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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

Industry Trends

Payment Processing Solutions Market size exceeded USD 80 billion in 2021 and is poised to register gains at over 10% between 2022 and 2028.
 

Increasing availability of VoLTE and the rapid proliferation of inexpensive smartphones is driving the industry demand. It is estimated that by 2025, smartphones will account for around 77% of the internet-connected devices. Technology players and banking establishments are developing multiple proprietary mobile wallet applications for smartphones, spurring the market growth. Governments are also taking initiatives to promote digital payments, such as the French National Cashless Payments Committee, bolstering market demand for payment processing solutions.
 

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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 observing online renewal of insurance policies to avoid any contact. These trends have provided a much-needed impetus to the market.
 

In the wake of the ongoing Russia-Ukraine war, the payment processing solutions market is predicted to reap significant gains with the sharp use in digital payments. The exclusion of several Russian banks from SWIFT payment systems, and suspension of Mastercard and Visa infrastructure in Russia, is projected to drive the market revenue for non-U.S. based payment processing solutions in the region. For instance, Russia is presently evaluating Cross-Border Interbank Payment Systems (CIPS) operated by the People’s Bank of China.
 

Spike in demand for faster transactions to spur NFC payment segment demand in the U.S.

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In the U.S., NFC-based payment processing solutions held more than 40% of the market share 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. This trend has ushered new market opportunities for NFC-based payment processing solutions across the country. Proliferation of smartphone-based wallets is encouraging the use of NFC-enabled payment modes, such as Apple Pay, Google Pay and Samsung Pay.
 

Increasing affinity of retail stores towards digital payment acceptance in Mexico

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The in-store segment in Mexico accounted for about 60% of the 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. 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 the U.K.

In the UK, the credit card segment is set to attain nearly 10% CAGR till 2028, which is credited to the very high card penetration in the country 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.
 

An upsurge in highly secured payment transactions method in China

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In China payment processing solutions market, the large enterprises segment is likely to observe a steady growth rate of around 15% through 2028. 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 in Germany

Germany retail & e-commerce application is anticipated to grow at a significant rate from 2022 to 2028 due to rapidly growing online transactions and the rising demand 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 growth of the German retail & e-commerce market. Retail stores or e-commerce retailers are integrating payment processing solutions and accepting payments from consumers via Apple Pay, Samsung Pay, and PayPal. The country has seen a rise in online retail order volume by more than 200% on groceries and health products since the lockdown.
 

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

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Asia Pacific captured a notable portion in the global payment processing solutions market, accounting for above USD 15 billion worth of revenue 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.
 

Launch of innovative solutions with enhanced features

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 January 2022, PayPal and Salesforce joined together to provide merchants with direct access to PayPal Commerce Platform while using Salesforce payments.
 

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

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 2018 to 2028 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
• Others

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