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Payment Processing Solutions Market Size

  • Report ID: GMI3597
  • Published Date: Apr 2022
  • Report Format: PDF
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Payment Processing Solutions Market Size

Payment Processing Solutions Market size exceeded USD 80 billion in 2021 and is poised to expand at over 10% CAGR between 2022 and 2028. The market growth is attributed to exponentially increase in use of card and digital payments, since the start of COVID-19 pandemic.

 

 

Payment Processing Solutions Market

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The payment processing solutions market is witnessing a significant market disruption with the increasing availability of VoLTE and the rapid proliferation of inexpensive smartphones. It is estimated that by 2025, smartphones will account for over 77% of the internet-connected devices. Technology players and banking establishments are developing multiple proprietary mobile wallet applications for smartphones, spurring demand for payment processing solutions.
 

Payment Processing Solutions Market Report Attributes
Report Attribute Details
Base Year:2021
Payment Processing Solutions Market Size in 2021:USD 80 Billion
Forecast Period:2022 to 2028
Forecast Period 2022 to 2028 CAGR:10%
2028 Value Projection:USD 180 Billion
Historical Data for:2018 to 2020
No. of Pages:270
Tables, Charts & Figures:395
Segments covered:Technology, Mode of Payment, Deployment Model, Organization Size, End-user, and Region
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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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Global market size for payment processing solutions surpassed USD 80 billion in 2021 and is predicted to register over 10% CAGR during the forecast period of 2022-2028.

The NFC segment held over 40% of the industry share in the U.S. in 2021 due to the growing adoption of digital payment platforms.

The credit card segment in the UK market will record nearly 10% CAGR through 2028 as it is one of the most commonly used payment modes in the country.

ACI Worldwide, Inc., Fidelity National Information Services, Inc. (FIS), First Data Corporation, Dwolla, Inc., Global Payments, Inc., and Mastercard Incorporated, among several others, are the top players in this market.

Payment Processing Solutions Market Scope

  • Payment Processing Solutions Market Size
  • Payment Processing Solutions Market Analysis
  • Payment Processing Solutions Market Share

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    Premium Report Details

    • Base Year: 2021
    • Companies covered: 18
    • Tables & Figures: 395
    • Countries covered: 21
    • Pages: 270
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