Payment processing solutions market Country Level Analysis, Current Industry Size and Future Prospective with Key Company Profiles 2019-2025

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Payment processing solutions market share
research by applications and regions for
2019-2025 Global Market Insights, Inc.
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Overview of payment processing solutions market

• North America dominates the payment processing
  solutions market due to the high adoption of
  digital payment solutions across the U.S. and
  Canada. The countries have the largest card
  network and it is estimated that more than 805 of
  the population use either debit or credit card.
  Moreover, the increasing adoption of mobile
  wallets in the region also fosters market growth.
  On the other hand, Asia Pacific is estimated to
  grow substantially over the forecast period due
  to supportive government initiatives and policies
  for digital payments. The increasing adoption of
  smartphones along with internet services also
  accelerates market growth.
• Payment Processing Solutions Market size is set
  to witness lucrative gains in the projected
  timeframe as trend of online shopping has
  increased significantly in the last decade. In
  2018, online shopping accounts for approximately
  10 of the total retail sales. The ease and
  convenience offered by the online shopping
  application are the primary factors augmenting
  the demand for e-commerce across the globe.
  Moreover, attractive offers and discounts
  provided by e-commerce companies are also
  accelerating the adoption of payment processing
  solutions market.

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• The increasing penetration of smartphones across
  countries is also presenting a huge opportunity
  for the growth of the payment processing
  solutions market. In 2017, the number of
  smartphone users across the globe reached 2.32
  billion from 1.57 billion in 2014 and the number
  is further estimated to reach 3 billion mark by
  2020. The increasing disposable income of
  individuals in the emerging economies is driving
  the adoption of smartphones. Moreover, the
  decline in the price of smartphones also acts as
  a major driver for the growing number of
  smartphones worldwide.
• Moreover, supportive government initiatives and
  policies to promote digital payments are
  accelerating the payment processing solutions
  market demand. For instance, in 2015, the Indian
  government launched the Digital India campaign
  to promote the adoption of digital services
  across multiple industry verticals. Moreover, the
  demonetization initiative launched by the
  government in 2016 also fueled the adoption of
  digital payment service in the country.

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• The payment processing solutions market is
  categorized into e-wallet, credit card, and debit
  card. The credit and debit cards are dominating
  the market due to the widespread card network of
  financial institutes. Moreover, the large-scale
  adoption of the POS system also encourages the
  use of cards for payment. However, e-wallets are
  projected to grow significantly over the forecast
  period due to the increasing adoption of
  smartphone-based payment apps for individuals.
• The payment processing solutions are used across
  various industry verticals including utilities
  and telecommunication, hospitality, retail, and
  restaurants. The hospitality segment accounts for
  the majority share in the market due to the
  widespread adoption of digital payment solutions
  across the industry. The retail segment is also
  emerging as one of the prominent sectors in the
  payment processing solutions market due to the
  growing trend of online shopping across the
  countries.

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• The vendors operating in the payment processing
  solutions market are Stripe, PayPal, Adyen,
  Square, Wirecard, First Data, WorldPay, Global
  Payments, BlueSnap, PayU, Authorize.Net,
  PaySimple, and PayPro Global. The players are
  leveraging the partnership activities to expand
  the product portfolio and gain a market share.
  For instance, PayU entered into a partnership
  with PhonePe to expand its online merchant
  database. The partnership intends to provide a
  better payment experience for the growing digital
  savvy consumers as well as merchants.
  Additionally, in September 2018, Global Payments
  partnered with Ingenico Group to launch a new
  terminal and enhance the customer experience. The
  partnership aims at increasing its customer base
  by acquiring small and medium business customers.
  

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Methodology

• Market
  research reports Key analytical components

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