The global payment processing solutions market is anticipated to grow at a rapid pace over the forecast period owing to the increased use of mobile commerce that includes monetary transactions completed with the help of a mobile device or a mobile app The growing emphasis on digitization, increased use of online transactions, and expansion of the e-commerce industry are projected to propel the payment processing solutions market over the next six years.
The payment processing solutions market has also witnessed significant growth due to the increased usage of mobile wallets for making payments in the past few years. The rise in adoption of instant access solutions that allow users to authenticate transactions using biometrics to make payments and to process payment transactions at a faster rate is driving the growth of the payment processing solutions market in today’s on-demand economy.
The payment processing market has been segmented based on the payment method, end use, and region. On the basis of the payment method, the payment processing market can be segmented into a credit card, debit card, and a eWallet. The eWallet segment is expected to emerge as the fastest growing segment over the next six years as people are increasingly using mobile devices and tablets for shopping activities.
On the basis of end use, the payment processing market can be segmented into retail, hospitality, and utilities & telecommunication, among others. The retail industry is expected to dominate and also emerge as the fastest growing segment in the market, owing to the rise in demand for instant payment settlements from retailers and merchants. Digital payments provide a competitive edge to retail businesses as these payments are faster and cheaper as compared to conventional payment methods.
On the basis of region, the Asia Pacific (APAC) region is anticipated to hold the largest market share and register the highest CAGR from 2019 to 2025 due to the accelerating rate of digitization and increase in the investment by payment processing companies. For instance, in October 2018, PayPal India partnered with Mumbai Metro for allowing commuters to recharge their metro smart cards easily and digitally. The massive population in the APAC region also contributes largely to the high volume of digital transactions along with rising domestic and international investments in this region.
Some of the key players in the payment processing solutions market are Stripe, Ping++, Tenpay, Paymill GmbH, 2Checkout, CCBill, PayU Group, PayPal Holdings, Inc., Amazon Payment, Inc., Authorize.Net, WorldPay, Adyen N.V., SecurePay, First Data, MOLPay, GMO, and Alipay.com Co. Ltd. Leading companies are focusing on strategic partnerships and mergers & acquisitions to gain a competitive edge and increase their market share. For instance, in March 2019, Agoda partnered with Adyen N.V. to improve the payment experience of its customers by optimizing the booking process.
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