Global payment processing solutions market size & share was valued at USD 74.44 Billion in 2021 and is expected to reach USD 192.61 Billion by 2030, growing at a CAGR of 10.0% during the forecast period.
“Payment Processing Solutions Market Share, Size, Trends, Industry Analysis Report, By Component (Solutions, Services); By Payment Method; By Deployment Type; By Industry Vertical; By Region; Segment Forecast, 2022 - 2030” in its research database.
What are Payment Processing Solutions? How Big is the Size of Payment Processing Solutions Market?
Payment processing solutions include managing of credit card transaction process by acting as the mediator between the merchant and the financial institutions involved. A processor can authorize credit card transactions and works to ensure merchants get paid on time by facilitating the transfer of funds. The rapidly rising demand in the payment processing solutions market can be attributed to enhanced customer service, fraud risk management solutions, tools to help business growth, and flexibility in transactions.
The growth can be attributed to the increasing penetration of the internet coupled with smartphones globally. For instance, according to the Digital 2022 October Global Statshot Report by DataReportal, over 63% of the world's population has used the internet at some point. Thus, such easy access to the internet has led to the rise in the adoption of digital payment processing resulting in the growth of the market.
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Key factors driving market growth
Technological advancements, evolving customer expectations, and robust infrastructure have the potential to fuel market growth. The payment processing solutions market size is expanding as the increasing technological advancements in APIs have enabled businesses to adapt to payment needs through the single API integration, thereby raising the demand for payment processing solutions globally.
Additionally, the introduction of Near Field Communication and QR code payment technology for contactless payments have boosted the adoption of e-wallets worldwide. Payment processing solutions market sales are soaring as the adoption of debit and credit cards for processing online and in-store payments are further anticipated to fuel the market's growth over the forecast period.
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Recent trends influencing the market
Payment processing through multiple methods to drive the market
Segmentation assessment
Based on components, the solution segment accounted for the largest market share. Payment processing solutions market demand is on the rise as this segment includes recurring payments, pay by link, shopping carts, hosted payment pages, and mobile wallets, among others, to quickly process payments and save time and effort for both customers and merchants.
Based on the payment method, the e-wallet segment is expected to be the fastest-growing segment. E-wallet maintains the details of the customer's payment status, such as debit and credit card and bank account information, and makes the payment process easier. An E-wallet is a widely used payment method for online transactions wherein money is added to the wallet electronically, which makes online payment easier to process for customers.
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Payment Processing Solutions Market: Report Scope
Report Attribute | Details |
Revenue forecast in 2030 | USD 192.61 Billion |
Market size value in 2021 | USD 74.44 Billion |
Expected CAGR Growth | 10.0% from 2022 - 2030 |
Base Year | 2021 |
Forecast Year | 2022 – 2030 |
Top Market Players | ACI Worldwide, Authorize.Net, BlueSnap, Fiserv, FIS, Global Payments, Jack Henry & Associates, Klik&Pay, PayPal, PayU, PhonePe, Mastercard, Razorpay, Visa, and Stripe |
Segments Covered | By Component, By Payment Method, By Deployment Type, By Industry Vertical, By Region |
Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
Asia Pacific held the largest payment processing solutions market share due to the rising population; adopting digital payments is one of the major factors for the growth of payment processing solutions in the region. Furthermore, a reduction in the usage of cash and acceptance of mobile payments is a major boosting factor for the industry's growth in the Asia Pacific region.
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Recent Developments
Polaris Market Research has segmented the payment processing solutions market report based on component, payment method, deployment type, industry vertical, and region:
By Component Outlook
By Payment Method Outlook
By Deployment Type Outlook
By Industry Vertical Outlook
By Region Outlook
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Feb 20, 2023