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In the U.S., NFC-based payment processing solutions market held a revenue share of over 40% in 2021, attributed to the growing use of digital payment channels. Such payment processing solutions offer a quicker & safer payment experience compared to traditional paper payments. Proliferation of smartphone-based wallets is also encouraging the use of NFC-enabled payment modes, such as Apple Pay, Google Pay and Samsung Pay.
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The in-store segment accounted for 60% Mexico payment processing solutions market share in 2021. Mexico is witnessing a surge in POS systems and mobile wallet-based payments across 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.
In the UK market, the credit card segment is set to attain a CAGR of nearly 10% through 2028, as credit cards are one of the most used payment methods among consumers to make online purchases in the country. 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.
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The large enterprises segment in China payment processing solutions market will witness growth rate of around 15% during the forecast period, owing to high integration of payment processing solutions in large-scale firms. 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.
Germany retail & e-commerce sector is anticipated to grow at a steady rate between 2022 and 2028, due to 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. Retail stores or e-commerce retailers are integrating payment processing solutions and accepting payments from consumers via Apple Pay, Samsung Pay, and PayPal.
Asia Pacific payment processing solutions market revenue was over USD 15 billion in 2021. Countries in the region, including China, India, and Japan have been early adopters of cashless payment technology and have 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 sector.