The global payment processing solutions market is growing at a significant CAGR during the forecast period. Payment processing is a method in which a merchant appoints a payment processing company to handle the transactions from credit cards, debit cards, merchant banks and so on. Today consumers have a lot of options to make payment for purchasing of goods then they had a few years ago when only cash was dominating the market and no other alternatives were available for paying. Various new methods of payment have risen in recent years such as credit cards, debit cards, digital wallets and so on. Cash is still the dominating the market, it is the simplest and most used method to pay and merchants still prefer cash to digital payment, as they receive 100% of the amount immediately. However, most consumers prefer digital payments, and which require a merchant account and a payment processor, hence, escalating the growth of the payment processing solutions market.
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Factors Driving Global Payment Processing Solutions Market
- Transparency and security by increasing accountability and tracking, reducing corruption and theft as a result
- Cost-saving through increased efficiency and speed
Digital payment enables companies, governments, and international organizations to save overall costs and increase efficiencies because they do not require additional printing and other resources s as in cash payment. Recently, when the Mexican government centralized their payment system, the cost of distribution of wages is decreased around 3% of $1.5 billion. Moreover, the Indian govt. launched its gas subsidy program which was the largest cash transfer program across the globe. Indian govt. saved around $2 billion by transferring the amount directly into the consumer’s bank account. Digitizing the payment system in most developing countries enabled them to decrease security risk and increased transparency. This payment requires a processor which in turn increasing the demand for payment processing solutions market.
The growing smartphone market is additionally escalating the growth of the digital payment market, as more and more digital wallet companies are arriving. These companies give cash-back and additional benefits to attract customers which in turn is escalating the growth of the market. Additionally, digital payment has become an essential tool for advancing financial inclusions. Due to digital payments, the cost of financial services provided to the poor is decreased and the safety of using insurance and saving products is increased. Moreover, with cash payments transparency is harder to achieve however digital payments provide increased transparency and accountability and ensure the reduced rate of theft and corruption. Due to which digital payment is in demand all across the globe and simultaneously need for payment processing solutions is rising.
Global Payment Processing Solutions Market -Segmentation
Global Payment Processing Solutions Market by Payment Method
- Credit Card
- Debit Card
- E-Wallet
- Others (Gift Cards)
Global Payment Processing Solutions Market by Vertical
- Retail & E-Commerce
- Hospitality
- Business Enterprises
- Others (Healthcare)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
