SAN FRANCISCO, May 12, 2020 /PRNewswire/ -- The global payment processing solutions market size is expected to reach USD 98.01 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth can be attributed to the emergence of digital technology and customers' demand for immediacy of transactions. The customers are looking for faster and convenient money transfer options, thereby driving the adoption of payment processing solutions.
Key suggestions from the report:
- Growing popularity of smartphones and technological innovations are anticipated to boost the usage of e-wallets across the globe
- As retailers are focusing on diversifying their business operations, they are increasingly embracing wireless and mobile processing technologies for transaction processes. This, in turn, is expected to fuel the adoption of solutions for transaction processing in the retail end-use segment
- Increasing e-commerce sales, coupled with growing internet penetration across the region, is expected to fuel the market growth in Asia Pacific over the forecast period
- Key vendors in the market include SecurePay; PayU Group; PayPal Holdings, Inc.; Authorize.Net; and Alipay.
Read 120 page research report with ToC on "Payment Processing Solutions Market Size, Share & Trends Analysis Report By Payment Method (Credit Card, Debit Card, E-wallet), By End Use, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/payment-processing-solutions-market
Technologies such as the Internet of Things (IoT), machine learning, and Artificial Intelligence (AI) are all finding their way into numerous industries in order to streamline and simplify process of transactions. Machine learning can automatically recognize patterns across large volumes of transactions to quickly identify fraudulent activities. Moreover, artificial intelligence offers the ability to personalize the customer experience and enhance customer service.
Machine learning integrated processing solutions are used for the authorization of money transfer patterns and transaction monitoring. Machine learning tools enable FinTech companies to accurately process this data to decrease costs, meet customer needs, and better allocate resources. Furthermore, these solutions allow businesses to provide better customer services to their customers.
Service providers are focusing on leveraging IoT into their payment processing solutions. They enable money transfer through connected voice assistants and smart TVs. These services are allowing customers to pay when, where, and how they want to pay.
Grand View Research has segmented the global payment processing solutions market based on payment method, end use, and region:
- Payment Processing Solutions Payment Method Outlook (Revenue, USD Billion, 2016 - 2027)
- Credit Card
- Debit Card
- Payment Processing Solutions End-use Outlook (Revenue, USD Billion, 2016 - 2027)
- Utilities & Telecommunication
- Payment Processing Solutions Regional Outlook (Revenue, USD Billion, 2016 - 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
- Digital Payment Market – The global digital payment market size was valued at USD 43.5 billion in 2018 and is expected to register a CAGR of 17.6% from 2019 to 2025.
- Real-Time Payments Market – The global Real-Time Payments (RTP) market size was valued at USD 6.90 billion in 2018 and is projected to expand at a CAGR of 29.3% from 2019 to 2025.
- Contactless Payment Market – The global contactless payment market size was valued at USD 207.65 billion in 2016 and is expected to grow at a fast pace over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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