The Payment Processing Solutions Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The Payment Processing Solutions Market is expected to register a CAGR of approximately 10.2% during the forecast period (2021 – 2026).
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Payment Processing Solutions Market: PayPal (Braintree), Mastercard Inc., Square, Inc., CCBill, LLC, Paysafe Financial Services Limited, Fidelity National Information Services, Inc., Elavon Inc., First Data Corporation (Fiserv), Total System Services LLC, BluePay Processing, LLC, PayU Payments Private Limited and others.
Industry News and Updates:
– 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.
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.
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Influence of the Payment Processing Solutions Market Report:
-Comprehensive assessment of all opportunities and risks in the Payment Processing Solutions market.
-The detailed study of business strategies for the growth of the Payment Processing Solutions market-leading players.
-Conclusive study about the growth plot of the Payment Processing Solutions market for forthcoming years.
-In-depth understanding of Payment Processing Solutions market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Payment Processing Solutions market.
What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Payment Processing Solutions Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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