Payment Processing Solutions Market worth $120.7 billion by 2025 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 2, 2020 /PRNewswire/ -- According to the new market research report "Payment Processing Solutions Market by Payment Method (Debit Card, Credit Card, eWallets, ACH, and Others), Mode Of Deployment (On-premise, Cloud-based), Vertical (BFSI, Government And Utilities), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Payment Processing Solutions Market size is expected to grow from USD 74.4 billion in 2020 to USD 120.7 billion by 2025, at a CAGR of 10.2% during the forecast period.

Major driving factors for the payment processing solutions industry are the increasing initiatives for the promotion of digital and online payments, the high proliferation of smartphones, focus on improving customer experience, and customer demand for immediacy of payments and settlements. These factors are expected to drive the global Payment Processing Solutions Market.

Browse in-depth TOC on "Payment Processing Solutions Market"

204 – Tables
53 – Figures
249 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=751866

By payment method, credit card segment to account for the highest market share during the forecast period

The credit card segment is expected to have the largest market size in the Payment Processing Solutions Market. Credit card continues to be the preferred way to pay at department stores, most likely due to people preferring credit card for higher-value purchases. A credit card enables consumers to build a continuing balance of debt, subject to interest being charged. A credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer. Issuing banks and other financial institutes offer various credit cards, such as business, secured, prepaid, and digital cards. 

By vertical, BFSI captured the highest market share after retail and eCommerce in 2020

The BFSI vertical is the frontrunner in the adoption of new technologies. Over the past few years, it has focused on improving its services and enrich customer experience. The introduction of digital payment has benefitted financial institutions in several ways. Digital payment platforms allow financial institutions to offer differentiated payment services to potential customers. Thus, leading financial institutions across the globe have launched mobile and web applications to carry out seamless financial transactions. In regard to this, several banks have ceased their physical branches and are shifting their focus to the digital mode of payment.

By region, North America to account for the second-highest market share during the forecast period

North America is expected to have the largest market size in the Payment Processing Solutions Market. The region comprises the US and Canada. The US accounts for the highest market share in the Payment Processing Solutions Market. Moreover, the US and Canada are also the leading countries in retail, financial services, banking, and other industries, such as transportation and manufacturing. Credit card is the most preferred mode of payment by consumers in both online and POS methods in North American countries.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=751866

Market Players

Major vendors in the Payment Processing Solutions Market include PayPal (US), Fiserv (US), Global Payments (US), FIS (US), Square (US), Stripe (US), MasterCard (US), Visa (US), Dwolla (US), ACI Worldwide (US), Adyen (Netherlands), Paysafe (UK), Jack Henry & Associates (US), Wirecard (Germany), and PayU (Netherlands).

Browse Adjacent Markets: Software and Services Market Research Reports & Consulting

Related Reports:

Real-Time Payments Market by Nature of Payment (P2P, P2B & B2P), Component (Solutions (Payment Gateway, Payment Processing & Payment Security & Fraud Management) & Services), Deployment Mode, Enterprise Size, Vertical, & Region - Global Forecast to 2023
https://www.marketsandmarkets.com/Market-Reports/real-time-payments-market-103502782.html

Digital Payment Market by Type (Solutions & Services), Solution Type (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management), Deployment Mode, Organization Size, and Region - Global Forecast to 2023
https://www.marketsandmarkets.com/Market-Reports/digital-payment-market-209834053.html

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets' flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/payment-processing-solutions-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/payment-processing-solutions.asp

SOURCE MarketsandMarkets