The global payment processing solutions market is expected to garner significant growth over the forecast period. Factors such as high penetration of smartphones, various government initiatives for the promotion of digital and online payments across the globe, and significant investment in online payment solutions globally are driving the market growth. As per the World Bank estimation, in 2016, the total value of business-to-business (B2B) retail payments across the globe by micro, small and medium retailers (MSMRs) to immediate suppliers were $13.3 trillion. Of the total transaction, 53% (approximately $7 trillion) are made electronically, and the remaining is in cash and checks. Moreover, the total value of business-to-consumer (B2C) retail payments across the globe by MSMRs were $2 trillion, 50% of which are made electronically. Electronic payments are more widely used by non-grocery retailers compared to grocery retailers, regardless of the mode of business (B2B, B2C) transactions. These facts and figures reflect the need for payment processing solutions across various verticals; thereby, augmenting the market growth in near future.
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Realizing the potential of online payment in various fields such as retail and BFSI, investments are being pouring which R&D and expansion. For instance, Mobeewave, a contactless payment company closed a big Series B funding of $16.5 million round led by NewAlpha Asset Management, Mastercard and Forestay Capital in 2018. The investment fund allowed Mobeewave to continue the deployment of its patented solution across the globe. Further, Mobeewave also announced that its Samsung Venture Investment Corporation has officially joined the round, bringing its total to around $20 million. This enables the company to expand its presence by offering innovative products across the globe. Currently, Mobeewave platform in collaboration with Mastercard is available in Australia, Canada, and Poland through partnerships with Commonwealth Bank, National Bank, and PolskieePlatnosci (PeP). Such activities performed by the market players are expected to surge widespread adoption of digital payment across the globe.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Payment Processing Solutions Market -Segmentation
Global Payment Processing Solutions Market by Payment Method
- Credit Card
- Debit Card
- E-Wallet
- Others (Gift Cards)
Global Payment Processing Solutions Market by Vertical
- Retail & E-Commerce
- Hospitality
- Business Enterprises
- Others (Healthcare)
Global Payment Processing Solutions Market -Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle-East and Africa
The Report Covers
- Market value data analysis of 2018 and forecast to 2025.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global payment processing solutions market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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