The Global Payment Processing Solutions Market Size valued for USD 43.8 Billion in 2021 and is anticipated to reach USD 159.2 Billion by 2030 with a CAGR of 15.5% from 2022 to 2030.

The people who provide payment processing services carry out the various steps needed from transaction settlement to authentication. They ensure that all non-paper money transactions result in the merchants receiving their money in their bank accounts.

The widespread adoption of mobile payment solutions, which has caused businesses to switch to alternative payment methods like debit cards, credit cards, various types of e-wallets, automated clearing house (ACH), among others, is one of the key factors fueling the growth of the global market for payment processing solutions. Increased access to high-speed internet is a key factor driving the expansion of the market for payment processing solutions worldwide. The market demand for payment processing solutions will increase as a result of rising smartphone and internet usage. Due to the increase in the number of accessible credit cards and the rise in the popularity of cash alternatives, credit cards will experience the fastest growth among payment methods during the forecast period.

Payment Processing Solutions Market Dynamics

The market was positively affected by the COVID-19 outbreak, which can be attributed to consumers' increasing preference for online shopping and electronic payments. The adoption of mobile payment transactions has skyrocketed since the year 2020. The demand for payment processing services has increased dramatically as a result of people's preference to maintain social distance in light of the recent events. Additionally, the market is anticipated to be significantly expanded by the expanding partnerships among e-commerce businesses.

The market for payment processing solutions is likely to grow at the expense of the banking, financial services, and insurance (BFSI) sector. Because they help reduce paperwork and make banking procedures simple and quick, payment processing solutions are very popular in the financial and banking sectors. Additionally, these solutions can be used to carry out regular operations like transfers and payments, liquidity management, and payroll processing.

The absence of a global standard for international transactions and the lack of digital literacy in emerging economies, for example, are expected to have a negative impact on the market's growth over the forecast period. Cyberattacks are also having a negative impact on market expansion. The business model of traditional payment providers has been disrupted by the payments industry's rapid change, which includes the emergence of real-time and blockchain payments. Eventually, this gave cybercriminals new access points. Over the forecast period, these attacks are anticipated to decrease due to gradual regulatory framework changes.

Payment Processing Solutions Market Insights

Payment method, deployment mode, end-use, and region are the four segments of the payment processing solutions market. Based on Payment Method, the market is split into credit card, debit card, and E-wallet. The deployment mode segment is further divided into on-premises, and cloud-based. By end-use, the segmentation includes hospitality, retail, utilities & telecommunication, and others. Furthermore, the region segment is categorized into North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.

Global Payment Processing Solutions Market Geographical Competition

In 2021, North America dominated the market for payment processing solutions. This can be attributed to the region's increased acceptance and use of online payments. Additionally, the expansion of POS systems and mobile wallet-based payments across Canadian shopping malls, coffee shops, and grocery stores is anticipated to support the expansion of the regional market.

Over the course of the forecast period, Asia Pacific is anticipated to show the fastest rate of growth in the regional market for payment processing solutions. The growing use of smartphones in combination with internet access is anticipated to accelerate regional market expansion. Alternative transaction methods, like bank transfers and e-wallets, have become more widely used in the region over the past few years.

Global Payment Processing Solutions Industry Segment Analysis

Market By Payment Method

·         Credit Card

·         E-wallet

·         Debit Card

Market By Deployment Mode

·         On-premises

·         Cloud-based

Market By End-Use

·         Hospitality

·         Utilities & Telecommunication

·         Retail

·         Others

Payment Processing Solutions Market Leading Companies

The players profiled in the report are ACI Worldwide, Inc., Dwolla, Inc., Adyen N.V., Fidelity National Information Services, Inc (FIS), Global Payments Inc., First Data Corporation, Fiserv, Inc., Mastercard Incorporated, Jack Henry & Associates, Inc., PayPal Holdings, Inc., Authorize.Net, PayU, Paysafe Group Limited, Square, Inc. Visa, Inc., Stripe, Inc., and Wirecard AG.

Payment Processing Solutions Market Regions