The Third Party Payment Market size is estimated at USD 55.70 billion in 2024, and is expected to reach USD 60.20 billion by 2029, growing at a CAGR of 35.10% during the forecast period (2024-2029).
The third party payment market is expected to rise at a considerable rate between 2024 and 2029. More people and businesses are taking part in third-party transactions via online payment platforms due to the development of technology that has changed how users interact and conduct transactions in the digital age. For example, in a retail transaction, PayPal is an online payment portal that acts as a third party, where the seller and the buyer can perform the transaction, and the payment is made using the PayPal gateway.
The third party payment market is highly competitive. It has some players who have been in the business for quite some time. Subsequently, many startups are coming up to seize the huge opportunity this market offers. Some players have a presence only in a particular geography. The major players include PayPal Holdings Inc., Stripe Inc., Alipay.com Co. Ltd, and Amazon Payments Inc. The recent developments in the market are as follows:
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