Payment Processing Solutions Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Payment Processing Solutions Market
The Payment Processing Solutions market was valued at USD 48.60 billion in 2023, and the market is now projected to grow from USD 116.17 billion in 2024 to USD 180.84 billion by 2032, exhibiting a CAGR of 11.7% during the forecast period of 2024-2032.
The novel COVID-19 influences the reasonability of companies in most segments, owing to variables such as supply hardship, transient workers, and new administrative obstructions. Compressed benefits due to diminished request have the greatest impact on instalment businesses. One of the foremost discernible viewpoints in which the coronavirus emergency affected the instalments segment is the money related impact, diminished customer investing, the downturn in outside exchange, and a worldwide retreat would inevitably diminish the volume of exchanges.
To gain a competitive edge within the market, banks and monetary firms are moving absent from standard service advertising modules. They are receiving client and business-based models on relevant and customized offerings. These value-added administrations will empower banks to adjust to a more vital part and open modern pay streams for themselves and their clients. For occurrence, banks are in a more noteworthy position to advance their corporate counselling administrations in liquidity administration and cash determining by leveraging innovation devices such as information analytics, focused on promoting, among others.
The rising ubiquity of smart gadgets and the flourishing retail industry within the markets is pushing real-time instalments to require put quickly. Progressively, requesting clients will turn to smartphones to pay retailers, billers, colleagues, and others. Whereas the private industry has customarily empowered the advancement of computerized exchange, governments appear to be slacking. Be that as it may, progressed utilize of real-time instalments seem offer assistance them increment charge collection and boost extortion avoidance. In this way, shopper behaviour and high-speed information systems are beat components fuelling the selection of real-time instalments, contributing to the development of the payment processing solutions market growth.
Comprehensive Analysis of Payment Processing Solutions Market
The modes of payment method are bifurcated and named as e-wallet, debit card, automated clearing house (ACH), credit card and others. The market bifurcation on the industry vertical is classified as Travel and hospitality, banking, retail and consumer goods, financial services and insurance, manufacturing, transportation and logistics, IT and Telecommunications. The debit card fragment ruled the market in 2019. The development of this portion is basically ascribed to the expanded utilize of cards to carry out day by day exchanges in created regions. The BFSI portion ruled the worldwide payment processing solutions market share in 2019. The development of this fragment is basically credited to the expanded appropriation of progressed payment processing solutions by banks and Fintech firms.
The online payments industry has experienced critical development worth USD 17.06 billion in North America due to a combination of the development of intrigued edges and the quick development of online exchanges. A more grounded interstate financial structure has permitted a slight but advantageous rise in net intrigued edges on current account adjust each year. The rate of development in exchanges of electronic installments has been nearly multiplying the GDP development rate, fueled by the e-commerce boom, and the proceeding move from cash and checks. The higher acknowledgment of computerized installments within the locale will encourage lead to the development of the territorial payment processing solutions market share.
The market for the Payment Processing Solutions is majorly comprised of the prominent players that are operating dedicatedly in the market, proving their existence and profitable revenues with the extensive research and innovative practices and product development. The market players lined up are as follows: PayPal Holdings, Inc. (U.S.), Fiserv Inc. (U.S.), GLOBAL PAYMENTS INC. (U.S.), Mastercard Incorporated (U.S.), Square, Inc. (U.S.), VISA Inc. (U.S.), PayMyTuition (Canada), Rapyd Financial Network Ltd. (U.K.), Stripe (U.S.), PAYU (Netherlands), CCBill, LLC. (U.K.), AUTHORIZE.NET (U.S.), Jack Henry & Associates, Inc. (U.S.), Paysafe Group Limited (U.K.), Alipay (China), BlueSnap Inc. (U.S.) and Worldline (France)
In the month of September 2020, the company PayMyTuition, one of the driving technology-based installment handling arrangement suppliers, propelled Installment Wheel, an imaginative arrangement for Canadian instructive educate. This will offer assistance educational cost and teach carry out budgetary exercises and installments in a proficient way.
SEGMENTATION TABLE
ATTRIBUTE DETAILS
Study Period 2018-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD billion)
Segmentation Payment Method; Industry Vertical; and Geography
By Payment Method
Debit Card
Credit Card
e-Wallet
Automated Clearing House (ACH)
Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
By Industry Vertical
Banking, Financial Services and Insurance (BFSI)
Manufacturing
IT and Telecommunications
Travel and Hospitality
Retail and Consumer Goods
Healthcare
Transportation and Logistics
Others (Government, Media and Entertainment, Education, Etc.)
By Geography
North America
United States
By Payment Method
Canada
By Payment Method
Mexico
By Payment Method
Payment Method
Industry Vertical
By Country
South America
Brazil
By Payment Method
Argentina
By Payment Method
Rest of South America
Payment Method
Industry Vertical
By Country
Europe
United Kingdom
By Payment Method
Germany
By Payment Method
France
By Payment Method
Italy
By Payment Method
Spain
By Payment Method
Russia
By Payment Method
Benelux
By Payment Method
Nordics
By Payment Method
Rest of Europe
Payment Method
Industry Vertical
By Country
The Middle East & Africa
Turkey
By Payment Method
Israel
By Payment Method
GCC
By Payment Method
North Africa
By Payment Method
South Africa
By Payment Method
Rest of the Middle East & Africa
Payment Method
Industry Vertical
By Country
Asia Pacific
China
By Payment Method
Japan
By Payment Method
India
By Payment Method
South Korea
By Payment Method
ASEAN
By Payment Method
Oceania
By Payment Method
Rest of Asia Pacific
Payment Method
Industry Vertical
By Country
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Key Takeaways
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 3.3.1. Short-term Impact
- 3.3.2. Long-term Impact
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. PESTLE Analysis
- 4.4. Porter’s Five Force Analysis
- 4.5. Supply chain Analysis
- 4.6. Global Market Share Analysis and Matrix, 2019
- 5. Key Market Insights and Strategic Recommendations
- 6. Profiles of Key Players (Would be provided for 10 players only)
- 6.1. Overview
- 6.1.1. Key Management
- 6.1.2. Headquarters etc
- 6.2. Offerings/Business Segments
- 6.3. Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- 6.3.1. Employee Size
- 6.3.2. Key Financials
- 6.3.2.1. Past and Current Revenue
- 6.3.2.2. Gross Margin
- 6.3.2.3. Geographical Share
- 6.3.2.4. Business Segment Share
- 6.4. Recent Developments
- 7. Primary Interview Responses
- 8. Annexure / Appendix
- 8.1. Global Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 8.1.1. By Payment Method (Value)
- 8.1.1.1. Debit Card
- 8.1.1.2. Credit Card
- 8.1.1.3. e-Wallet
- 8.1.1.4. Automated Clearing House (ACH)
- 8.1.1.5. Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
- 8.1.2. By Industry Vertical (Value)
- 8.1.2.1. Banking, Financial Services and Insurance (BFSI)
- 8.1.2.2. Manufacturing
- 8.1.2.3. IT and Telecommunications
- 8.1.2.4. Travel and Hospitality
- 8.1.2.5. Retail and Consumer Goods
- 8.1.2.6. Healthcare
- 8.1.2.7. Transportation and Logistics
- 8.1.2.8. Others (Government, Media and Entertainment, Education, Etc.)
- 8.1.3. By Region (Value)
- 8.1.3.1. North America
- 8.1.3.2. South America
- 8.1.3.3. Europe
- 8.1.3.4. Middle East & Africa
- 8.1.3.5. Asia Pacific
- 8.2. North America Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 8.2.1. By Payment Method (Value)
- 8.2.1.1. Debit Card
- 8.2.1.2. Credit Card
- 8.2.1.3. e-Wallet
- 8.2.1.4. Automated Clearing House (ACH)
- 8.2.1.5. Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
- 8.2.2. By Industry Vertical (Value)
- 8.2.2.1. Banking, Financial Services and Insurance (BFSI)
- 8.2.2.2. Manufacturing
- 8.2.2.3. IT and Telecommunications
- 8.2.2.4. Travel and Hospitality
- 8.2.2.5. Retail and Consumer Goods
- 8.2.2.6. Healthcare
- 8.2.2.7. Transportation and Logistics
- 8.2.2.8. Others (Government, Media and Entertainment, Education, Etc.)
- 8.2.3. By Country (Value)
- 8.2.3.1. United States
- 8.2.3.2. Canada
- 8.2.3.3. Mexico
- 8.3. South America Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 8.3.1. By Payment Method (Value)
- 8.3.1.1. Debit Card
- 8.3.1.2. Credit Card
- 8.3.1.3. e-Wallet
- 8.3.1.4. Automated Clearing House (ACH)
- 8.3.1.5. Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
- 8.3.2. By Industry Vertical (Value)
- 8.3.2.1. Banking, Financial Services and Insurance (BFSI)
- 8.3.2.2. Manufacturing
- 8.3.2.3. IT and Telecommunications
- 8.3.2.4. Travel and Hospitality
- 8.3.2.5. Retail and Consumer Goods
- 8.3.2.6. Healthcare
- 8.3.2.7. Transportation and Logistics
- 8.3.2.8. Others (Government, Media and Entertainment, Education, Etc.)
- 8.3.3. By Country (Value)
- 8.3.3.1. Brazil
- 8.3.3.2. Argentina
- 8.3.3.3. Rest of South America
- 8.4. Europe Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 8.4.1. By Payment Method (Value)
- 8.4.1.1. Debit Card
- 8.4.1.2. Credit Card
- 8.4.1.3. e-Wallet
- 8.4.1.4. Automated Clearing House (ACH)
- 8.4.1.5. Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
- 8.4.2. By Industry Vertical (Value)
- 8.4.2.1. Banking, Financial Services and Insurance (BFSI)
- 8.4.2.2. Manufacturing
- 8.4.2.3. IT and Telecommunications
- 8.4.2.4. Travel and Hospitality
- 8.4.2.5. Retail and Consumer Goods
- 8.4.2.6. Healthcare
- 8.4.2.7. Transportation and Logistics
- 8.4.2.8. Others (Government, Media and Entertainment, Education, Etc.)
- 8.4.3. By Country (Value)
- 8.4.3.1. United Kingdom
- 8.4.3.2. Germany
- 8.4.3.3. France
- 8.4.3.4. Italy
- 8.4.3.5. Spain
- 8.4.3.6. Russia
- 8.4.3.7. Benelux
- 8.4.3.8. Nordics
- 8.4.3.9. Rest of Europe
- 8.5. Middle East & Africa Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 8.5.1. By Payment Method (Value)
- 8.5.1.1. Debit Card
- 8.5.1.2. Credit Card
- 8.5.1.3. e-Wallet
- 8.5.1.4. Automated Clearing House (ACH)
- 8.5.1.5. Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
- 8.5.2. By Industry Vertical (Value)
- 8.5.2.1. Banking, Financial Services and Insurance (BFSI)
- 8.5.2.2. Manufacturing
- 8.5.2.3. IT and Telecommunications
- 8.5.2.4. Travel and Hospitality
- 8.5.2.5. Retail and Consumer Goods
- 8.5.2.6. Healthcare
- 8.5.2.7. Transportation and Logistics
- 8.5.2.8. Others (Government, Media and Entertainment, Education, Etc.)
- 8.5.3. By Country (Value)
- 8.5.3.1. Turkey
- 8.5.3.2. Israel
- 8.5.3.3. GCC
- 8.5.3.4. North Africa
- 8.5.3.5. South Africa
- 8.5.3.6. Rest of MEA
- 8.6. Asia Pacific Payment Processing Solutions Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- 8.6.1. By Payment Method (Value)
- 8.6.1.1. Debit Card
- 8.6.1.2. Credit Card
- 8.6.1.3. e-Wallet
- 8.6.1.4. Automated Clearing House (ACH)
- 8.6.1.5. Others (Bank Transfer, Prepaid Debit Card, Cheque, Etc)
- 8.6.2. By Industry Vertical (Value)
- 8.6.2.1. Banking, Financial Services and Insurance (BFSI)
- 8.6.2.2. Manufacturing
- 8.6.2.3. IT and Telecommunications
- 8.6.2.4. Travel and Hospitality
- 8.6.2.5. Retail and Consumer Goods
- 8.6.2.6. Healthcare
- 8.6.2.7. Transportation and Logistics
- 8.6.2.8. Others (Government, Media and Entertainment, Education, Etc.)
- 8.6.3. By Country (Value)
- 8.6.3.1. China
- 8.6.3.2. India
- 8.6.3.3. Japan
- 8.6.3.4. South Korea
- 8.6.3.5. ASEAN
- 8.6.3.6. Oceania
- 8.6.3.7. Rest of Asia Pacific
- 9. Please note that the segmentations and scope in the ToC is subjected to revisions (if needed) based to the primary and secondary insights with an aim to make it more relevant and in line with the market ecosystem
- 10. Following are some of the companies (to name a few and not limited to) considered in the scope for understanding the market ecosystem/value chain.
- 11. Note that the purpose of the below list is to highlight the exhaustiveness of coverage. This does not necessarily mean that all the below companies would be profile in the scope.
- 12. However, at the same, we are open to profile additional company(s) on specific request
- 13. PayPal Holdings, Inc.
- 14. Fiserv Inc.
- 15. GLOBAL PAYMENTS INC.
- 16. Mastercard Incorporated
- 17. Square, Inc.
- 18. VISA Inc.
- 19. PayMyTuition
- 20. Rapyd Financial Network Ltd.
- 21. Stripe
- 22. PAYU
- 23. CCBill, LLC.
- 24. AUTHORIZE.NET
- 25. Jack Henry & Associates, Inc.
- 26. Paysafe Group Limited
- 27. Alipay (Sh
- 28. BlueSnap Inc.
- 29. Worldline
- 30. Fattmerchant Inc.
- 31. SignaPay
- 32. Dwolla
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