Payment Processing Solutions Market worth $160.0 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, July 24, 2023 /PRNewswire/ — In the future, real-time payments will evolve, blockchain and AI technology will become more widely used, embedded finance will start to emerge, and the market for payment processing solutions will continue to increase as digital payments continue to grow. The industry’s future development will be greatly influenced by partnerships, governmental reforms, IoT payments, biometric authentication, and IoT payments.

The Payment Processing Solutions Market is projected to grow from USD 103.2 billion in 2023 to USD 160.0 billion by 2028, at a CAGR of 9.2% during the forecast period, according to a new report by MarketsandMarkets™. The increasing prevalence of smartphones and mobile applications has led to a growing trend of consumers utilizing mobile devices for making payments. Mobile payment solutions, such as digital wallets and mobile banking apps, heavily depend on payment processing services to facilitate smooth transactions, driving the Payment Processing Solutions Market.

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

250 – Tables

50 – Figures

300 – Pages

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

Scope of the Report

Based on payment method, the credit card method to hold the largest market during the forecast period.

A credit card is a payment card issued by banks or financial institutions to individuals, allowing them to make purchases from merchants and incur agreed-upon charges. It provides a revolving line of credit, enabling cardholders to borrow money for payments or cash advances. Credit cards offer convenience and flexibility, eliminating the need for cash or checks. Cardholders have the option to carry a balance from month to month, subject to interest charges. Different types of credit cards, such as business, secured, prepaid, and digital cards, cater to various needs and preferences. While credit cards provide benefits like rewards programs and enhanced purchasing power, responsible credit management is crucial to avoid excessive debt and interest accumulation.

Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=751866

Based on region, Asia Pacific is expected to hold the largest market size during the forecast

Asia Pacific consumers in the region prefer seamless and secure digital payment transactions, driving the demand for advanced payment processing solutions. With a growing retail market in Asia Pacific, global payment processing solution providers increasingly focus on this region to offer sophisticated solutions. Countries like China, India, Indonesia, and Malaysia witness a high volume of daily mobile transactions, prompting respective governments to prioritize convenient payment methods. The GSMA’s “The Mobile Economy 2021” report highlights that Asia Pacific has a 42% mobile internet penetration rate, with 1.2 billion people connected to mobile internet by the end of 2020, marking an addition of 200 million new subscribers compared to the previous year.

Top Key Companies in Payment Processing Solutions Market:

The major vendors covered in the Payment Processing Solutions Market include PayPal (US), Fiserv (US), FIS (US), Global Payments (US), ACI Worldwide (US), Square (US), Mastercard (US), Visa (US), Adyen (Netherland), Stripe (US), PayU (Netherland), Jack Henry & Associates (US), Paysafe (UK), PhonePe (India), Razorpay (India), Secure Payment Systems (US), Worldline (France), Spreedly (US), Fattmerchant (US), North American Bancard (US), Dwolla (US), CCBill (US), Authorize.Net (US), Alipay (China), PayProTec (US), SignaPay (US), Klik & Pay (Switzerland), Finix Payments (US), Due (US), Pineapple Payments (US), Modulr (UK), MuchBetter (UK), Paykickstart (US), AeroPay (US), and Sila (US).

Recent Developments:

• In June 2023, Visa acquired Pismo, to provide core banking and issuer processing capabilities across debit, prepaid, credit, and commercial cards for clients via cloud-native APIs and also provide support and connectivity for emerging payment rails, like Pix in Brazil, for financial institution clients.
• In May 2023, ACI Worldwide announced its collaboration with Red Hat OpenShift, to enable financial institutions and payment providers to utilize ACI solutions on the platform.
• In February 2022, PayPal’s investment in Skipify would allow Skipify to introduce frictionless checkout experiences for millions of shoppers and merchants alike by simplifying and streamlining the checkout process.
• In May 2022, Afterpay, a company acquired by Square, partnered with Rite Aid, to offer online shoppers to pay for everyday items in four installments at no additional cost.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=751866

Payment Processing Solutions Market Advantages:

• Many payment processing solutions are built to handle international transactions, allowing businesses to access a worldwide audience. This offers up new markets and revenue streams.
• Leading payment processors put strong security measures in place to safeguard confidential financial data. Systems for fraud detection, tokenization, and advanced encryption reduce the likelihood of data breaches and unauthorised access.
• Credit cards, debit cards, mobile wallets, and internet banking are just a few of the payment methods that payment processing systems provide. The overall purchasing experience is improved by the versatility that caters to different customer preferences.
• Businesses may draw more clients and boost sales by allowing a variety of payment methods. Flexible payment options lower the chance of cart abandonment and promote impulsive buying.
• Recurring billing and subscription models are frequently supported by payment processing solutions, making it simpler for businesses to handle recurring payments from clients for services or subscriptions.
• Numerous payment processing platforms offer insightful data analytics. This information can be used by retailers to comprehend consumer behaviour, spot trends, and develop strategic business plans.
• Payment processing solutions have evolved to support mobile payments in response to the growth of mobile commerce, enabling customers to make purchases using their smartphones or other mobile devices.
• Businesses may easily set up online stores and handle payments thanks to payment processors’ smooth integration with a variety of e-commerce platforms.
• Competitive price structures are available with payment processing solutions, frequently based on transaction volumes. Compared to more conventional payment methods like cheque processing, this can be more affordable for enterprises.
• No matter where they are physically located, businesses may accept payments 24/7 thanks to online payment processing. Both client happiness and revenue potential may rise as a result of this ongoing accessibility.

Report Objectives

• To determine and forecast the global Payment Processing Solutions Market by payment method, vertical, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Payment Processing Solutions Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Payment Processing Solutions Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Payment Processing Solutions Market.
• To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
• In the market, track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting

Related Reports:

IIoT Platform Market – Global Forecast to 2028

Sales Performance Management Market – Global Forecast to 2028

Digital Twin in Finance Market – Global Forecast to 2028

Green Technology and Sustainability Market – Global Forecast to 2027

Traffic Management Market – Global Forecast to 2027

About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/payment-processing-solutions-market.asp

Visit Our Website: https://www.marketsandmarkets.com/

Content Source: https://www.marketsandmarkets.com/PressReleases/payment-processing-solutions.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/payment-processing-solutions-market-worth-160-0-billion-by-2028—exclusive-report-by-marketsandmarkets-301883824.html