The Payment Processing Solutions Market is expected to register a CAGR of approximately 10.2% during the forecast period (2021 - 2026).
Payment Processing Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The global payments landscape is changing rapidly due to the increasing enterprises and consumer propensity towards digital transformation coupled with the high penetration rate of smartphones. The technological advancements in the smartphone industry, the evolution of digital payment methods, and the adoption of POS at retail terminals are fueling the market growth.
- The massive growth in E-commerce across industries is expected to increase the demand for payment processing solutions in these industries. Digital/Mobile payment methods help in faster and seamless checkouts and improve the online shopping conversion rates due to ease in payment methods. According to a study by Shopify, approximately 53% of online shoppers prefer credit cards as their preferred payment option.
- The global consumer inclination towards digital and mobile payment methods is increasing, as financial service providers are either offering their card solutions on smartphones or via third-party vendors. Also, various payment solutions providers are increasingly spreading their presence in developing economies to enhance their market presence and share by offering attractive benefits.
- - For instance, in January 2020, FIS launched its online payment processing solution, Worldpay in 26 markets across Africa. The solution will enable companies and merchants to foster digital payments in their operations. The company will leverage technology from Flutterwave into the Worldpay platform.
- The adoption of digital payment methods is expected to accelerate post-COVID-19 pandemic and play a stronger role in the long term. Cash and other forms of physical payment solutions are being witnessed as a major potential carrier for the virus. Hence, governments and regulatory bodies are strongly discouraging its use. For instance, The National Payments Corporation of India is urging the usage of digital payments as a method to reduce further social contact to reduce the spreading of viruses via currency notes.- View Full Report with TOC @ https://www.statzyreports.com/report/sr498857/payment-processing-solutions-market
Key Market Trends
Retail & E-commerce Industry is Expected to Gain Maximum Adoption
- The growing landscape of the E-commerce industry is drastically changing the payments landscape. According to VISA, retail-commerce value is expected to reach USD 335.84 billion by 2020, from USD 267.26 billion in 2019. This, coupled with an increase in smartphone penetration, especially in developing countries, would augment the adoption of digital payment in the future. Brick and mortar stores have also started to embrace the digital form of payments in order to re-evaluate their position, offering, and approach.
- The major reason for the adoption of digital payments amongst retailers and the e-commerce industry is that it increases the retailer's ability to collect and analyze customer data, for efficient marketing purposes and further enhance the customer relationship.
- In June 2020 - Qualpay, an omnichannel payment solutions provider, launched an enhanced B2B end-to-end payment processing platform. The solution simplifies several functions across organizations, from invoicing for accountants to accessing comprehensive reports for sales and marketing.
North America Expected to Dominate the Market
- The North America region is expected to dominate the Payment Processing Solutions Market during the forecast period, owing to the presence of several market players in the region, such as PayPal, Mastercard, Square, BluePay, and many more. E-commerce sales in the United States are also increasing, with the improvement of digital payment experience.- This increase further reflects consumers’ increasing comfort with online shopping, along with the increasing use of mobile and hand-held devices. Hence, this acts as a major driver for the demand for payment processing solutions in the region.
- Consequently, several regional players are collaborating to harness the power of digital payment in their operations, thereby expanding their market presence. For instance, in May 2020, a payment technology and solutions provider, Global Payments, announced that TSYS, its Issuer Solutions business, signed a long-term agreement with Truist Financial Corporation, an American bank holding company, to process the bank’s consumer, commercial and small business credit card portfolios.
- Also, the region is witnessing the emergence of small and medium enterprises providing innovative solutions in the market to gain maximum traction. For instance, in July 2019, Finix raised USD 17.5 million to provide its customers with the ability to operate in-house payment processing solutions, which will subsequently eliminate the costs that are traditionally associated with the service.
Competitive Landscape
The competitive landscape of the Payment Processing Solutions Market is expected to move towards fragmentation owing to the emergence and rapid adoption of digital/mobile payments coupled with the massive growth of e-commerce across industries. The market players are viewing strategic partnerships and collaborations as a lucrative path to foster growth and enhance market presence. Also, the market players are making consistent innovations and product development to bolster their market share.
- October 2019 - Kabbage introduced payment processing solutions, which are expected to reduce the time it takes for small businesses to get paid, with many remittances received within 24 hours.
- October 2019 - simPRO partnered with Square to provide fast and simple payment processing options to field service professionals. simPRO is a comprehensive software solution with features to simplify field service management for trade contracting businesses.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
For sample report please visit : https://www.statzyreports.com/report/sr498857/payment-processing-solutions-market
Contact Us:
Poojan Dogra
Public Relations Manager
Email : sales@statzyreports.com
Email : info@statzyreports.com
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com
