Payment Processing Solutions Market Size, Share & Trends Analysis Report By Payment Method (Credit Card, Debit Card, E-wallet), By End-use (Hospitality, Retail), By Region, And Segment Forecasts, 2023 - 2030

Payment Processing Solutions Market Size, Share & Trends Analysis Report By Payment Method (Credit Card, Debit Card, E-wallet), By End-use (Hospitality, Retail), By Region, And Segment Forecasts, 2023 - 2030

Payment Processing Solutions Market Growth & Trends

The global payment processing solutions market size is expected to reach USD 139.90 billion by 2030, registering a CAGR of 14.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the growing cashless economy initiatives undertaken by several governments across the globe. With such cashless economy initiatives, the adoption of digital payments has increased, which has created a demand for payment processing solutions.

The increasing e-commerce and online shopping trends across the globe are the major factors driving the growth of the payment processing solution industry. According to OptinMonster, in 2019, almost 93.5% of global internet users purchased products online. In addition, the increasing digitalization across several industries to lower operational costs and expand the boundaries of the business bode well with the market’s growth.

The increasing partnerships, collaborations, and launches are further expected to drive the market’s growth over the forecast period. For instance, in September 2022, Unicorn Payment, a multi-currency merchant services provider, and online payment processing company, announced the introduction of a new partnership program for web developers across European countries. With the new partnership program, the company enabled European web developers to earn monthly by referring merchants to Unicorn Payment.

The COVID-19 pandemic impacted market growth favorably over the forecast period. The shift in the online purchasing behavior of consumers due to lockdowns during the COVID-19 pandemic opened up new growth opportunities for the market. Furthermore, increasing launches of payment processing solutions during the COVID-19 pandemic led to an increase in the adoption of e-wallets and card payments among consumers resulting in the positive growth of the market.

Payment Processing Solutions Market Report Highlights

• The growing popularity of smartphones and technological innovation is anticipated to boost the usage of e-wallets across the globe
• As retailers are focusing on diversifying their business operations, they are increasingly embracing wireless and mobile processing technologies for payment processes. This, in turn, is expected to fuel the adoption of payment processing solutions in the retail end-use industry
• Increasing e-commerce sales coupled with the growing internet penetration across the Asia Pacific region is expected to fuel the market growth over the forecast period