Portland, OR, August 24, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the payment processing solutions market collected $ 39.57 billion in 2020, and is expected to reach $ 146.45 billion by 2030, with a CAGR of 13.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, major segments, key investment pockets, value chain, regional landscape and competitive scenario.
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The increase in the use of smartphones and internet penetration in various countries, the increase in demand for online payments and the increased demand to improve payment processes and provide customers with integrated services and value-added are driving the global market for payment processing solutions. However, the lack of standardization for international transactions and privacy and security concerns are hampering the growth of the market. On the other hand, increasing support from regulators to enable the expansion and penetration of the payments industry by providing links to e-commerce distribution, e-wallets and other payment platforms creates opportunities. in the years to come.
- Different banks and fintech companies have adopted advanced solutions to make payments smooth, secure and hassle-free.
- Additionally, individuals and businesses have adopted online payment options during the Covid-19 pandemic to avoid contact with other people and minimize the possibility of cross-contamination. This has led to an increased demand for payment processing solutions.
The report offers detailed segmentation of the global payment processing solutions market on the basis of component, mode of deployment, mode of payment, industry vertical, and region.
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On a component basis, the solutions segment accounted for the highest share in 2020, holding more than three-fifths of the total share, and is expected to maintain its leading status throughout the forecast period. However, the service segment is expected to grow at the highest CAGR of 14.8% from 2021 to 2030.
Based on the industry vertical, the BFSI segment held the biggest part in 2020, accounting for over a fifth of the global payment processing solutions market, and is expected to continue to dominate in terms of revenue during the forecast period. However, the retail and e-commerce segment is expected to experience the fastest CAGR of 18.3% from 2021 to 2030.
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Based on region, North America contributed the fastest share in 2020, accounting for nearly two-fifths of the total share, and is expected to maintain its leadership position by 2030. However, Asia -Pacific is expected to post the highest CAGR of 15.9% during the forecast period.
The major players in the global payment processing solutions market analyzed in the research include ACI Worldwide, FIS, Elavon Inc., Global Payments Inc., Fiserv, Inc., PayPal, GoCardless, Stripe, Square, Inc. and Wirecard CEE.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization towards providing high quality data and information. We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.