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.
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