CHICAGO, May 15, 2019 /PRNewswire/ -- According to the new market research report "Payment Processing Solutions Market by Payment Method (Credit Card, Debit Card, and Ewallet), Vertical (Retail, Hospitality, Utilities & Telecommunication), and Region (North America, Europe, APAC, MEA, and Latin America) - Global Forecast to 2024", published by MarketsandMarkets™, the global Payment Processing Solutions Market size is expected to grow from USD 39.3 billion in 2019 to USD 64.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
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Major driving factors for the Payment Processing Solutions Market are the increasing 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.
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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.
Hospitality vertical to account for the highest market share during the forecast period
Hospitality is an industry that depends on the availability of leisure time and disposable income. A hospitality unit, such as a restaurant, hotel, or an amusement park, consists of multiple groups, including facility maintenance and direct operations. The hospitality vertical is one of the biggest contributors, as well as one of the fastest-growing verticals in the Payment Processing Solutions Market. With more people looking to book tickets or make reservations and pay for them online, the vertical is growing rapidly.
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North America to account for the 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. 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 method in North American countries.
Major vendors in the global Payment Processing Solutions Market include PayPal (US), Adyen (Netherlands), Stripe (US), Square (US), Wirecard (Germany), Global Payments (US), CCBill (US), PayU (Netherlands), Authorize.Net (US), Due (US), First Data (US), Jack Henry & Associates (US), Alipay (China), Paysafe (UK), and BlueSnap (US).
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