Shibuya-ku, Tokyo, Japan, Japan, Jan 17, 2022, 00:17 /Comserve / -- Payment processing solutions market generated a revenue of $176,749.5 million in 2027 with a CAGR of 12.6% in the estimated period.
Payment processing solutions act as a bridge network between the user and the merchant bank. Making transactions online has become one of the most convenient ways for payments. Due to multiple options like saving money in wallet, saving credit card and debit card details in applications and pay later options, the payment processing solutions are preferred.
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The novel coronavirus has impacted the global payment processing solution market positively. Most of the consumers are focused toward the e-commerce platform for purchasing various things online despite of going out which is considered to be the one of the major growth factors for the global payment processing solution market at the time of pandemic.
Increasing use of mobile devices, rise in the adoption of various payment processing solutions and increase in ecommerce sales is predicted to be the major driving factor for the global market in the estimated period. These applications make the payment safer, handle payment across various currencies, and offer least pay out time. Due to multiple benefits of digital payment, the demand for payment processing solutions has been rising, which is predicted to drive the market in the estimated period.
Rise in cybercrime is predicted to be the biggest concern for the market in the estimated period. Due to the increase in cybercrime, several parties are apprehensive of usin digital payment facilities. In various mid-level & small organisations and retail shops prefer to use cash rather than payment processing solutions, which is predicted to hinder the market in the estimated period.
Depending on payment method, the payment processing solutions market is divided into E wallet, credit card, debit card, automatic clearing house and others. Credit card sub-segment generated a revenue of $53,775.1 million in 2027 with a CAGR of 12.6% in the estimated period. E wallet sub-segment generated a revenue of $27,703.4 million in 2027 with a CAGR of 13.8% in the estimated period.
Depending on deployment mode, the payment processing solution market is divided into cloud and on premises. Cloud sub-segment generated a revenue of $66,081.7 million in 2027 with a CAGR of 13.3% in the estimated period. On premises sub-segment generated a revenue of $110,667.8 million in 2027 with a CAGR of 12.3% in the estimated period.
On the basis of vertical, the payment processing solution market is divided into BFSI, government, IT and telecom, healthcare, real estate, retail and others. BFSI sub-segment generated a revenue of $40,271.2 million in 2027 with a CAGR of 12.8% in the estimated period. Government sub-segment generated a revenue of $31,165.8 million in 2027 with a CAGR of 12.5% in the estimated period.
On the basis of region, the payment processing solution market is divided into North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific region generated a revenue of $ 60,448.3 million in 2027 with a CAGR of 13.5% in the estimated period. North America region generated a revenue of $49,489.9 million in 2027 with a CAGR of 11.7% in the estimated period.
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The major key player in the global payment processing solutions market are Fiserv, Inc., PayPal, FIS, Global Payments, Inc., VISA, Inc., Mastercard, PaySafe, Dwolla, Inc., Wirecard and ACI Worldwide, Inc., among others.
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