LONDON, June 17, 2020 (GLOBE NEWSWIRE) -- Data Bridge Market Research has published a new report titled “" by Payment Method (E-Wallet, Credit Card, Debit Card), Vertical (Retail, Hospitality, IT & Telecommunication, Utilities, BFSI, Media & Entertainment, Transportation, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019-2026. According to the report published by Data Bridge Market, Global payment processing solutions market is expected to rise to an estimated value of USD 78.24 billion by 2026, registering a healthy CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the significant surge in utilization of e-commerce and the subsequent digital payment services associated with the industry.
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Payment processing solutions is the combined technological offerings that work in collaboration with the merchant and customer to process the financial transactions with the generation of a payment gateway which operates on a set of parameters pre-defined by the merchant. These solutions act as a middle man between the merchant and consumer account providing efficient flow of financial transactions. These solutions are a combination of all the processes that work together to provide better transactional flow. Service providers are focusing on leveraging IoT into their payment processing solutions. They enable money transfer through connected voice assistants and smart TVs. These services are allowing customers to pay when, where, and how they want to pay. 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 July 2019, PayU announced that they had acquired a major stake in the Southeast Asia based Red Dot Payment essentially expanding their service providing capabilities in the region as well as extending their payment solution offerings. This acquisition is evidence of PayU’s focus on establishing themselves as the leader of payment solutions as well as becoming the biggest financial investor globally.
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COMPANIES MENTIONED INCLUDE (we can also add the other companies as you want):
- PayPal
- Adyen
- Stripe
- Wirecard
- Square Inc.
- CCBill LLC
- Global Payments Inc.
- PayU money
- Authorize.Net
- Due Inc.
- First Data Corporation
- Jack Henry & Associates Inc.
Furthermore, the increasing adoption of online shopping is fuelling 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. Major growth factors for the market include increasing worldwide initiatives for the promotion of digital and online payments, high proliferation of smartphones, focus on improving customer experience, and customers' demand for immediacy of payments and settlements. These factors are expected to drive the global payment processing solutions market.
Payment Processing Solutions Market Drivers:
- Increased promotion and strategies adopted by various authorities of the world to promote digital payment methods is expected to drive the growth of the market
- Growing usage of online payment methods as it promotes convenience and easier transactions is expected to drive the growth of the market
- Significant surge of smartphone users and integration of online payment solutions in these devices is expected to drive the growth of the market
- Increased demand for easing the transactional flow to more efficiency while constant advancements are underway to improve the customer handling
Segmentation: Global Payment Processing Solutions Market
By Payment Method
- E-Wallet
- Credit Card
- Debit Card
By Vertical
- Retail
- Hospitality
- IT & Telecommunication
- Utilities
- BFSI
- Media & Entertainment
- Transportation
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
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Middle East & North Africa Payment Processing Solutions Market Scope and Market Size
Payment processing solutions market is segmented on the basis of payment, organisation size and vertical. The growth among segments helps you to analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
On the basis of payment, the market is segmented into e-wallet, credit card, debit card and prepaid card. The e-wallet is dominating the market as it seems major adoption by the banking and retail sectors to enhance the customer service experience. Rising trend of digitalisation is getting supported by the government as well as youth population which creates demand for the new e-wallet services as a result new players are entering the market.
Some of the Major Highlights of TOC covers:
Chapter 1: Methodology & Scope
- Definition and forecast parameters
- Methodology and forecast parameters
- Data Sources
Chapter 2: Executive Summary
- Business trends
- Regional trends
- Product trends
- End-use trends
Chapter 3: Payment Processing Solutions Industry Insights
- Industry segmentation
- Industry landscape
- Vendor matrix
- Technological and innovation landscape
Chapter 4: Payment Processing Solutions Market, By Region
Chapter 5: Company Profile
- Business Overview
- Financial Data
- Product Landscape
- Strategic Outlook
- SWOT Analysis
Click here to Details Tables of Content @ https://www.databridgemarketresearch.com/toc/?dbmr=global-payment-processing-solutions-market
Key Suggestions From Payment Processing Solutions Market Report:
- Growing popularity of smartphones and technological innovations are 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 transaction processes. This, in turn, is expected to fuel the adoption of solutions for transaction processing in the retail end-use segment
- Increasing e-commerce sales, coupled with growing internet penetration across the region, is expected to fuel the market growth in Asia Pacific over the forecast period
- Key vendors in the market include PayPal, Adyen, Stripe, Wirecard, Square, Inc., CCBill, LLC, Global Payments Inc., PayU money, Authorize.Net, Due Inc., First Data Corporation, Jack Henry & Associates, Inc., Alipay.com, Paysafe Holdings UK Limited, BlueSnap Inc., Flagship Merchant Services, Payline Data Services, LLC, GoCardless, INFIBEAM AVENUES, Payvision, Ingenico Group, BillingTree, Computer Services, Inc. and Total System Services, Inc
What Questions Does The Report Answer With Respect To The Regional Spectrum Of The Payment Processing Solutions Market?
- The report apparently splits the regional terrain into North America, Europe, Asia-Pacific, South America & Middle East and Africa. Which of these topographies is expected to accumulate the highest market share over the forecast duration?
- How much is the sales rate that each company mentioned in the report is predicted to attain?
- How strong do the profit statistics of the Payment Processing Solutions Market look like?
- What is the approximate revenue share currently held by each geography?
- How much revenue will every region North America, Europe, Asia-Pacific, South America & Middle East and Africa account for, over the expected timeframe?
- How much is the growth rate each region is expected to register over the projected timeline?
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