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Payment Processing Solution Market, By Payment Method (Credit Card, Debit Card, E-Wallet), Applicati

Published Date: April 2020 | Report Code : IT2062114

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Payment Processing Solution Market, By Payment Method (Credit Card, Debit Card, E-Wallet), Application (IT, Telecom, Retail, Media, Entertainment), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028

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Report Code : IT2062114

Status : Published April 2020

The Global Payment Processing Solution Market is anticipated to grow from USD 39.3 Bn at a CAGR of 10.8% during the forecast period and reach USD 99 Bn billion by 2028. With the emergence of net banking, smart cards, and mobile payments, among others disrupting legacy business models, payment processing solutions are projected to witness an enormous technological transformation. In July 2019, ICICI Bank (India) announced the launch of InstaBIZ, a digital platform curated for MSMEs and self-employed customers. With this, MSMEs can access transactions ‘on-the-go’ without visiting a bank branch, which might enable customers to undertake business banking transactions instantly and digitally.

The rapid adoption of technological advancements like Near Field Communication (NFC), mobile PoS, and real-time payment methods is predicted to drive the demand for payment processing solutions during the forecast period, 2019–2028. For example, in July 2019, AvidXchange announced a strategic partnership with SAP Concur. This partnership would allow Concur invoice customers to process electronic payments through the AvidPay network of suppliers.

Key Factors Impacting the Growth of Payment Processing Solution Market:

  • Increasing Demand for Credit cards, Debit Cards, and E-Wallets in Business Processes
  • Growing Adoption of Mobile Payment Solutions within the Hospitality Industry
  • North America to stay an Early Adopter of Technological Advancements that Supplement Demand for Payment Processing Solutions
  • Rapid Growth of E-Commerce in Europe thanks to Rising Number of Cross-Border Purchases
  • Increasing Usage of Smartphones and therefore the Internet in Asia-Pacific to Propel Growth of the Payment Processing Solution Market

The Payment Processing Solution market segmentation is based on the Payment Method, Application, and Region.

Payment Method Outlook:

Credit card payment has become the most prevalent payment method for merchants to reach international markets by integrating a payment gateway into its business processes. At present, customers prefer credit card or debit card payment methods with the arrival of interconnected banking and credit card processing networks, which has drastically accelerated the purchase rate within the market. For example, in July 2019, OPEN, an SME focused neo-banking platform, announced a strategic partnership with Visa to launch innovative products like business credit cards for SMEs, payment gateway acquiring, and real-time payments. This partnership would enable businesses to co-create and innovate solutions on credit, expense management, and payment processing for small-scale businesses.

Application Outlook:

The hospitality industry is projected to be a major contributor to the payment processing solution market, which incorporates lodging, event planning, food and drink service, transportation, theme parks, cruise line, and other areas within the tourism industry. Thus, to streamline business processes, mobile payment solutions are gaining popularity within the hospitality industry. For example, in September 2019, RoomKeyPMS announced the launch of RoomKeyPMS Payments, a product designed to offer hotel-centric solutions to streamline the complete payment process for hoteliers.

Regional Outlook:

North America is predicted to witness dynamic growth in the payment processing solution market during the forecast period, 2020–2028. The region is a leader in retail, banking, and other industry verticals. Moreover, North America is an early adopter of technological advancements that accelerate the use of digital transactions within the region. Improvements in transaction processes like reducing card processing and maintaining charges are expected to drive the demand for payment processing solutions in North America. For example, in April 2019, Payroc LLC launched card brand-compliant RewardPay surcharge and Cashrewards cash discount programs designed to assist merchants to reduce or eliminate card processing fees and avoid penalties related to non-compliance. With this solution, merchants could virtually eliminate card processing fees by 60–90%.

Europe is predicted to witness significant growth within the payment processing solution market during the forecast period, 2019–2028. Europe aims to be one digital market, which entails the decentralization of monetary services and stringent security regulations. Consistent with Adyen, Swiss, Belgian, Irish, Dutch, and German shoppers are increasingly purchasing goods across borders. On account of this cross-border purchase of products, Europe’s online retail market is growing exponentially. Additionally, consistent with the European Central Bank, card payments within the European Union accounted for 52% of the entire number of non-cash payments with credit and debit transfers accounting to 24% and 19%, respectively.

Asia-Pacific is predicted to grow at an accelerated pace within the payment processing solution market in the forecast period, 2019–2028. The increasing use of smartphones and therefore the internet fuels the demand for payment processing solutions. Additionally, the penetration of market players into the region’s marketplace further drives the necessity for payment processing solutions.

Competitive Landscape

Some of the prominent players within the global payment processing solution market are Adyen, Alipay, Authorize.Net, BluePay Processing LLC, BlueSnap, CCBill, Due, First Data, Global Payments, Jack Henry & Associates, Merchant-Accounts.ca, PayPal, Paysafe, PayU, Square, Stripe, and Wirecard.

This report also includes the profiles of key Payment Processing Solution market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Payment Processing Solution Market:

  • PayU, a Naspers fintech firm, entered Southeast Asia with the acquisition of Red Dot Payment with quite 600 million consumers and rapidly growing access to the web within the region. Naspers is known for its payment and fintech businesses in markets like India, Latin America, Africa, and Eastern Europe.
  • In July 2019, Additionally, in August 2018, PayPal announced a partnership with HDFC Bank to drive incremental digital spending. With this partnership, HDFC Bank is going to be ready to reach many existing and potential new PayPal customers in India.

What Does This Report Provide?

This report provides a detailed understanding of the global Payment Processing Solution market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Payment Method

  • Credit Card
  • Debit Card
  • E-Wallet

By Application

  • IT
  • Telecom
  • Retail
  • Media
  • Entertainment

By Region:

  • North America Payment Processing Solution Market
    • By Country (US, Canada, Mexico)
    • By Payment Method
    • By Application
  • Europe Payment Processing Solution Market
    • By Country (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)
    • By Payment Method
    • By Application
  • Asia Pacific Payment Processing Solution Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Payment Method
    • By Application
  • Middle East & Africa Payment Processing Solution Market
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Payment Method
    • By Application
  • South America Payment Processing Solution Market
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Payment Method
    • By Application

Reasons to Buy This Report:

  • Market size estimation of the Payment Processing Solution market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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