According to the report, the global payment processing solutions market was USD 35.6 billion in 2018 and is expected to reach around USD 68.8 billion by 2025, at a rate of 9.9% between 2019 and 2025.
New York, NY, July 08, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Payment Processing Solutions Market by Payment Method (Credit Card, Debit Card, E-Wallet, and Others) and by End-Use Industry (BFSI, Hospitality, Retail, IT & Telecom, Media & Entertainment, Transportation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global payment processing solutions market was USD 35.6 billion in 2018 and is expected to reach around USD 68.8 billion by 2025, at a rate of 9.9% between 2019 and 2025.
The growing adoption of online shopping over the last few years has led retailers to opt for digital payment processing solutions. Payment processing solutions help retailers to improve customer service, reduce cost, and decrease the risk of fraudulent transactions. In 2015, Walmart announced the launch of Walmart Pay for customers for making payments via their smartphones across various Walmart stores. This new mobile payment application was launched in more than 4,500 stores all over the U.S. Furthermore, the increasing adoption of online shopping is fueling the payment processing solutions market. Payment processing solutions help media and entertainment organizations to reduce costs and provide digital payment solutions with advanced security options. The adoption of mobile commerce in the transportation sector is increasing. Car rental organizations, such as Uber and Lyft, are the major reason for this growth. This is also fuelling this market. However, the lack of standardization for international transactions and issues related to maintaining data secrecy may adversely affect market growth.
Browse through 36 Tables & 25 Figures spread over 148 Pages and in-depth TOC on “Global Payment Processing Solutions Market: By Methods, Type, Industry Size, Share, Trends, Applications, Analysis and Forecast, 2018–2025”.
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The payment processing solutions market is fragmented based on the payment method and end-use industry. Based on the payment method, the market includes credit card, debit card, e-wallet, and others. The e-wallet segment is estimated to grow significantly in the future, owing to the increasing smartphones adoption. On the basis of end-user industry, the payment processing solutions market is divided into BFSI, hospitality, retail, IT and telecom, media and entertainment, transportation, and others. The BFSI segment is projected to hold a notable market share in the years ahead, owing to the rising investments made in upgrading technology. The transportation segment is anticipated to witness considerable growth in the payment processing solutions market over the forecast time period, owing to the increasing demand for online car rental services.
The Asia Pacific region is estimated to grow substantially in the global payment processing solutions market over the forecast time span. India and China are expected to hold considerable market shares over the coming years in this region. Initiatives taken by the government for promoting the use of technology for making/receiving payments is the major contributor to the Asia Pacific payment processing solutions market. In 2016, the "National Payments Corporation of India" (NPCI) launched "Unified Payments Interface" (UPI). During this time, the interface handled 93,000 transactions and by 2018, this number reached 312 million. It is estimated that digital transactions in India would reach around USD 1 trillion annually by 2025. Thus, the notable growth of the Asia Pacific payment processing solutions market is projected.
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The European payment processing solutions market is projected to grow in the future, owing to the increasing payment processing solutions adoption in the retail sector. The online retail sales in Europe increased by 14.2% in the financial year 2016-2017 and reached USD 292.5 billion. France, the UK, and Germany were the key online retailing contributors to and held 18.3%, 29.2%, and 27.4% shares, respectively in 2017. With the number of smartphone users increasing annually in these countries, the payment processing solutions demand among European retailers will increase.
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The Middle East and Africa is projected to grow substantially in the payment processing solutions market in the future, owing to the rising demand by the BFSI sector. The UAE, Saudi Arabia, and South Africa are key countries for this regional market. Furthermore, these countries have also proved to be a boon for Fintech startups. In the first half of 2019, the UAE and South Africa had 67 and 184 Fintech startups, respectively. Latin America is anticipated to witness substantial growth in the payment processing solutions market over the forecast timeframe, owing to the growing demand by the Brazilian BFSI sector.
Some noticeable players of the global payment processing solutions market are PayPal, Square, Wirecard AG, Adyen, Stripe, Global Payments, Paysafe Group, Authorize.Net, and Jack Henry & Associates.
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This report segments the global payment processing solutions market into:
Global Payment Processing Solutions Market: Payment Method Analysis
Global Payment Processing Solutions Market: End-Use Industry Analysis
Global Payment Processing Solutions Market: Regional Analysis
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