Global Payment Processing Solutions Industry Research Report 2023: From Digital Wallets to Smarter Solutions - Rising Government Initiatives Creating Opportunities

DUBLIN, Aug. 10, 2023 /PRNewswire/ -- The "Payment Processing Solutions Market by Payment Method (Debit Card, Credit Card, ACH, eWallet), Vertical (BFSI, Retail, Healthcare, Telecom, Travel & Hospitality, Real Estate), and Region (North America, Europe, APAC, RoW) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The Payment processing solutions market is on a rapid growth trajectory, projected to expand from USD 103.2 billion in 2023 to USD 160.0 billion by 2028, showcasing a robust CAGR of 9.2%

This surge is driven by the integration of cutting-edge technologies like AI, ML, blockchain, and biometrics into payment processing solutions, elevating security, fraud detection, and transaction speed. Businesses and consumers are increasingly drawn to these advanced solutions for their enhanced capabilities.

Over the years, the industry has witnessed significant transformations due to factors such as regulations, competition, and the widespread adoption of mobile devices. As digital wallets evolved to become compatible with wireless and mobile devices, technologies like Radio Frequency Identification and Near-Field Communications paved the way for intermediaries to facilitate seamless payment transactions.

Major players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, product enhancements, and acquisitions to expand their footprint in the Payment processing solutions market.

Amidst this dynamic landscape, the payment processing industry is steadily moving towards smarter solutions. This comprehensive report will be a valuable resource for market leaders and new entrants, providing them with close approximations of revenue figures for the global Payment processing solutions market and its subsegments.

Stakeholders can gain critical insights into the competitive landscape, strategize better, and plan effective go-to-market strategies. Furthermore, the report offers a pulse on the market, equipping stakeholders with information on key drivers, restraints, challenges, and opportunities.

Based on vertical, the retail segment is expected to register the fastest growth rate during the forecast period.

The retail industry is undergoing a significant transformation, with retailers updating their brick-and-mortar stores and establishing online platforms to drive revenue and enhance customer experiences.

Retailers are embracing innovative technologies such as cloud computing, Big Data analytics, digital storefronts, and social networks to increase their visibility and market presence. They recognize the numerous benefits of digital payments, including faster transaction times, increased revenue, improved operational efficiency, and reduced costs.

Mobile payments have played a pivotal role in streamlining transactions and reducing queues at retail stores. Many e-commerce companies now offer smartphone apps that reduce reliance on traditional payment methods and deliver unique and convenient customer experiences.

Asia Pacific to register the highest growth rate during the forecast period.

Asia Pacific region exhibits a strong preference among consumers for both seamless and secure digital payment transactions. This has created a favorable market for advanced payment processing solutions.

Global providers in this sector are capitalizing on the region's growing retail market and are increasingly targeting Asia Pacific to deliver sophisticated payment solutions. Notably, countries such as China, India, Indonesia, and Malaysia have experienced a surge in mobile transactions, prompting their governments to prioritize user-friendly payment methods.

The GSMA's "The Mobile Economy 2021" report reveals that Asia Pacific boasts a 42% mobile internet penetration, with 1.2 billion individuals connected to mobile internet by the end of 2020, representing an addition of 200 million new subscribers compared to the previous year.

Key Attributes:

Premium Insights

• Rising Government Initiatives for Digital Payments to Act as Opportunity in Market
• Credit Card Segment and BFSI to Account for Large Shares in North America
• Credit Card Segment and China to Account for Large Shares in Asia-Pacific

Market Dynamics

Drivers

• Increasing Ecommerce Sales Along with Growing Internet Penetration
• Embracing Contactless Payments Globally
• Evolving Customer Expectations
• Rising Use of M-commerce in the Transportation Industry
• Increasing Focus on Security and Fraud Prevention

Restraints

• Absence of Global Standards for Cross-Border Transactions
• Lack of Digital Literacy in Emerging Countries
• Technical Limitations and Resistance to Change

Opportunities

• Rising Financial Inclusion Globally
• Rising Government and Private Initiatives to Promote Digital Transactions
• Global Growth of E-commerce

Challenges

• Threat of Increasing Cyberattacks on Digital Payment Solutions
• Regulatory Compliance

Industry Trends

Use Cases

• Use Case 1: Paypal
• Use Case 2: Fis
• Use Case 3: Payu
• Use Case 4: Stripe
• Use Case 5: Square

Value Chain Analysis

• Brief History of Payment Processing Solutions
• 2000-2010
• 2010-2020
• 2020-Present
• Ecosystem
• Patent Analysis
• Pricing Analysis

Technology Analysis

• Adjacent Technologies
• Encryption and Tokenization
• Point-Of-Sale (Pos) Technologies
• Near Field Communication (Nfc)
• Mobile Wallets and Payment Apps
• Biometric Authentication
• Analytics and Business Intelligence
• Internet of Things (IoT)
• Blockchain and Cryptocurrency Technologies
• Payment Gateways
• Application Programming Interfaces (Apis)
• Cloud Computing

Company Profiles

Major Players

• Paypal
• Fiserv
• Fis
• Global Payments
• Aci Worldwide
• Square
• Mastercard
• Visa
• Adyen
• Stripe
• Payu
• Jack Henry & Associates
• Paysafe
• Phonepe
• Razorpay

Other Players/Startups

• Secure Payment Systems
• Worldline
• Spreedly
• Fattmerchant
• North American Bancard
• Dwolla
• CCBill
• Authorize.Net
• Alipay
• Payprotec
• Signapay
• Kliknpay
• Finix Payments
• Due
• Pineapple Payments
• Modulr
• Muchbetter
• Paykickstart
• Aeropay
• Sila

For more information about this report visit https://www.researchandmarkets.com/r/1oa7p4

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