Global payment processing solutions market growth forecast

Major growth factors for the market are named by ReportLinker

Global payment processing solutions market growth forecast. Source: shutterstock.com

The global payment processing solutions market is expected to grow from $39.3 billion in 2019 to $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 transactions may limit market growth.

According to ReportLinker, eWallet segment to grow at the highest CAGR during the forecast period. Asia Pacific (APAC) will show the highest growth rate 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.

Major vendors in the global payment processing solutions market include PayPal, Adyen, Stripe, Square, Wirecard, Global Payments, CCBill, PayU, Authorize.Net, Due, First Data, Jack Henry & Associates, Alipay, Paysafe, and BlueSnap.

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