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The global payment processing solutions market size reached a value of approximately USD 48.81 billion in 2023. The market is expected to grow at a CAGR of 14.2% during the forecast period of 2024-2032, driven by the rising demand for digital payment.
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A payment processing solution is a service or software that facilitates online transactions. These services handle and execute all the transactions made by a customer while buying products and services from a market.
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Based on components, the market can be segmented into solutions and services. Based on the deployment type, it can be bifurcated into on-premises and cloud-based. Based on the payment method, the market for payment processing solutions includes debit card, credit card, e-wallet, and automated clearing house, among others.
Based on end-use, the market can be divided into banking, financial services, insurance, government utilities, IT and Telecommunications, healthcare, travel and hospitality, retail and consumer goods, transportation and logistics, media and entertainment, among others. The regional markets for the market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global payment processing solutions market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.
Based on payment methods, the market divisions include debit card, credit card, e-wallet, and automated clearing house, among others. The credit card segment is likely to dominate the market as they are widely used by different businesses.
Manually inputting data in every single transaction process takes time and is prone to human errors. With the introduction of an integrated credit card processing solution, data flows continuously to ERP systems which can eliminate entry mistakes and avoid data redundancy.
The market for payment processing solutions, based on end-user, can be segmented into banking, financial services, insurance, government utilities, IT and Telecommunications, healthcare, travel and hospitality, retail and consumer goods, transportation and logistics, and media and entertainment, among others.
Among the mentioned end-uses, the BFSI is expected to hold the largest market share. The BFSI sector extensively utilizes payment processing solutions to make financial procedures easy. These solutions enable the completion of various routine transactions, including transfers and payments, liquidity management, and payroll processing. Additionally, the rapid development and implementation of fintech to utilise innovative payment processing solutions can further drive the market growth.
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PayPal Holdings Inc. is one of the largest financial technology companies, based in America and founded in 1998. It is widely used by merchants and consumers across the world to complete various transactional processes, whether it is online or offline. The company has multiple brands, including PayPal, Braintree, Venmo, Xoom, Zettle, Hyperwallet, Honey, Happy, and Chargehound, among others.
Fiserv Inc. is an American-based multinational financial technology services company. The company provides their services to various financial sectors, including banks, thrifts, credit unions, security broker-dealers, insurance, and retailers, among others. The company is engaged in creating applications and solutions that utilise embedded fintech and payment innovations. The company specialises in mobile banking, online banking, financial services, and processing solutions, among many others.
Mastercard Incorporated is one of the largest payment processing solution providers in the world. It is a global technology company, operating in the payment industry since 1966. The company actively provides its services to consumers, small and medium enterprises, governments and public sectors, large enterprises, banks and credits. The company is engaged in innovating and creating solutions that enable individuals, financial institutions, governments, and organisations to reach their full potential.
Other market players include ACI Worldwide, Visa Inc, Amazon Payments, Inc., FIS, Alipay, PayU Group, and SignaPay Ltd, among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Component |
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Breakup by Deployment Type |
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Breakup by Payment Method |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global market for payment processing solutions reached a size of USD 48.81 billion in 2023.
The market is expected to grow at a CAGR of 14.2% during the period 2024-2032.
The market is driven by the rising demand for payment processing solutions due to the increasing penetration of smart devices and the rapidly growing e-commerce industry among various regional markets.
The rising developments in network technology and increasing coverage area will aid in the growth of online users, which is likely to provide growth opportunities for the market.
The regional markets for the global payment processing solutions market include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The components in the market include solutions and services.
The deployment types in the payment processing solutions include on-premises and cloud-based.
The various payment methods in the market include debit card, credit card, e-wallet, and automated clearing house, among others.
Payment processing solutions are utilised by various sectors including banking, financial services, insurance, government utilities, IT and Telecommunications, healthcare, travel and hospitality, retail and consumer goods, transportation and logistics, media and entertainment, among others.
The key players in the market include PayPal Holdings Inc., Fiserv Inc., Mastercard Incorporated, ACI Worldwide, Visa Inc, Amazon Payments, Inc., FIS, Alipay, PayU Group, and SignaPay Ltd, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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