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Payment Processing Solutions Market Growing at a CAGR 10.2% | Key Player Paypal, Fiserv, FIS, Square, Global Payments

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Payment Processing Solutions Market Growing at a CAGR 10.2% | Key Player Paypal, Fiserv, FIS, Square, Global Payments

September 16
21:25 2020
Payment Processing Solutions Market Growing at a CAGR 10.2% | Key Player Paypal, Fiserv, FIS, Square, Global Payments

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).
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

The global 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 growing initiatives for the promotion of digital and online payments, the 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.

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. 

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

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.

The major payment processing solutions market vendors 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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global payment processing solutions market. New product launches and acquisitions have been the most adopted strategies by the major players from 2018 to 2020, which helped them innovate their offerings and broaden their customer base.

PayPal is one of the leading players in the global payment processing solutions market. The company operates a 2-sided proprietary global technology platform that links its customers across the globe to facilitate the processing of payment transactions, enabling the company to connect millions of merchants and consumers worldwide. The company enables consumers to safely exchange funds with merchants using a variety of funding sources, which may include a bank account, PayPal account balance, PayPal Credit account, credit or debit card, or other stored value products, such as coupons and gift cards. PayPal, Venmo, and Xoom products also make it safer, easier, and simpler for friends and family to transfer funds to each other. The company adopted inorganic growth strategies to expand its reach and enhance its solutions, such as partnerships and acquisitions. For instance, in December 2019, Citi Bank and PayPal have expanded their partnership to enable the bank’s institutional clients to make payments into customers’ PayPal digital wallets.

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

Fiserv is one of the major players in the payment processing solutions market. The company provides an array of payment solutions, including ACH solutions, Atm solutions, card solutions, biller solutions, and others in the US and internationally. The company’s major services are account aggregation services, business technology services, and personal payment services. The company serves a wide range of markets, including banks, credit unions, other financial institutions, and merchants. Fiserv continues to expand its business by treading on inorganic growth strategies and through acquisitions. In January 2019, the company entered into an agreement to acquire First Data, a provider of commerce-enabling technology and solutions for financial institutions, merchants, and card issuers. The acquisition would expand the company’s presence in electronic commerce and broaden its solution portfolio. It would also expand the company’s payments segment and offers new solutions to enhance the value proposition for its existing debit solution clients.

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