The global payment processing solutions market is expected to grow at a significant CAGR during the forecast period. The major factors driving the growth of the global payment processing solutions market include the high penetration of smartphones and the internet and rising investment in online payment solutions globally. According to the International Telecommunication Union (ITU) data 2021, more than 75% of the total population has an active broadband subscription globally, and more than 57% of the households have an internet connection at home.
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A payment processing solutions help businesses providing a payment option through credit or debit cards or the online mode to their customers. They are responsible for the seamless transaction between the customer and the businesses by collaborating with parties involved in the payments process. Additionally, the growth of the market is attributed to the rising e-commerce adoption by the population. E-commerce is the platform that utilizes e-payments through credit or debit cards mostly. For instance, according to the Federal Reserve Payment study 2019, the number of transactions via debit cards reached 86.4 billion whereas the number of transactions through credit cards reached 44.7 billion in 2018.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Payment Processing Solutions Market -Segmentation
Global Payment Processing Solutions Market by Payment Method
- Credit Card
- Debit Card
- E-Wallet
- Others
Global Payment Processing Solutions Market by Industry Vertical
- Retail & E-Commerce
- Hospitality
- BFSI
- IT & Telecom
- Others
Global Payment Processing Solutions Market -Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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