Authored By: Sarah
20 Jul 2024

 Payment Processing Solutions Market Size to grow by USD 81.4 billion between 2024-2028

According to a research report “ Payment Processing Solutions Market” by Deployment (Cloud-based, On-premises) Method (Credit card, Debit card, E-wallet, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 81.4 billion, at a CAGR of 13.64% during the forecast period. In today's digital business landscape, payment processing solutions have evolved significantly, with mobile payment gateways, such as PayPal and Phoenpe, streamlining the bill payment process for consumers. These innovative technologies enable customers to make purchases without the need for physical credit or debit cards. Retailers, in turn, utilize Point-of-Sale (PoS) terminals, which are portable devices capable of accepting and processing payments over Wi-Fi, printing receipts, and ensuring secure transactions through Near Field Communication (NFC) technology. By saving financial data on their smartphones, users benefit from enhanced security features that safeguard sensitive card information and security codes from unauthorized access..

Browse market data tables, figures, and in-depth TOC on “Payment Processing Solutions Market” by Deployment (Cloud-based, On-premises) Method (Credit card, Debit card, E-wallet, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Deployment, the Cloud-based segment is projected to dominate the market size in 2024

In the realm of payment processing solutions, cloud-based deployment offers businesses significant advantages. With this model, payment processing software and data are housed on remote servers, accessible via the internet. A third-party cloud service provider manages and maintains these systems, enabling businesses to access payment processing capabilities on a flexible, subscription or pay-as-you-go basis. This approach provides scalability, ease of integration with other cloud-based services, and the ability to facilitate remote access and software updates. Financial institutions, in particular, are increasingly turning to cloud-based payment platforms to replace outdated, self-built infrastructure. The agility and adaptability of cloud-based solutions are crucial in today's rapidly evolving market landscape and technology landscape.

By Method, Credit card  segment is expected to hold the largest market size for the year 2024

In the dynamic and expansive payment processing solutions market, credit card transactions represent a significant portion of commercial exchanges. Payment processing solutions play a pivotal role in this scenario, facilitating the authorization and verification of credit card purchases. This process involves intricate communication between the payment processor and the card issuer to authenticate the card, confirm sufficient funds, and secure approval for the transaction. To enable seamless credit card payments, these solutions frequently integrate with payment gateways. Acting as secure intermediaries, these gateways encrypt transaction data and ensure its safe transmission between the merchant's platform and the credit card network.

North America is forecasted to hold the largest market size by region in 2024

The Payment Processing Solutions market encompasses the provision of technologies and services that enable businesses to accept, process, and manage digital and card payments. These solutions facilitate seamless transactions, ensuring security, efficiency, and convenience for merchants and their customers. Key components include payment gateways, point-of-sale systems, mobile payments, and e-wallets. Market growth is driven by the increasing shift towards digital transactions, globalization, and the need for secure and streamlined payment processing.

The Payment Processing Solutions Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ACI Worldwide Inc.
  • Alibaba Group Holding Ltd.
  • Block Inc.
  • BlueSnap Inc.
  • CCBill LLC
  • Fidelity National Information Services Inc.
  • Finix Payments Inc.
  • Fiserv Inc.
  • Global Payments Inc.
  • Mastercard Inc.
  • MIH PayU BV
  • One97 Communications Ltd.
  • PayPal Holdings Inc.
  • Paysafe Ltd.
  • PhonePe Pvt. Ltd.
  • Razorpay Software Pvt. Ltd.
  • Secure Payment Systems Inc.
  • Stripe Inc.
  • Visa Inc.
  • Worldline SA
.

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Research Analysis Overview

The Payment Processing Solutions market has experienced significant growth in recent years, particularly in the wake of the global pandemic that has accelerated the shift towards Online payment processing. With social distancing becoming the new norm, Digital payments have become the preferred choice for consumers and businesses alike. Venture capital firms have taken notice, pouring billions of dollars into E-wallets, mobile payment apps, and contactless payments. Technologies like Near-field Communication (NFC), APIs, and Cloud computing have enabled seamless and secure transactions. Companies like Mastercard, Wirecard, and ACI Worldwide lead the market, offering robust solutions that prioritize Transaction Security. As data-intensive applications become the norm, Payment Processing Solutions must also contend with the challenges of Artificial intelligence, Machine learning, Data retrieval, and Data storage. Pestle Analysis reveals that regulatory compliance, data privacy, and cybersecurity are key concerns for this market. Despite these challenges, the future of Payment Processing Solutions looks bright, with continued innovation and investment in emerging technologies.

Market Research Overview

The Payment Processing Solutions market is experiencing significant growth due to the increasing shift towards digital payments among Small and Medium-sized Businesses (SMBs) in the wake of social distancing norms. Online payment processing is becoming the new norm, with e-wallets, mobile payment apps, and contactless payments leading the charge. Venture capital firms are investing heavily in this sector, with companies like Mastercard, Wirecard, and ACI Worldwide at the forefront. However, the digital payment processing landscape is complex, with APIs, NFC, and smartphones playing crucial roles. Data privacy concerns are also a major consideration, as is transaction security. The deployment mode, whether cloud-first or hybrid IT models, is a strategic objective for enterprises. The market is also characterized by technological trends such as real-time internet traffic, big data analytics, e-commerce, and IT and telecom. Compatibility issues with legacy systems, budgetary limitations, and cost constraints are challenges that need to be addressed. Robust, scalable, and performance-oriented solutions are in demand, with SAN solutions, SDS solutions, flash storage arrays, and flash-based storage leading the way. Data integrity, availability, and security are key concerns, as is data retrieval and storage in hybrid cloud architectures. Artificial intelligence and machine learning are being used to enhance data-intensive applications and workloads in the cloud computing era. The market is competitive, with innovative solutions being constantly introduced to meet the evolving needs of enterprises. Keywords: SMBs, Online payment processing, Social distancing, Digital payments, Venture capital firms, E-wallets, Near-field Communication, APIs, Digital payment processing, Smartphones, Internet, Data Privacy Concerns, Mastercard, Wirecard, ACI Worldwide, Pestle Analysis, Transaction Security, Contactless Payments, Mobile Payment Apps, Digital Payment Methods, Deployment Mode, Payment Processing, Estimations, Hybrid IT models, Cloud-first strategies, Security, Interoperability, Data synchronization, Data replication, Data mobility, Hybrid cloud architectures, Agile storage solutions, Scalable storage solutions, Digital transformation, SAN solutions, Strategic objectives, Data explosion, Real-time, Internet traffic, Big data analytics, E-commerce, IT and telecom, iSCSI Protocol, InfiniBand, Services, Software, Hardware, Fiber channel, Compatibility issues, Legacy system integration, Budgetary limitations, Cost constraints, Cloud adoption, Hybrid IT environments, Technological trends, Robust, Scalable, Performance, Operating costs, Security features.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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