Payment Processing Solutions Global Market Report 2024

The global payment processing solutions market has grown rapidly in recent years. It will grow from $104.73 billion in 2023 to $121.77 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth observed in the historic period was propelled by various factors including the expansion of e-commerce, the introduction of credit cards, the establishment of ATM networks, the emergence of debit cards, and notable regulatory changes. These elements collectively contributed to shaping and advancing the landscape of financial transactions during that period.

The global payment processing solutions market is expected to see rapid growth in the next few years. It will grow to $227.19 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The anticipated growth in the forecast period is expected to be driven by several factors, notably the surge in contactless payments, the integration of blockchain technology, embedded payments, improved cybersecurity measures, and the expansion of mobile wallets. Additionally, key trends foreseen during this period encompass the adoption of biometric authentication, integration of IoT into payment systems, the rise of subscription-based payment models, heightened focus on enhancing user experiences, and the globalization of payment solutions. These trends are likely to significantly influence and shape the evolution of the payment industry in the coming years.

The surge in e-commerce sales, combined with widespread internet access, is set to drive the expansion of payment processing solutions. Consumers' increasing preference for online shopping stems from the ease of internet access, seamless transactions, diverse product offerings, personalized incentives, and the convenience of shopping without physical limitations. The COVID-19 pandemic brought about substantial changes in consumer behavior, notably favoring online shopping. This shift has intensified the need for secure and integrated payment processing systems. In the United States alone, e-commerce sales reached $870 billion in 2021, as reported by Forbes, underscoring the impetus for growth in payment processing solutions.

The escalating adoption of mobile payments is anticipated to fuel the growth of the payment processing solutions market. The pervasive use of smartphones has propelled the popularity of mobile payment solutions and digital wallets. The convenience associated with conducting transactions via mobile devices drives the acceptance of mobile payment technologies. Notably, the estimated global smartphone users in 2023 are anticipated to reach 5.25 billion, witnessing a 4.9% annual increase, as reported by Oberlo. Moreover, per Oberlo's data, the projected US mobile payments spending per user is set to rise to $5,189 in 2023, signifying a 24.2% year-over-year increase from 2022. Consequently, the rising utilization of mobile payments is steering the growth of the payment processing solutions market.

Technological advancements represent a pivotal trend in the payment processing solutions market, empowering financial and fintech services with cutting-edge payment solutions. These advancements serve as a catalyst for businesses to expand and scale, offering competitive advantages to key industry players. For instance, in June 2022, PayTab, a Saudi Arabia-based payment solution company, launched its SwitchOn platform. This unique platform provides established financial institutions with diverse capabilities, value, and flexibility. The architecture of PayTabs Switch On offers users a selection of customizable features, ranging from card and wallet management systems to the unified Access Policy Manager (APM) gateway, catering to diverse needs.

Key companies in the payment processing solutions market prioritize product innovation, exemplified by offerings like GoDaddy Payments. This solution enables businesses to securely accept major credit and debit card payments, both online and in-person. GoDaddy Payments streamlines online transaction management, facilitating oversight of payouts, orders, and customer refunds. For instance, in July 2021, GoDaddy, a US-based internet domain registrar and web hosting company, introduced GoDaddy Payments. This solution is designed specifically for small businesses (SMBs), offering fast and secure payment processing. SMBs can accept various payment methods like credit, debit, Apple Pay, and Google Pay on their websites and in-store. GoDaddy Payments offers competitive transaction fees without long-term contracts, monthly minimums, or unexpected charges. Additionally, it provides a unified dashboard for managing orders, payments, and refunds, along with 24/7 customer support.

In September 2021, Nuvei Corporation, a Canadian payments technology company, completed the acquisition of Simplex CC Ltd., a UK-based payment solutions company, for an undisclosed sum. Nuvei's objective behind this acquisition is to integrate Simplex's cutting-edge capabilities and innovative solutions into its offerings for merchants across various sectors. Simultaneously, Nuvei aims to introduce Simplex's clientele to its diverse array of product solutions and capabilities, creating a mutually beneficial synergy between the two entities.

Major companies operating in the payment processing solutions market report are PayPal Holdings Inc., Fiserv Inc., Global Payments Inc., Mastercard Incorporated, Square Inc., Visa Inc., Paysafe Ltd., FIS Inc., ACI Worldwide Inc., Wirecard CEE, Jack Henry and Associates Inc., Stripe Inc., PayU LLC, CCBill LLC, Authorize.Net, Nelnet Business Solutions Inc., Rapyd Financial Network Ltd., Dwolla Inc., U.S. Bank National Association Inc., GoCardless Ltd., Melio Inc., Amazon Payments Inc., Podium Corporation, BlueSnap Inc., JPMorgan Chase & Co., Stax Inc., Payline Data LLC, Dharma Merchant Services LLC, Helcim Inc., Shopify Inc., Payoneer Inc., Gusto Holdings Inc., Freedom Financial Network LLC, Adyen N.V., Worldpay LLC, CyberSource Corporation, PaySimple Inc., PayJunction Inc., Paycor Inc., Paycom Software Inc., Heartland Payment Systems LLC, BluePay Processing LLC, Global Payments Inc., Vantiv LLC, Braintree LLC

Asia-Pacific was the largest region in the payment processing solutions market share in 2023. The regions covered in the payment processing solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the payment processing solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of payment processing solutions include e-wallets, credit cards, debit cards, automatic clearing houses, and others. E-wallets, specifically, are payment processing solutions utilized for online purchases via computers or smartphones. Essentially, an e-wallet represents a digital wallet, typically a mobile application facilitating financial transactions. These solutions can be deployed as on-premises or cloud-based, catering to various sectors such as banking, financial services, insurance (BFSI), government, utilities, telecommunications, IT, healthcare, real estate, retail, e-commerce, media, entertainment, travel, hospitality, and other industries.

This report provides payment processing solutions market statistics, including payment processing solutions industry global market size, regional shares, competitors with a payment processing solutions market share, detailed payment processing solutions market segments, market trends and opportunities, and any further data you may need to thrive in the payment processing solutions industry. This payment processing solutions market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The payment processing solutions market includes revenues earned by entities by providing cards, e-wallet and automated clearing house (ACH). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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