Payment Processing Solutions Market Size, Share & Forecast - 2030 (2024)

Payment Processing Solutions Market Outlook - 2030

The global payment processing solutions market was valued at $39.57 billion in 2020, and is projected to reach $146.45 billion by 2030, growing at a CAGR of 13.7% from 2021 to 2030. Payment processing solutions involve handling transactions executed by customers while availing products & services in the market. It communicates and relays information from customer’s credit or debit card to both the sellers and buyers bank accounts. Moreover, the payment processing solutions are largely used by banks, financial institutions, and other related sectors to handle traditional payments more efficiently, further increasing customer loyalty and improving public service quality.

Surge in usage of smartphone and massive internet penetration across several countries, the demand for online payments is continuing to rise, and is expected to maintain its dominance in the market, which acts as a key driving force of the global payment processing solutions market. In addition, increased requirement to improve the payment process & providing customers with integrated & value-added services to maintain associated demand for the digital processing, notably contributes toward the market growth.

However, privacy & security concerns and lack of standardization for international transactions are some of the factors that limit the market growth. Furthermore, developing economies offer significant opportunities for payment processing solutions providers to expand & develop their offerings, especially among emerging economies such as Australia, China, India, Singapore, and South Korea. In addition, increased support from regulatory bodies to enhance the expansion & penetration of payment industry by executing tie-ups with e-wallets, e-commerce distribution, and other payment platforms in the market. This, as a result is expected to provide lucrative opportunities for the expansion of the payment processing solutions market in the coming years.

The report focuses on growth prospects, restraints, and trends of the payment processing solutions market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the payment processing solutions market outlook.

Segment Review

The payment processing solutions market is segmented on the basis of component, deployment mode, payment method, industry vertical, and region. By component, it is divided into solution and services. By deployment mode, it is bifurcated into on-premise and cloud. By payment method, the market is segmented into cards, eWallet, automated clearing house (ACH), and others. Based on industry vertical, the market is segregated into BFSI, government & utilities, IT & telecom, healthcare, retail & E-commerce, media & entertainment, travel & hospitality, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Competitive Analysis

The report analyses top payment processing solutions companies operating in the market such as ACI Worldwide, Elavon Inc., FIS, Fiserv, Inc., Global Payments Inc., GoCardless, PayPal, Square, Inc., Stripe, and Wirecard CEE. These players have adopted various strategies to increase their market penetration and strengthen their position in the payment processing solutions industry.

COVID-19 Impact Analysis

The COVID-19 pandemic has a positive impact on the payment processing solutions industry. Various banks and fintech industries are adopting advance solutions to enhance smooth, secured, and hassle-free payments. In addition, rise in COVID-19 patients across the globe has led many businesses and individuals to adopt online payment options. Therefore, demand for payment processing solutions have increased significantly during the global health crisis.

Top Impacting Factors

Rise in E-Commerce Sales

E-commerce refers to the online platform for providing products & services to the consumer directly from the business owners. A rapid increased in e-commerce has been witnessed over the past few years, owing to growth in penetration of smartphones, coupled with faster internet connectivity. Consumers are gradually opting for online purchase for a number of goods and services such as apparel & accessories, groceries, health & beauty, computer & electronics, and books, owing to ease of ordering and receiving it at one’s doorstep. This, as a result promotes the demand for hassle-free & payment processing, which therefore drives the payment processing solutions market growth.

Privacy & Security Concerns

Concerns regarding theft & security have created a lack of trust toward online payment processing among the individuals. In addition, availability of 3D secure authentication, address verification service, and incorporation of payment card industry (PCI) standard during the transaction are some of the major security issues in the minds of consumers, causing lack of trust about online payments among the public. Moreover, risk of spyware, malware, and virus attacks due to usage of numerous systems is hampering the payment processing solutions market globally.

Untapped Potential of Emerging Economies

Developing economies offer significant opportunities for payment processing solutions providers to expand their offerings as several banks & financial institutions are adopting new business models. In addition, demand for niche, secured, & customized payment processing continue to rise, which therefore accelerates the adoption of payment processing solutions in the market. High investments for digitalized payment platforms, adoption of new technologies such as artificial intelligence, analytics, big data, machine learning, & chatbots, and rapid expansion of domestic business especially among countries such as Singapore, Hong Kong, China, and South Korea are expected to create potential for the payment processing solutions providers in the market. As a result, emerging economies across Asia-Pacific are expected to create an immense opportunity to the market in upcoming years.

Key Benefits for Stakeholders

• The study provides in-depth analysis of the global payment processing solutions market share along with current & future trends to illustrate the imminent investment pockets.
• Information about key drivers, restrains, and opportunities and their impact analysis on the global payment processing solutions market size are provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the payment processing solutions market.
• An extensive analysis of the key segments of the industry helps to understand the payment processing solutions market trends.
• The quantitative analysis of the global payment processing solutions market forecast from 2021 to 2030 is provided to determine the market potential.

  Payment Processing Solutions Market Report Highlights