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Global payment processing solutions market is expected to rise to an estimated value of USD 78.24 billion by 2026, registering a healthy CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the significant surge in utilization of e-commerce and the subsequent digital payment services associated with the industry.
Market Definition: Global Payment Processing Solutions Market
Payment processing solutions is the combined technological offerings that work in collaboration with the merchant and customer to process the financial transactions with the generation of a payment gateway which operates on a set of parameters pre-defined by the merchant. These solutions act as a middle man between the merchant and consumer account providing efficient flow of financial transactions. These solutions are a combination of all the processes that work together to provide better transactional flow.
- Increased promotion and strategies adopted by various authorities of the world to promote digital payment methods is expected to drive the growth of the market
- Growing usage of online payment methods as it promotes convenience and easier transactions is expected to drive the growth of the market
- Significant surge of smartphone users and integration of online payment solutions in these devices is expected to drive the growth of the market
- Increased demand for easing the transactional flow to more efficiency while constant advancements are underway to improve the customer handling
- Absence in availability of standardizations and regulations for carrying out transactions internationally is expected to restrict the growth of the market
- Concerns regarding cyber-attacks and privacy of information associated with the digital payment methods is expected to restrict the growth of the market
Segmentation: Global Payment Processing Solutions Market
By Payment Method
- Credit Card
- Debit Card
- IT & Telecommunication
- Media & Entertainment
Key Developments in the Market:
- In July 2019, PayU announced that they had acquired a major stake in the Southeast Asia based Red Dot Payment essentially expanding their service providing capabilities in the region as well as extending their payment solution offerings. This acquisition is evidence of PayU’s focus on establishing themselves as the leader of payment solutions as well as becoming the biggest financial investor globally.
- In May 2019, Global Payments Inc. and Total System Services, Inc. announced that they had agreed to an equal merger between the two creating a global leader of payment technologies and solution offerings. The combined organizations will be able to provide world-class solution offerings to merchants as well as the consumers in the various industrial verticals.
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Global payment processing solutions market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of payment processing solutions market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Major Market Competitors/Players
Few of the major competitors currently working in the global payment processing solutions market are PayPal; Adyen; Stripe; Wirecard; Square, Inc.; CCBill, LLC; Global Payments Inc.; PayU money; Authorize.Net; Due Inc.; First Data Corporation; Jack Henry & Associates, Inc.; Alipay.com; Paysafe Holdings UK Limited; BlueSnap Inc.; Flagship Merchant Services; Payline Data Services, LLC; GoCardless; INFIBEAM AVENUES; Payvision; Ingenico Group; BillingTree; Computer Services, Inc. and Total System Services, Inc. among others.
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