The global payment processing solutions market size is expected to reach USD 139.90 billion by 2030, registering a CAGR of 14.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the growing cashless economy initiatives undertaken by several governments across the globe. With such cashless economy initiatives, the adoption of digital payments has increased, which has created a demand for payment processing solutions.
Key Industry Insights & Findings from the report:
- The growing popularity of smartphones and technological innovation is anticipated to boost the usage of e-wallets across the globe.
- As retailers are focusing on diversifying their business operations, they are increasingly embracing wireless and mobile processing technologies for payment processes. This, in turn, is expected to fuel the adoption of payment processing solutions in the retail end-use industry.
- Increasing e-commerce sales coupled with the growing internet penetration across the Asia Pacific region is expected to fuel the market growth over the forecast period.
Read 120 page full market research report, “Payment Processing Solutions Market Size, Share & Trends Analysis Report By Payment Method (Credit Card, Debit Card, E-wallet), By End-use (Hospitality, Retail), By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Payment Processing Solutions Market Growth & Trends
The increasing e-commerce and online shopping trends across the globe are the major factors driving the growth of the payment processing solution industry. According to OptinMonster, in 2019, almost 93.5% of global internet users purchased products online. In addition, the increasing digitalization across several industries to lower operational costs and expand the boundaries of the business bode well with the market’s growth.
The increasing partnerships, collaborations, and launches are further expected to drive the market’s growth over the forecast period. For instance, in September 2022, Unicorn Payment, a multi-currency merchant services provider and online payment processing company, announced the introduction of a new partnership program for web developers across European countries. With the new partnership program, the company enabled European web developers to earn monthly by referring merchants to Unicorn Payment.
The COVID-19 pandemic impacted market growth favorably over the forecast period. The shift in the online purchasing behavior of consumers due to lockdowns during the COVID-19 pandemic opened up new growth opportunities for the market. Furthermore, increasing launches of payment processing solutions during the COVID-19 pandemic led to an increase in the adoption of e-wallets and card payments among consumers resulting in the positive growth of the market.
Payment Processing Solutions Market Segmentation
Grand View Research has segmented the global payment processing solutions market based on payment method, end-use, and region:
Payment Processing Solutions Market – Payment Method Outlook (Revenue, USD Billion, 2017 – 2030)
- Credit Card
- Debit Card
Payment Processing Solutions Market – End-use Outlook (Revenue, USD Billion, 2017 – 2030)
- Utilities & Telecommunication
Payment Processing Solutions Market – Regional Outlook (Revenue, USD Billion, 2017 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players in the Payment Processing Solutions Market
- Amazon Payments, Inc.
- PayPal Holdings Inc.
- Stripe, Inc.
- Apple Inc. (Apple Pay)
- Alphabet (Google Pay)
Check out more related studies published by Grand View Research:
- Digital Payment Market – The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020. The rising demand for digital payments has encouraged several smartwatch providers to introduce enhanced smartwatches capable of making contactless payments.
- Payment Monitoring Market – The global payment monitoring market size is anticipated to reach USD 31.05 billion by 2027, registering a CAGR of 16.1% from 2020 to 2027, according to a new report by Grand View Research, Inc. The payment monitoring market growth trends include increase in digital payments and need for reducing money laundering, managing Know Your Customer (KYC) compliance, and Counter Terrorism Funding (CTF) activities. Hence, various organizations are focusing on deploying payment monitoring solutions to constrain illegal activities, which shuts off the cash flow and help reduce such activities.
- Payment Security Market – The global payment security market size is expected to reach USD 43.76 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 12.3% during the forecast period. Rising need for PCI DSS (payment card industry data security standard) compliance and adoption of digital payment mode by consumers are likely to stoke the growth of the market. The payments industry is going through a movement of infrastructure transformation, which is essential to compete efficiently with non-bank trendsetters and address progressing customer requirements.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.