Payment Processing Solutions Market Size to Reach USD 150.21 Billion in 2030 | Emergen Research

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Jan 16, 2023, 11:30 ET

VANCOUVER, B.C., Jan. 16, 2023 /PRNewswire/ -- The payment processing solutions market size reached USD 46.81 Billion in 2021 and is expected to register a CAGR of 13.9% during the forecast period, according to latest analysis by Emergen Research. Rising government initiatives to promote digital transactions are the key factor driving market revenue growth.

The payment processing solutions market has been growing rapidly in recent years which enables secure and efficient processing of digital transactions. The market includes a wide range of solutions, including payment gateways, mobile Point-Of-Sale (POS) systems, and digital wallets, that help businesses and individuals to process digital transactions securely and efficiently. The market is driven by a number of factors, including increasing adoption of e-commerce and online shopping, growing use of mobile devices, and government initiatives to promote digital transactions. Additionally, increasing demand for payment security and fraud prevention measures are also a key driver for the revenue growth of the market.

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Drivers:

Government initiatives to promote digital transactions, such as cashless campaigns and digital payment infrastructure development increase the overall demand for digital payment methods and payment processing solutions. This leads to revenue growth for the payment processing solutions market as more businesses and individuals adopt these digital payment methods and require the use of payment processors to facilitate transactions. Governments of various countries across the globe have been taking various initiatives to promote digital transactions in recent years. For example, The Chinese government has been promoting the use of digital payment methods, such as mobile payments, as part of its cashless society campaign. This campaign aims to reduce the use of cash and increase the efficiency of transactions.

In China, most people have become accustomed to making payments through their mobile phones. As of the end of 2021, around 64% of the total population, or 903.6 million people, have used mobile payments. In India, the digital India program of government aims to transform India into a digitally advanced society and economy. One of its main priorities of it is to promote digital payments and make digital payment services accessible to all segments of the population. Additionally, government initiatives provide financial incentives for businesses to adopt digital payment methods, which is further supporting the revenue growth of the market.

Restraints:

One of the main restraining factors in the payment processing solutions market is the lack of standardization and interoperability. Despite the increasing adoption of digital payments, there are still many different payment methods and systems in use, which can make it difficult for businesses to accept multiple forms of payment. Additionally, different payment processors may have different technical requirements, making it difficult for businesses to integrate multiple payment processors into their systems.

Another restraint factor is the lack of trust among consumers and businesses in online transactions, which is mainly due to security concerns and fear of fraud. Many consumers and businesses are still hesitant to use digital payment methods, particularly online transactions, due to concerns about the security of their financial information. All these factors are expected to restrain the revenue growth of the market.

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Growth Projections:

The payment processing solutions market is expected to register a CAGR of 13.9% over the forecast period and revenue is projected to increase from USD 46.81 Billion in 2021 to USD 150.21 Billion in 2030. Growing development of Peer-to-Peer (P2P) payment apps is expected to drive revenue growth of the market.

Current Trends and Innovations:

The development of Peer-to-Peer (P2P) payment apps has helped boost the revenue growth of the payment processing solutions Market. P2P payment apps make it easy for individuals to send and receive money digitally, which has led to an increase in the overall adoption of digital payments. As more people use P2P payment apps, there is an increased demand for payment processing solutions to facilitate these transactions. In recent years, there is also a growing trend to use a digital wallet. In June 2022, Meta, a platform focused on the metaverse, introduced a new digital wallet called Meta Pay, which is a rebrand of the former Facebook Pay service. The wallet will have the same capabilities as Facebook Pay but will be designed to be a universal method of paying for goods and services using digital identities within the metaverse.

Strategic Initiatives:

Major companies included in the market report are PayPal Holdings Inc., Global Payments Inc., Fiserv, Inc., Wirecard, PayU, Adyen, Visa Inc., Stripe, Inc., Mastercard Inc., Alibaba Group, Google, PhonePe, Amazon, and Paysafe Group.

On 12 October 2022, Deutsche Bank and Fiserv, a leading company in payments and financial technology, jointly introduced Vert, a comprehensive payment and banking services provider for Small and Medium-Sized Enterprises (SMEs). Vert is the only provider in Germany that combines payment acceptance, processing, and traditional banking solutions, meeting the need for an integrated offering and making it easier for merchants of all sizes to access innovative products. Vert also offers next-day payouts, giving merchants faster access to their funds.

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Scope of Research

Report Details	Outcome
Market size in 2021	USD 46.81 Billion
CAGR (2022–2030)	13.9 %
Revenue forecast to 2030	USD 150.21 Billion
Base year for estimation	2021
Historical data	2019–2020
Forecast period	2022–2030
Quantitative units	Revenue in USD Billion and CAGR in % from 2022 to 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Payment method, deployment, end-use, and region
Regional scope	North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope	U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled	PayPal Holdings Inc., Global Payments Inc., Fiserv, Inc., Wirecard, PayU, Adyen, Visa Inc., Stripe, Inc., Mastercard Inc., Alibaba Group, Google, PhonePe, Amazon, and Paysafe Group
Customization scope	10 hours of free customization and expert consultation

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Emergen Research has segmented global payment processing solutions market on the basis of payment method, deployment, end-use, and region:

Payment Method Outlook (Revenue, USD Billion; 2019-2030)

Credit Card
Debit Card
E-wallet
Others

Deployment Outlook (Revenue, USD Billion; 2019-2030)

Cloud
On-Premises

End-Use Outlook (Revenue, USD Billion; 2019-2030)

BFSI
Government and Utilities
Retail and eCommerce
IT and Telecom
Media and Entertainment
Healthcare
Travel and Hospitality
Others

Regional Outlook (Revenue, USD Billion; 2019–2030)

North America

U.S.
Canada
Mexico

Europe

Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Rest of APAC

Latin America

Brazil
Rest of LATAM

Middle East & Africa

Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA

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