Payment Processing Solutions Market
Payment Processing Solutions Market Forecasts to 2030 - Global Analysis By Deployment Type (Cloud-based Payment Solutions and On-premises Payment Solutions), Customer Type, Service, Payment Method, Technology, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $55.46 BN |
|
Projected Year Value (2030) |
US $161.54 BN |
|
CAGR (2023 - 2030) |
16.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Payment Processing Solutions Market is accounted for $55.46 billion in 2023 and is expected to reach $161.54 billion by 2030 growing at a CAGR of 16.5% during the forecast period. Payment processing solutions facilitate transactions between merchants and customers, securely managing financial transactions. These systems ensure seamless, efficient, and reliable transfer of funds, enhancing customer satisfaction and operational efficiency for businesses. Payment processors validate transactions, encrypt sensitive data, and transfer funds between banks, enabling businesses to accept payments across different channels. Payment processing solutions play a crucial role in modern commerce, providing a foundation for secure and convenient transactions.
According to the World Payments Report published by Capgemini in 2018, non-cash transactions carried out with e-wallets were estimated to be 41.8 billion globally.
Market Dynamics:
Driver:
Growing online shopping trends
With a steady rise in e-commerce activities globally, there's a heightened demand for seamless and secure payment processing solutions. Consumers increasingly favour the convenience and accessibility of online shopping, necessitating efficient transaction processing mechanisms. Payment processors play a crucial role in facilitating these transactions, ensuring swift and reliable payment processing for both merchants and customers. As online shopping continues to grow in popularity, the demand for innovative payment processing solutions is expected to escalate, driving further advancements in the market.
Restraint:
Security concerns
Security concerns in Payment Processing Solutions include data breaches, identity theft, and fraudulent transactions. These threats undermine consumer trust and confidence in digital payment systems, impacting adoption rates. Heightened security measures can increase operational costs and complexity, deterring smaller businesses from investing in payment processing solutions. Moreover, regulatory compliance requirements further strain resources. Overall, unresolved security concerns impede market growth by hindering widespread acceptance and adoption of digital payment technologies.
Opportunity:
Rising cross-border trade expansion
With globalization driving businesses to engage in international commerce more than ever, there's a pressing need for seamless and efficient payment processing solutions that can facilitate transactions across borders. Payment processors play a vital role in enabling secure and reliable fund transfers between different currencies and banking systems, thus supporting the smooth flow of international trade. As cross-border transactions continue to increase, the demand for robust payment processing solutions capable of handling complex cross-border payments is expected to rise, driving market growth.
Threat:
Cyber threats and data breaches
Cyber threats in payment processing solutions include malware, phishing attacks, and ransomware targeting sensitive financial data. Data breaches compromise customer information, leading to financial losses and reputational damage for businesses. Such incidents erode consumer trust in payment processing systems, deterring adoption and usage. Companies incur substantial costs for remediation, fines, and legal liabilities, diverting resources from innovation and market expansion. Persistent cyber threats undermine market growth by undermining confidence in digital payment technologies and impeding market penetration.
Covid-19 Impact
The covid-19 pandemic significantly impacted the payment processing solutions market. With social distancing measures and a surge in online shopping, there was a notable shift towards digital payments, accelerating the adoption of payment processing solutions. Businesses sought contactless payment options to mitigate health risks, driving demand for mobile and online payment solutions. Additionally, the pandemic highlighted the importance of robust payment security and fraud prevention measures, leading to increased investments in advanced technologies. Despite economic uncertainties, the payment processing industry experienced growth as businesses and consumers embraced digital transactions as a safer and more convenient alternative.
The mobile payments segment is expected to be the largest during the forecast period
The mobile payments segment is estimated to have a lucrative growth. Mobile payment methods in payment processing solutions enable users to make transactions using their mobile devices, such as smart phones or tablets, eliminating the need for physical cards or cash. Users can conveniently pay for goods and services by simply tapping their device or scanning a code. Mobile payments offer flexibility, speed, and enhanced security, making them increasingly popular in today's digital economy, revolutionizing the way people conduct financial transactions on the go.
The QR (quick response) codes segment is expected to have the highest CAGR during the forecast period
The QR (quick response) codes segment is anticipated to witness the highest CAGR growth during the forecast period. QR codes play a pivotal role in modern payment processing solutions by facilitating quick and secure transactions. Users can initiate payments by scanning a merchant's QR code using their smart phones or other devices equipped with a camera. These QR codes encode payment information, allowing for seamless communication between the customer's payment app and the merchant's system. Moreover, QR codes offer a cost-effective and versatile solution for businesses of all sizes to accept digital payments, fostering financial inclusion and innovation.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing digitization, e-commerce adoption, and smartphone penetration. With a diverse landscape of established players and emerging fintech start-ups, the market is characterized by intense competition and innovation. Governments' initiatives to promote cashless transactions further fuel market expansion. Overall, the Asia Pacific Payment Processing Solutions market is poised for significant development and evolution in the coming years.
Region with highest CAGR:
The payment processing solutions market in North America is characterized by intense competition and rapid technological advancements. Dominated by key players such as PayPal, Stripe, and Square, the market is driven by the increasing adoption of digital payment methods, the growing e-commerce sector, and the emergence of innovative start-ups. Regulatory changes and security concerns continue to shape market dynamics, with an emphasis on enhancing transaction security and reducing fraud. As consumer preferences evolve towards convenience and speed, the demand for seamless payment experiences across various platforms remains a key driver of market growth in the region.
Key players in the market
Some of the key players profiled in the Payment Processing Solutions Market include PayPal, Stripe, Square, Adyen, PhonePay, Shopify Payments, Global Payments Inc., Paytm, Ebanx S.A., 2Checkout, BlueSnap, Payoneer, Skrill, Alipay, Klarna, Financial Software & Systems (FSS), Elavon, Verifone, Poynt and WePay.
Key Developments:
In November 2023, EBANX unveils new payment innovations for emerging markets. Recognizing the unique challenges in emerging economies, these innovations aim to bridge the gap between merchants and consumers in these markets, offering more efficient, secure, and tailored payment solutions.
In June 2023, PhonePe rolled out its own in-app payment gateway to help MSMEs (Mico, Small and Medium Enterprises) in India. With the latest launch, merchants across Android, mobile web, iOS and desktop can easily accept transactions.
Deployment Types Covered:
• Cloud-based Payment Solutions
• On-premises Payment Solutions
Customer Types Covered:
• B2B (Business-to-Business)
• B2C (Business-to-Consumer)
• C2C (Consumer-to-Consumer)
• P2P (Peer-to-Peer)
Services Covered:
• Payment Gateway Services
• Payment Security Services
• Payment Analytics Services
• Payment Fraud Detection Services
• Payment Integration Services
Payment Methods Covered:
• Credit/Debit Card Payments
• E-Wallets
• Bank Transfers
• Mobile Payments
• Cryptocurrencies
• Other Payment Methods
Technologies Covered:
• Point of Sale (POS) Terminals
• QR (Quick Response) Codes
• Near Field Communication (NFC)
• Tokenization
• Biometric Authentication
• Other Technologies
End Users Covered:
• Retail
• Healthcare
• Hospitality
• E-commerce
• Entertainment
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Payment Processing Solutions Market, By Deployment Type
5.1 Introduction
5.2 Cloud-based Payment Solutions
5.3 On-premises Payment Solutions
6 Global Payment Processing Solutions Market, By Customer Type
6.1 Introduction
6.2 B2B (Business-to-Business)
6.3 B2C (Business-to-Consumer)
6.4 C2C (Consumer-to-Consumer)
6.5 P2P (Peer-to-Peer)
7 Global Payment Processing Solutions Market, By Service
7.1 Introduction
7.2 Payment Gateway Services
7.3 Payment Security Services
7.4 Payment Analytics Services
7.5 Payment Fraud Detection Services
7.6 Payment Integration Services
8 Global Payment Processing Solutions Market, By Payment Method
8.1 Introduction
8.2 Credit/Debit Card Payments
8.3 E-Wallets
8.4 Bank Transfers
8.5 Mobile Payments
8.6 Cryptocurrencies
8.7 Other Payment Methods
9 Global Payment Processing Solutions Market, By Technology
9.1 Introduction
9.2 Point of Sale (POS) Terminals
9.3 QR (Quick Response) Codes
9.4 Near Field Communication (NFC)
9.5 Tokenization
9.6 Biometric Authentication
9.7 Other Technologies
10 Global Payment Processing Solutions Market, By End User
10.1 Introduction
10.2 Retail
10.3 Healthcare
10.4 Hospitality
10.5 E-commerce
10.6 Entertainment
10.7 Other End Users
11 Global Payment Processing Solutions Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 PayPal
13.2 Stripe
13.3 Square
13.4 Adyen
13.5 PhonePay
13.6 Shopify Payments
13.7 Global Payments Inc.
13.8 Paytm
13.9 Ebanx S.A.
13.10 2Checkout
13.11 BlueSnap
13.12 Payoneer
13.13 Skrill
13.14 Alipay
13.15 Klarna
13.16 Financial Software & Systems (FSS)
13.17 Elavon
13.18 Verifone
13.19 Poynt
13.20 WePay
List of Tables
1 Global Payment Processing Solutions Market Outlook, By Region (2021-2030) ($MN)
2 Global Payment Processing Solutions Market Outlook, By Deployment Type (2021-2030) ($MN)
3 Global Payment Processing Solutions Market Outlook, By Cloud-based Payment Solutions (2021-2030) ($MN)
4 Global Payment Processing Solutions Market Outlook, By On-premises Payment Solutions (2021-2030) ($MN)
5 Global Payment Processing Solutions Market Outlook, By Customer Type (2021-2030) ($MN)
6 Global Payment Processing Solutions Market Outlook, By B2B (Business-to-Business) (2021-2030) ($MN)
7 Global Payment Processing Solutions Market Outlook, By B2C (Business-to-Consumer) (2021-2030) ($MN)
8 Global Payment Processing Solutions Market Outlook, By C2C (Consumer-to-Consumer) (2021-2030) ($MN)
9 Global Payment Processing Solutions Market Outlook, By P2P (Peer-to-Peer) (2021-2030) ($MN)
10 Global Payment Processing Solutions Market Outlook, By Service (2021-2030) ($MN)
11 Global Payment Processing Solutions Market Outlook, By Payment Gateway Services (2021-2030) ($MN)
12 Global Payment Processing Solutions Market Outlook, By Payment Security Services (2021-2030) ($MN)
13 Global Payment Processing Solutions Market Outlook, By Payment Analytics Services (2021-2030) ($MN)
14 Global Payment Processing Solutions Market Outlook, By Payment Fraud Detection Services (2021-2030) ($MN)
15 Global Payment Processing Solutions Market Outlook, By Payment Integration Services (2021-2030) ($MN)
16 Global Payment Processing Solutions Market Outlook, By Payment Method (2021-2030) ($MN)
17 Global Payment Processing Solutions Market Outlook, By Credit/Debit Card Payments (2021-2030) ($MN)
18 Global Payment Processing Solutions Market Outlook, By E-Wallets (2021-2030) ($MN)
19 Global Payment Processing Solutions Market Outlook, By Bank Transfers (2021-2030) ($MN)
20 Global Payment Processing Solutions Market Outlook, By Mobile Payments (2021-2030) ($MN)
21 Global Payment Processing Solutions Market Outlook, By Cryptocurrencies (2021-2030) ($MN)
22 Global Payment Processing Solutions Market Outlook, By Other Payment Methods (2021-2030) ($MN)
23 Global Payment Processing Solutions Market Outlook, By Technology (2021-2030) ($MN)
24 Global Payment Processing Solutions Market Outlook, By Point of Sale (POS) Terminals (2021-2030) ($MN)
25 Global Payment Processing Solutions Market Outlook, By QR (Quick Response) Codes (2021-2030) ($MN)
26 Global Payment Processing Solutions Market Outlook, By Near Field Communication (NFC) (2021-2030) ($MN)
27 Global Payment Processing Solutions Market Outlook, By Tokenization (2021-2030) ($MN)
28 Global Payment Processing Solutions Market Outlook, By Biometric Authentication (2021-2030) ($MN)
29 Global Payment Processing Solutions Market Outlook, By Other Technologies (2021-2030) ($MN)
30 Global Payment Processing Solutions Market Outlook, By End User (2021-2030) ($MN)
31 Global Payment Processing Solutions Market Outlook, By Retail (2021-2030) ($MN)
32 Global Payment Processing Solutions Market Outlook, By Healthcare (2021-2030) ($MN)
33 Global Payment Processing Solutions Market Outlook, By Hospitality (2021-2030) ($MN)
34 Global Payment Processing Solutions Market Outlook, By E-commerce (2021-2030) ($MN)
35 Global Payment Processing Solutions Market Outlook, By Entertainment (2021-2030) ($MN)
36 Global Payment Processing Solutions Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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