Businesses today are diversifying their payment solutions due to ongoing technological advancements. Paced innovations in the FinTech industry are putting forth various payment processing solutions for merchants including bank transfers, E-Checks, debit/credit cards, and digital wallets. As a result, the demand for efficient and reliable payment processing solutions has increased. Payment processing solution or software enable swift online payment for diversified products or services. These solutions facilitate smoother and faster transactions, making trade easier. In this backdrop, the processing solutions market is witnessing robust growth on the global front. Increased emphasis on security improvement for payment processing and value-added services to maintain orders for digital processing is further building the momentum for market growth. The cumulative force of these factors is unlocking new growth prospects for the payment processing solutions market.
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Favourbale Government Initiatives to Serve a Greater Segment of Population to Aid Market Expansion
World over, government institutions are making tremendous efforts to take financial services to a greater population residing in rural and remote areas. This will ensure the provision of connectivity to these under-developed areas and promote financial inclusion. Besides, to access the online payment services, it is necessary to create and operate a bank account. Consequently, the number of people having a bank account has increased drastically. More individuals with bank accounts is creating a strong customer base for digital payment vendors and financial services accessible to more people. Therefore, the growing financial inclusion backed by strong government support is projected to steepen the growth curve of the payment processing solutions market.
Booming E-commerce Industry to Build Momentum for Payment Processing Solutions Market
Over the past decade, the penetration of smart devices such as smartphones and tablets has increased significantly. This, coupled with advanced development in networks such as 4G and 5G is boosting the growth of E-Commerce industry. This growth is mainly attributed to the increased use of internet and the budding trend of online shopping. Burgeoning e-commerce industry is, thus, promoting the adoption of ePayments or e-Wallets. Notably, E-wallets are more convenient and offer enhanced processing speed. Considering the growing penetration of real-time payment solutions in various fields, banking institutions are also encouraging the use of e-Wallets. Therefore, the growing adoption of e-wallets is expected to augur well for the payment processing solutions market.
Asia Pacific to Emerge as Key Region Amid Rising Adoption of Payment Cards and Digital Wallets
The growing adoption of payment cards and e-wallets coupled with rising internet services and smartphone penetration is promoting growth for the payment processing solutions market in the Asia Pacific. Additionally, the growing e-commerce industry is also likely to play a vital role in the expansion of regional market. Moreover, government institutions in the regions are deploying various advanced payment processing solutions. On the whole, strong uptake of payment processing solutions and propitious government initiatives in the region is projected cement a dominant position for Asia Pacific in the global payment processing solutions market.
Prominent Market Players
Some of the major market players in the payment processing solutions market include Sila (US), PayPal (US), Klik & Pay (Switzerland), Razorpay (India), Modulr (England), Wirecard (Germany), ACI Worldwide (US), PhonePe (India), MasterCard (US), Due (US), Visa (US), Finix Payments (US), Stripe (US), Jack Henry & Associates (US), PayTrace (US), Fattmerchant (US), Worldline (France), and Alipay (China).
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