The global payment processing solutions market is expected to secure US$ 231.7 Billion while exhibiting a CAGR of 9.9% during the forecast period from 2022 to 2032. The growing application of smartphones and increasing internet penetration across the globe are expected to play a significant role in driving the market in the forecast period.
Moreover, various countries; such as India, France, and others, take favorable initiatives, which are expected to strengthen the market during the forecast period. The Indian government introduced the Unified Payments Interface (UPI) to smoothen digital payments nationwide. Similarly, the French National Cashless Payments Committee was established in 2015 to promote contactless payments.
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With rising financial inclusion across the globe, the market is likely to witness significant opportunities for market growth. According to the Reserve Bank of India, India’s Financial Inclusion Index was 53.9 by the end of March 2021. The expanding financial inclusion across emerging economies is expected to augment the market size in the forecast period.
North America is expected to dominate the global market owing to the rapid technical development in the region. The rapid technological development and the growing popularity of online payment systems are expected to provide a significant boost to the market.
Key Takeaways from the Payment Processing Solutions Market Report:
- The global payment processing solutions market to secure US$ 90.4 Billion in 2022
- The global payment processing solutions market is expected to exhibit a CAGR of 9.9% from 2022- to 2032
- By payment method, the credit card segment is projected to expand at a CAGR of 9.3% during the forecast period
- The U.S. market to value US$ 75.1 Bn by 2032
- Market in China to grow by 8.6% CAGR from 2022- to 2032
- The U. K market to hold a value of US$ 10.3 Bn by 2032
- By mode of deployment, the cloud-based segment is expected to exhibit a growth rate of US$ 8.9% during the assessment period.
- The market in Japan is to expand by 8.6% CAGR by the end of the forecast period.
What is the Contribution of Key Players in the Global Payment Processing Solutions Market?
Key players in the global payment processing solutions market include Global Payments, Mastercard, Paypal, Visa, Wirecard, and others. Key developments in the industry are:
- In November 2021, Fiserv launched Clover Online Ordering with Delivery, which offers flexible food delivery services with menu management, payment processing, and ordering through the newly launched platform.
- In October 2021, Zettle Terminal was launched. It is a new, all-in-one point-of-sale solution that gives increased mobility in-store for SMEs. By 2022, Zettle Terminal will reach the USA It has already been launched in the UK in 2021.
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Payment Processing Solutions Market Segmentation:
By Payment Method:
- Debit Card
- Credit Card
- E-Wallet
- ACH
- Other
By Mode of Deployment:
- On-Premises
- Cloud-Based
By Vertical:
- BFSI
- Government and Utilities
- Telecom and IT
- Healthcare
- Real Estate
- Retail and E-Commerce
- Media and Entertainment
- Travel and Hospitality
- Other Verticals
By Region:
- North America
- Europe Payment
- Asia-Pacific
- Middle East & Africa
- Latin America
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