The global payment processing solutions market is expected to grow from USD 39.3 billion in 2019 to USD 64.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
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. However, the lack of a global standard for international transaction may limit the market growth.
eWallet segment to grow at the highest CAGR during the forecast period
An eWallet is a way of carrying digital card information in a digital form on a mobile device. To make purchases, people can pay with their tablets, smartwatches, or smartphones. Normally, an eWallet is a payment service through which individuals and businesses can send and receive money through a mobile device. Primarily, it enables an individual to receive payments, as well as pay, using a mobile device. Usually, an eWallet is provided through some payment processing models.
Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. Payment methods vary widely across the region, both between and within countries, and across the spectrums of development from urban to rural. Companies operating in Asia thus, face a complicated and demanding payment landscape. Since last few years, APAC increasingly preferred to pay online via alternative payment methods, such as eWallets, bank transfers, and cash on delivery. Moreover, the increasing market of retail in APAC has enabled the payment processing solutions provider to focus more in this region for providing advanced solutions.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Payment Processing Solutions Market 4.2 Global Market Share of Top 2 Payment Methods and Regions 4.3 Market By Region 4.4 Market Investment Scenario
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 18.104.22.168 Worldwide Initiatives for the Promotion of Digital and Online Payments 22.214.171.124 High Proliferation of Smartphones 126.96.36.199 Focus on Improving Customer Experience 188.8.131.52 Customers' Demand for Immediacy of Payments and Settlements 5.2.2 Restraints 184.108.40.206 Lack of Global Standard for International Transaction 5.2.3 Opportunities 220.127.116.11 Increasing Adoption of Financial Services 18.104.22.168 Progressive Changes in Regulatory Frameworks 5.2.4 Challenges 22.214.171.124 Lack of Digital Literacy in Emerging Countries 126.96.36.199 Threat of Cyber-Attack Affecting Payment Processing Solutions 5.3 Standards and Regulatory Implications 5.3.1 Payment Card Industry Security Standards Council 5.3.2 Payment Card Industry Data Security Standard 5.3.3 Payment Services Directive 5.3.4 First Payment Services Directive 5.3.5 Second Payment Services Directive 5.4 Payment Processing Architecture 5.4.1 Merchant Acquiring Processing 5.4.2 Payment Network Processing 5.4.3 Issuer Card Processing 5.5 Emerging Trends and Opportunities in the Payment Processing Industry 5.6 Use Cases 5.6.1 Bluepay 5.6.2 PayPal 5.6.3 Payscape 5.6.4 Worldpay
6 Payment Processing Solutions Market, By Payment Method 6.1 Introduction 6.2 Ewallet 6.2.1 Increasing Demand for Smartphones to Drive Ewallet Usage 6.3 Credit Card 6.3.1 North America and Europe to Witness Growth in Credit Card Payment Processing Solutions 6.4 Debit Card 6.4.1 Increasing Use of Debit Cards to Gradually Replace Checks and Cash Transactions
7 Payment Processing Solutions Market, By Vertical 7.1 Introduction 7.2 Retail 7.2.1 Retailers to Establish Online Stores for Providing Improved Services to Customers 7.3 Hospitality 7.3.1 Hospitality Vertical is One of the Biggest Contributors in the Market 7.4 Utilities and Telecommunication 7.4.1 Telecommunication and Utilities Customers to Demand for More Convenient and Faster Mode of Bill Payments 7.5 Others