Payment Processing Market 2020, COVID 19 Breakdown Impact, Industry, Global Trends, New Development and Forecast to 2027
How much is the Payment Processing Solutions market worth?
According to the report, global demand for payment processing solutions market was valued at approximately USD 34.96 Billion in 2019 and is expected to generate revenue of around USD 84.11 Billion by end of 2027, growing at a CAGR of around 11.6% between 2020 and 2027.
What is Payment Processing Solutions?
Payment processing is a common term that refers to the automated activity between the consumer and the dealer. A third party provider, typically a system that is computer-based like the eMerchant Gateway which processes customer payment information and sets out to approve or deny payments on behalf of the retailer on the basis of predefined criteria. Various systems, such as computer terminals, recurring billing, credit cards, and routers, use payment processing tools for web-based gadget transactions. It is expected that the growing adoption of mobile commerce in the transport sector would give impetus to the global demand for payment processing solutions.
Increased consumer demand for online shopping has pushed retailers to opt for payment processing solutions. Such solutions allow retailers to reduce the risk of fraudulent transactions and enhance customer service. Payment processing solutions use Machine Learning and Artificial Intelligence (AI) technologies that serve as an anti-fraud tool. Various factors, such as changing consumer demands, technological advances and robust infrastructure, are expected to generate market growth opportunities. Supportive government policies and programs to support digital transactions are expected to fuel market growth for payment processing solutions over the forecast period. Consumer demand for immediate compensation and refunds is projected to make a significant contribution in the business development. The ease and speed of online shopping has modified consumer perceptions regarding the immediacy of payment experience. Customers demand quicker transaction processes from all industries. Moreover, smart phone technology has allowed consumers to access an ever-expanding variety of services thus boosting market growth.
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What are Payment Processing Solutions market’s key drivers?
• Focus on Improving Customer Experience
• Global Initiatives for the Promotion of Digital and Online Payment
• High Proliferation of Smart phones
• Customers’ Demand for Immediacy of Payments and Settlements
How much market share of Payment Processing Solutions was held by credit card segment in 2019?
The global market for the payment processing solutions is segmented on the basis of payment mode, industry vertical, and region. Based onpayment mode, the market is segmented into credit card, e-wallet, and debit card. The credit card segment held almost43% share of the market in 2019. Credit card processing systems are commonly used by companies as these systems enable companies to integrate the core data of their businesses, i.e. sales orders, inventory rates, and shipping and billing within the sales ERP framework to ensure that businesses work efficiently. Manually entering data at the time of the transaction process takes time and is vulnerable to human error. For an integrated credit card processing solution, there is a continuous flow of data to ERP systems that removes input errors and prevents data redundancy.
How much market share of Payment Processing Solutions was held by hospitality segment in 2019?
On the basis of industry vertical, the global market for payment processing solutions is segmented into hospitality, utilities, retail, IT & telecommunication, BFSI, transportation, media & entertainment, and others. The hospitality segment accounted for almost 31% share of the market in 2019. The hospitality industry dominated the market in 2019. The hospitality industry has a wide variety of services industries including transport, food and beverage, event planning, lodging and travel. The hospitality unit, such as the hotel and restaurant, consists of a variety of categories including direct operations and maintenance facilities, which rely on the acceptance of the payment thus boosting market growth in this segment.
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Which region is predicted to have the largest share in the Payment Processing Solutions market?
Regionally, the market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held almost 38% in 2019. High adoption of digital payment solutions across North American countries is expected to contribute to regional market growth. Additionally, the increasing adoption of mobile wallets in the region is expected to drive regional market growth. Furthermore, in the North American countries credit card is the most preferred mode of transfer of money between customers in both point-of-sale (POS) and online methods. Asia Pacific region is projected to rise at the high CAGR of 12% during the forecast period.
The increasing proliferation of smart phones, combined with internet services, is expected to accelerate the growth of this regional sector. In the last few years, the area has seen growing acceptance of alternative transaction forms, like e-wallets, and bank transfers. In addition, the increasing retail sector in the area is expected to generate growth opportunities for the market.
Which are the prominent Payment Processing Solutions Key Players across the globe?
Major players in payment processing solutions market are Adyen (Netherlands), Jack Henry & Associates (U.S.), Paysafe (U.K.), Authorize.Net (U.S.), First Data (U.S.), Jack Henry & Associates (U.S.), BlueSnap (U.S.), Alipay (China), CCBill (U.S.), and PayPal (U.S.) among others. Market vendors depend on alliances to broaden their product range and gain competitive advantage over other vendors. For example, in September 2018, PayU Group entered into a partnership with PhonePe to expand its online merchant database in India. This collaboration aimed to provide improved payment experience for both the growing digital-savvy merchants and customers.
Table of Contents (TOC)
1. Global Payment Processing Solutions Market Introduction
1.1. Definition and Taxonomy
1.2. Research Scope
2. Research Methodology
3. Executive Summary
3.1. Global Market Overview and Key Findings by Major Segments
4. Market Dynamics and Industry Trend Analysis
4.1. Market Dynamics
4.2. SWOT Analysis
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.5. Market Growth Attractiveness Analysis by Key Segments and Region
5. Competitive Landscape and Market Share Analysis by Manufacturers
5.1. Market Competition Scenario
5.2. Manufacturer Market Share
5.3. Manufacturer Intensity Map
5.4. Opportunity Orbits
5.5. Strategic Market Developments
6. Global Payment Processing Solutions Market Value (USD Million), Share (%), Comparison by Key Segments
7. Global Payment Processing Solutions Market Value (USD Million), Share (%), Comparison by Region
7.1. North America
7.1.1. North America Regional Market Size and Trend Analysis
188.8.131.52. Rest of North America
7.2.1. Europe Regional Market Size and Trend Analysis
184.108.40.206. Rest of Europe
7.3. Asia Pacific
7.3.1. Asia Pacific Regional Market Size and Trend Analysis
220.127.116.11. Southeast Asia
18.104.22.168. Rest of Asia Pacific
7.4. Latin America
7.4.1. Latin America Regional Market Size and Trend Analysis
22.214.171.124. Rest of Latin America
7.5. Middle East and Africa
7.5.1. Middle East and Africa Regional Market Size and Trend Analysis
126.96.36.199. Saudi Arabia
188.8.131.52. South Africa
184.108.40.206. Rest of Middle East and Africa
8. Company Profiles of Key Manufacturers
8.1. Company Basic Information
8.2. Company Overview
8.3. Financial Highlights
8.4. Product Portfolio
8.5. Business Strategy
8.6. Recent Market Developments
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