The global payment processing solutions market is expected to secure US$ 90.4 Billion in 2022 and US$ 231.7 Billion by 2032, while exhibiting a CAGR of 9.9% during the forecast period from 2022 to 2032. The growing application of smartphones and increasing penetration of the internet across the globe are expected to play a significant role in driving the market in the forecast period.
Moreover, favourable initiatives are taken by various countries; such as India, France, and others, which are expected to strengthen the market during the forecast period. The Indian government introduced the Unified Payments Interface (UPI) to smoothen digital payment across the country. Similarly, French National Cashless Payments Committee was established in 2015 to promote contactless payments.
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With rising financial inclusion across the globe, the market is likely to witness significant opportunities for market growth. According to the Reserve Bank of India, India’s Financial Inclusion Index was 53.9 by the end of March 2021. The expanding financial inclusion across emerging economies is expected to augment the market size in the forecast period.
Key Takeaways from the Market Study:
- The global payment processing solutions market to secure US$ 90.4 Billion in 2022
- The global payment processing solutions market is expected to exhibit a CAGR of 9.9% from 2022- to 2032
- By payment method, the credit card segment is projected to expand at a CAGR of 9.3% during the forecast period
- The U.S market to value US$ 75.1 Bn by 2032
- Market in China to grow by 8.6% CAGR from 2022- to 2032
- The U. K market to hold a value of US$ 10.3 Bn by 2032
- By mode of deployment, the cloud-based segment is expected to exhibit a growth rate of US$ 8.9% during the assessment period.
- Market in Japan to expand by 8.6% CAGR by the end of the forecast period.
Competition Analysis
Major players in the global payment processing solutions include Mastercard, Global Payments, Paypal, Visa, Wirecard, and others. Recent developments in the industry are:
- In October 2021, Zettle Terminal was launched. It is a new, all-in-one point of sale solution that provides increased mobility in-store for SMEs. By 2022, Zettle Terminal would reach the U.S. It has already been launched in the U.K in 2021.
- In November 2021, Fiserv announced the launch of Clover Online Ordering with Delivery. It offers flexible food delivery services with menu management, payment processing, and order through the newly introduced platform.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global payment processing solutions market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
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Key Segments Profiled in the Payment Processing Solutions Market
Payment Processing Solutions by Payment Method:
- Debit Card Payment Processing Solutions
- Credit Card Payment Processing Solutions
- E-Wallet Payment Processing Solutions
- ACH Payment Processing Solutions
- Other Payment Processing Solutions
Payment Processing Solutions by Mode of Deployment:
- On-Premises Payment Processing Solutions
- Cloud-Based Payment Processing Solutions
Payment Processing Solutions by Vertical:
- Payment Processing Solutions for BFSI
- Payment Processing Solutions for Government and Utilities
- Payment Processing Solutions for Telecom and IT
- Payment Processing Solutions for Healthcare
- Payment Processing Solutions for Real Estate
- Payment Processing Solutions for Retail and E-Commerce
- Payment Processing Solutions for Media and Entertainment
- Payment Processing Solutions for Travel and Hospitality
- Payment Processing Solutions for Other Verticals
Payment Processing Solutions by Region:
- North America Payment Processing Solutions Market
- Europe Payment Processing Solutions Market
- Asia-Pacific Payment Processing Solutions Market
- Middle East & Africa Payment Processing Solutions Market
- Latin America Payment Processing Solutions Market
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The post Payment Processing Solutions Market is projected to attain a worth of US$ 90.4 Bn in 2022 and estimated to breach US$ 231.7 Bn by 2032 at a steady CAGR. Data analysis by FMI appeared first on Future Market Insights.