The payment processing solutions market size is expected to see rapid growth in the next few years. It will grow to $227.19 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to contactless payments surge, blockchain integration, embedded payments , enhanced cybersecurity , expansion of mobile wallets.. Major trends in the forecast period include biometric authentication adoption, iot payment integration, subscription-based payment models, focus on user experience, globalization of payment solutions..
The increasing e-commerce sales along with internet penetration is expected to propel the growth of payment processing solutions. Consumers' preference for online shopping has increased due to internet accessibility, ease of transaction, a wide range of products and personalized offers, and the absence of the constraints of physical presence and interaction. Furthermore, with the advent of COVID-19, there was a change in the economic situation that resulted in significant changes in consumer purchasing behavior. These changes caused an increased preference for online shopping, therefore increasing the need for a payment processing system for secure and integrated payment solutions. For instance, according to an article published by Forbes, a US-based magazine, in 2021, e-commerce sales in the United States were $870 billion. Therefore, the increasing e-commerce sales along with the increased penetration will drive the market for payment processing solutions.
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The payment processing solutions market covered in this report is segmented –
1) By Payment Method: eWallet, Credit card, Debit card, Automatic clearing house, Other Methods
2) By Deployment Type: On-premises, Cloud-based
3) By Vertical: Banking, Financial Services, and Insurance (BFSI) , Government and Utilities, Telecom and IT, Healthcare, Real Estate, Retail and eCommerce, Media and Entertainment, Travel and Hospitality, Other Verticals
Top Major Players:
PayPal Holdings Inc
Fiserv Inc
Global Payments Inc.
Mastercard Incorporated
Square Inc
Asia-Pacific was the largest region in the payment processing solutions market share in 2023.
Technological advancement is a key trend in the payment processing solutions market. The collection of advanced payment solutions that use cutting-edge technology provides innumerable benefits to financial and fintech services, allowing businesses to grow and scale. Such advancements enable key players to gain a competitive edge in the market. For instance, in June 2022, PayTab, a Saudi Arabia-based payment solution company, launched its SwitchOn platform, which provides established financial institutions with unrivalled capabilities, value, and flexibility. PayTabs Switch On architecture is intended to provide a one-of-a-kind payment capability where users can choose what best suits their needs, from the card and wallet management system to the unified Access Policy Manager (APM) gateway.
The payment processing solutions market report table of contents includes:
1. Executive Summary
2. Payment Processing Solutions Market Characteristics
3. Payment Processing Solutions Market Trends And Strategies
4. Payment Processing Solutions Market - Macro Economic Scenario
5.Global Payment Processing Solutions Market Size and Growth
..…….
31. Global Payment Processing Solutions Market Competitive Benchmarking
32. Global Payment Processing Solutions Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Payment Processing Solutions Market
34.Payment Processing Solutions Market Future Outlook and Potential Analysis
35. Appendix
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