanPay® Visa® Prepaid Card, to meet the needs of 16,000 geographically dispersed, multinational shipboard employees across its fleet.
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