Payment Processing Solutions Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Information & Communications Technology

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Rising eCommerce Sales along with Increasing Internet Penetration to Boost Payment Processing Solutions Market Growth

Payments have a significant impact on customer journeys, and the overall cash flow of the business. Payment processing give them the opportunity to optimise their accounting operations giving them the opportunity to access real-time data efficiently, and effectively. In these technologically advanced times, businesses are compelled to diversifying their payments options. Increasing demand for payment processing solutions to make things easier, smoother, and quicker for all the parties involved is expected to drive global payment processing solutions market forward. With the FinTech industry booming, merchants and business owners have several options to choose from - debit/credit card, digital wallets such as Apple Pay or Google Pay, bank transfers, E-Checks (ACH). Depending on customer preferences and segments, merchants can opt for physical and online payment solutions for their payment processing requirements, which sustains adoption that fuels the growth of payment processing solutions market.

The rapid adoption of technology, such as tablets and smartphones, and internet access via 4G, 5G, and other networks, is driving the growth of eCommerce. The continuous acceleration of eCommerce encourages ePayments and provides significant benefits. The complex and expensive procedure of physically collecting money for an online purchased or sold item is made more accessible by ePayments. The ePayments can make it simpler to conduct transactions for payments and other financial services, opening up more eCommerce options. The eCommerce ecosystem is rapidly evolving due to advancements in online payment processing and electronic payment technology, as well as almost all merchants' willingness to accept credit cards online. As a result, rising eCommerce sales are expected to boost the growth of the payment processing solutions market.

The growing demand to improve the payment process and security, and provide value-added services to customers to maintain orders for digital processing is expected to benefit the market over the forecast period. Besides, governments in various countries are launching initiatives to promote digital payments. For instance, the Indian government established the Unified Payments Interface (UPI) to facilitate digital payments throughout the country. Similarly, in 2016, the French National Cashless Payments Committee was formed to promote contactless payments.

Real-time payment solutions are advancing in various fields, including banking, as technology advances. Banking institutions are also encouraging using various e-channels, third-party APIs, and wallets. For instance, The Clearing House, and Fiserv, Inc., a well-known financial services technology solution provider, announced a strategic collaboration in March 2022. Consumers and businesses can make real-time payments through thousands of financial institutions. The real-time online payment methods are likely to gain significant traction due to these initiatives, which will aid the expansion of payment processing solutions market during the forecast period.

eWallet Payment Method Segment to Lead the Payment Processing Solutions Market

eWallet is expected to be the fastest-growing payment processing solutions market segment over the forecast period. The increasing global penetration of smartphones and laptops supports the adoption of e-wallets. In 2022, nearly 6 billion smartphone users will contribute to more than 80% of the world's population. The market expansion in this category is also driven by the rising number of e-commerce platforms and increased global investment. For instance, in 2021, India received about $15 billion in assets from private equity-venture capital, which represented an increase of more than five times Y-o-Y growth compared to the previous year. The enhanced payment processing speed and convenience of these e-wallets will likely generate development prospects for the market over the forecast period.

Increased Adoption of Smartphones to Drive Growth of Asia Pacific Payment Processing Solutions Market

Asia Pacific is expected to be the fastest-growing market throughout the forecast period.  This is owing to the increasing smartphone penetration, rising internet services, and growing card and eWallet adoption. In recent years, the region has seen an increase in alternative transaction methods such as bank transfers, and e-wallets. For instance, in 2020, according to Rapyd Financial Networks Ltd., more than 60% of the payments in Japan were made through cards and eWallets. The increasing daily transactions in India, China, and South Korea are enhancing Asia Pacific market growth. According to Fidelity National Information Services Inc., India had the most transactions in the region, with more than 40 million per day in 2020, followed by China, and South Korea, which had more than 38 million and 12 million transactions, respectively. Besides, the expansion of the e-commerce industry, combined with supportive government initiatives, is driving regional market growth. Also, government institutions in the region are implementing various advanced payment processing solutions, which is fuelling the market growth. For instance, in October 2020, State Bank of India and Hindustan Unilever Limited announced a collaboration to enable digital solutions for HUL retailers. Through this collaboration, the bank will provide retailers with an instant paperless overdraft facility of INR 50,000 for billings with distributors and a financing facility for HUL's distributors.

The rapid growth of the payment processing solutions market in North America can be ascribed to the growing adoption of digital payment solutions and the increasing penetration of eWallets in the region. Consumers prefer to make payments using credit cards online and at point-of-sale in this region. For instance, in 2021, there were nearly 1.1 billion credit card users in the United States. Moreover, the existence of established players in the region is expected to provide a significant boost to the regional market. For instance, PayPal and Salesforce announced a strategic partnership in January 2022 to provide merchants with direct access to the PayPal Commerce Platform while accepting Salesforce payments. Such initiatives by regional players are anticipated to enhance market growth during the forecast period.

Global Payment Processing Solutions Market: Competitive Landscape

In November 2021, Fiserv introduced Clover Online Ordering with Delivery, a platform that provides flexible food delivery services with menu management, payment processing, and order placement. On the other hand, in October 2021, PayPal Holdings Inc. announced the release of the Zettle Terminal, a POS solution that provides small businesses with high in-store mobility. The Zettle terminal includes a pre-loaded SIM card with Wi-Fi and cellular connectivity. Customers can complete the checkout process from any location, including the floor, the terrace, or the point of delivery.

A few of the players in the payment processing solutions market include Sila (US), PayPal (US), Aeropay (US), Fiserv (US), PayKickstart (US), FIS (US), MuchBetter (England), Square (US), Razorpay (India), Global Payments (US), Pineapple Payments (US), Wirecard (Germany), Modulr (England), ACI Worldwide (US), PhonePe (India), MasterCard (US), Due (US), Visa (US), Finix Payments (US), Stripe (US), Klik & Pay (Switzerland), CCBill (US),  SignaPay (US), PayU (Netherlands),  PayProTec (US), Authorize.Net (US), Dwolla (US), Jack Henry & Associates (US), PayTrace (US), Fattmerchant (US), Paysafe (UK), Spreedly (US), BlueSnap (US), Worldline (France), Secure Payment Systems (US), and Alipay (China).

Global Payment Processing Solutions Market is Segmented as Below:

By Payment Method

  • eWallet
  • Credit Card
  • Debit Card
  • Automatic Clearing House
  • Others

By Deployment Type

  • On-premises
  • Cloud-based

By Vertical

  • Banking, Financial Services, and Insurance
  • Government and Utilities
  • Telecom and IT
  • Healthcare
  • Real Estate
  • Retail and eCommerce
  • Media and Entertainment
  • Travel and Hospitality
  • Other Verticals

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK.
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Payment Processing Solutions Market

  • Payment Processing Solutions Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2019 - 2022
  • Market Value at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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