Payment Processing Solutions Market Size By Technology (Near-Field Communication (NFC), QR Code, EMV), By Deployment Model (In-store, Online, Mobile), By Mode of Payment (Credit Cards, Debit Cards, E-wallets), By Organization Size (SMEs, Large Enterprises), By End-user (Tourism and Hospitality, Retail & E-commerce, Healthcare, BFSI, Government and Public Sector), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Oct 2020  |  Report ID: GMI3597  |  Authors: Ankita Bhutani, Preeti Wadhwani

Report Format: PDF   |   Pages: 250   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Payment Processing Solutions Market size exceeded USD 60 billion in 2019 and is poised to register gains at over 11% CAGR between 2020 and 2026. In the wake of the coronavirus pandemic, the market has been hit quite hard. The payment processing solutions industry has noticed a complete change in consumers’ buying patterns.
 

Payment Processing Solutions Market

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Minimized customer spending, reduced trade in international markets, and unemployment across the globe have decreased transaction volume in all parts of the world. The tourism and hospitality industries have observed drop in market demand directly impacting the payment processing solutions industry.
 

Payment Processing Solutions Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 60 Billion (2019)
Historical Data for: 2016 to 2018 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 20% 2026 Value Projection: USD 140 Billion (2026)
Pages: 250 Tables, Charts & Figures: 387
Geographies covered (21): U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, China, India, Japan, South Korea, ANZ, Brazil, Mexico, Argentina, Chile, UAE, Saudi Arabia, South Africa and Egypt
Segments covered: Technology, Mode of Payment, Deployment Model, Organization Size, End-user, and Region
Companies covered (17): ACI Worldwide, Inc., Adyen N.V., Authorize.Net, Dwolla, Inc., Fidelity National Information Services, Inc (FIS), First Data Corporation, Fiserv, Inc., Global Payments Inc., Jack Henry & Associates, Inc., Mastercard Incorporated, PayPal Holdings, Inc., Paysafe Group Limited, PayU, Square, Inc. Stripe, Inc., Visa, Inc., and Wirecard AG.
Growth Drivers:
  • Increasing penetration of EMV cards
  • Surge in NFC / contactless payments
  • Rising number of online transactions
  • Growth in the retail and e-commerce industry
  • Spike in the use of m-commerce
Pitfalls & Challenges:
  • Increasing cyberthreats and data breach incidents
  • Absence of a universal standard for international transactions

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Increasing digital payments demand across multiple sectors

Digital payments have been on rise since few years as they offer easy payment options at grocery stores or e-commerce sites. Governments are also taking initiatives to promote digital payments by launching Unified Payments Interface (UPI). The French government is also modernizing cashless payments, tasked by the National Cashless Payments Committee, bolstering market demand for payment processing solutions.
 

During the pandemic, the rising concerns about virus transmission have raised the need for local grocery stores to increasingly accept credit cards or e-wallet payments. The insurance industry is witnessing online renewal of insurance policies to avoid any contact.
 

Spike in demand for faster transactions to spur the NFC payment segment growth in Canada market

In Canada, NFC-based payment processing solutions held a market share of around 40% in 2019 due to the growing use of digital payment channels. Such payment processing solutions offer a quicker & safer payment experience compared to traditional paper payments. This trend has ushered new market opportunities for NFC-based solutions. TD Bank is encouraging the use of NFC-enabled devices and is offering its services, such as TD Bank’s credit or debit cards, for mobile payments up to USD 50. Such initiatives are expected to bolster market demand during the forecast period.
 

Large presence of stores in Brazil is driving the market revenue

Brazil Payment Processing Solutions Market

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The Brazil in-store segment accounted for more than 50% market share in 2019. Brazil has a lot of physical stores such as grocery stores, shopping centers, coffee shops, and travel agencies, among others. These stores widely use prepaid cards or credit cards to promote contactless payment methods and avoid the hassle of loose money. The large presence of small to large stores and the wide adoption of POS terminals have made consumers pay (tap or swipe) via credit or debit cards at stores.
 

High penetration of credit cards in Spain

In Spain, the credit card segment is set to attain 9% growth rate through 2026 propelled by the very high card penetration in the country. The segment is predicted to drive the demand for payment processing solutions as it is one of the most commonly used payment methods among consumers to make online purchases.
 

Multinational companies, such as Discover, MasterCard, Maestro, American Express, and Visa, ensure a safe payment process between vendors and issuing banks through payment processing solutions. This allows global users to make purchases using their interoperable and branded credit cards.
 

An upsurge in highly secured payment transactions method to spur the UAE market growth

UAE Payment Processing Solutions Market

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In the UAE, demand in large enterprises is estimated to see a steady growth rate at above 10% during 2020 to 2026. Large organizations need a safer & highly secured mode of transaction using standard encryption and solutions that protect the sensitive data of merchants and consumers efficiently. Some of the companies offering these solutions are PayPal, FIS, and Fiserv.
 

An upward trend in online retailing to drive the UK payment processing solutions market

The UK retail & e-commerce application is anticipated to grow at substantial growth rate from 2020 to 2026 propelled by rapidly growing online transactions and the rising demand for payment processing solutions in retailing. The shift from cash to cashless payments, online & mobile banking, and e-wallet payments have made payment processes easier for consumers, augmenting the market growth.
 

The country has seen a rise in online retail order volume by 200% on groceries and health products since the lockdown.
 

Potential business in the credit card and mobile payment industry in Asia Pacific

APAC Payment Processing Solutions Market Size

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Asia Pacific captured nearly 15% payment processing solutions market revenue share in 2019 and is projected to showcase the fastest growth rate of over 14% through 2026. Japan is an early adopter of technology and has been contributing high to e-commerce retailing. The region largely utilizes NFC and QR code payment technologies. China is also one of the biggest markets in the region and has transformed the payment industry by using WeChat Pay and AliPay. The use of these digital and mobile wallets at physical stores is leading the China payment market.
 

Launch of innovative solutions with enhanced features to gain a competitive edge

Some of the key players operating in the market include ACI Worldwide, Inc., Adyen N.V., Authorize.Net, Dwolla, Inc., Fidelity National Information Services, Inc. (FIS), First Data Corporation, Fiserv, Inc., Global Payments, Inc., Jack Henry & Associates, Inc., Mastercard Incorporated, PayPal Holdings, Inc., Paysafe Group Limited, PayU, Square, Inc., Stripe, Inc., Visa, Inc., and Wirecard AG.
 

In January 2020, PayPal partnered with UnionPay International (UPI) to offer an enhanced payment network. In this partnership, PayPal has agreed to support UnionPay International acceptance across the globe.
 

The industry has also witnessed several strategic alliances between key players to launch new and innovative solutions with added functionalities to maintain revenue share and profitability. For instance, in June 2020, FIS launched Open Banking Hub, a new service that enables merchants to offer real-time payments through bank accounts and allows customers to pay for items directly.
 

This market research report on payment processing solutions includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2026 for the following segments:
 

Market, By Technology

  • Near-Field Communication (NFC)
  • QR Code
  • EMV

Market, By Deployment Model

  • In-store
  • Online
  • Mobile

Market, By Mode of Payment

  • Credit Cards
  • Debit Cards
  • E-wallets

Market, By Organization Size

  • SMEs
  • Large Enterprises

Market, By End-user

  • Tourism and Hospitality
  • Retail & E-commerce
  • Healthcare
  • BFSI
  • Government and Public Sector

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Netherlands
  • Asia Pacific
    • China
    • Japan
    • Australia & New Zealand
    • India
    • South Korea
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Chile
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Egypt
       

Frequently Asked Questions (FAQ) :

The global payment processing solutions industry size exceeded USD 60 billion in 2019 and is anticipated to grow at 11% CAGR through 2026.
The rising concerns about coronavirus transmission have encouraged the local grocery stores to increasingly accept credit cards or e-wallet payments, fueling market penetration.
The Canada NFC-based payment processing solutions held a 40% market share in 2019. Due to its ability to provide a quicker & safer payment experience, the segment is expected to witness substantial growth in the coming years.
Due to the easy payment options at grocery stores and e-commerce sites offered by digital payments and government initiatives to launch Unified Payments Interface (UPI), the industry is expected to grow substantially.

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Premium Report Details

  • Published Date: Oct 2020
  • Pages: 250
  • Tables: 361
  • Charts / Figures: 26
  • Companies covered: 17
  • Countries covered: 21

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