Global Payment Processing Solutions Market: Overview
Various applications, such as virtual terminals, credit card, recurring billing, and terminals utilize payment processing solutions for transactions on web-based gadgets. The high adoption of mobile commerce in the transportation sector is estimated to give thrust to the global payment processing solutions market. Payment processing solutions also assists banks and other financial institutes to leverage open banking platform and modernize ATM experience for the customers.
Transparency Market Research offers detailed description of the global payment processing solutions market. The study extensively covers the essential growth strategies and market dynamics and offers market insight and forecasts for the companies that are operating in the global payment processing solutions market.
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Global Payment Processing Solutions Market: Notable Developments
Some important market developments of the global payment processing solutions market are
- US-based PayPal recently made an announced that it's making its ecommerce platform available to online businesses of all sizes and shapes. The PayPal Commerce Platform is designed in such a way that it would meet the specific requirements of crowdfunding platforms, e-commerce solution providers, marketplaces, and more. The ecommerce platform will bring together the most comprehensive set of financing, tools, services, and technologies for all businesses across the globe.
- Adyen, a Dutch global payments platform company, recently announced the addition of Interac Debit, Canadian interbank network, on Mobile for in-browser and in-app payments with Canadian merchants. Adyen said it would further expand its partnership with Foodora Canada, an on-demand food delivery service. The purpose of the move is to enable it to accept Interac Debit payments through digital wallets comprising Google Pay and Apple Pay.
A few of the noted market players that are operating in the global payment processing solutions market are Adyen, PayPal Holdings, Inc., Jack Henry & Associates, Wirecard AG, and Authorize.Net.
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Global Payment Processing Solutions Market: Key Trends
The global payment processing solutions market is likely to be driven by the following factors:
Government Initiatives for Increased Usage of Digital Payments Boosts Market
The most important driving factor for the global payment processing solutions market is the increasing government and private initiatives for the promotion of digital and online payments. Besides, stress on enhancing customer experience, phenomenal proliferation of smartphones, and customers’ demand for immediate payments and settlements are estimated to drive the global payment processing solutions market.
However, the absence of a universal standard for international transaction could possibly impede the market growth.
Global Payment Processing Solutions Market: Geographical Analysis
In terms of region, global Payment Processing Solutions market is divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is forecasted to dominate the market and have the largest market size in the global payment processing solutions market.
The US held the highest market share in the regional payment processing solutions market. The reason for such dominance is the nation’s dominance in other segments such as banking, retail, financial services, transportation, and various other industries. Credit card is the most preferred mode of payment by consumers for both POS and online platforms in North American countries.
The Asia Pacific region is projected to do exceptionally well during the forecast period. The region is expected to grow substantially in the global payment processing solutions market in the next few years. Both China and India are likely to hold substantial market shares over the forecast timeframe due to initiatives taken by the government. Governments in both the countries are encouraging people to adopt technology for making/receiving payments.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
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