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Payment Processing Solutions Market Size is Estimated to Attain USD 98.01 Billion By 2027 | Grand View Research, Inc.

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Payment Processing Solutions Market Size is Estimated to Attain USD 98.01 Billion By 2027 | Grand View Research, Inc.

May 16
07:55 2020
Payment Processing Solutions Market Size is Estimated to Attain USD 98.01 Billion By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research,The customers are looking for faster and convenient money transfer options, thereby driving the adoption of payment processing solutions market.

According to a report, “Payment Processing Solutions Market Size, Share & Trends Analysis Report By Payment Method (Credit Card, Debit Card, E-wallet), By End Use, By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global payment processing solutions market size is expected to reach USD 98.01 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth can be attributed to the emergence of digital technology and customers’ demand for immediacy of transactions. The customers are looking for faster and convenient money transfer options, thereby driving the adoption of payment processing solutions.

Technologies such as the Internet of Things (IoT), machine learning, and Artificial Intelligence (AI) are all finding their way into numerous industries in order to streamline and simplify process of transactions. Machine learning can automatically recognize patterns across large volumes of transactions to quickly identify fraudulent activities. Moreover, artificial intelligence offers the ability to personalize the customer experience and enhance customer service.

Machine learning integrated processing solutions are used for the authorization of money transfer patterns and transaction monitoring. Machine learning tools enable FinTech companies to accurately process this data to decrease costs, meet customer needs, and better allocate resources. Furthermore, these solutions allow businesses to provide better customer services to their customers.

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Service providers are focusing on leveraging IoT into their payment processing solutions. They enable money transfer through connected voice assistants and smart TVs. These services are allowing customers to pay when, where, and how they want to pay.

U.S. payment processing solutions market size

Payment Processing Solutions Market Report Highlights

  • Growing popularity of smartphones and technological innovations are anticipated to boost the usage of e-wallets across the globe

  • As retailers are focusing on diversifying their business operations, they are increasingly embracing wireless and mobile processing technologies for transaction processes. This, in turn, is expected to fuel the adoption of solutions for transaction processing in the retail end-use segment

  • Increasing e-commerce sales, coupled with growing internet penetration across the region, is expected to fuel the market growth in Asia Pacific over the forecast period

  • Key vendors in the market include SecurePay; PayU Group; PayPal Holdings, Inc.; Authorize.Net; and Alipay.

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End-use Insights

Based on end use, the market for payment processing solutions has been segmented into hospitality, retail, utilities and telecommunication, and others. The hospitality segment dominated the market in 2019. The hospitality industry is a wide category of fields within the service industry, which includes food and beverages, event planning, transportation, lodging, and traveling. A hospitality unit such as a hotel and restaurant consists of multiple groups, including direct operations and facility maintenance, which are focusing on adopting payment processing solutions. Moreover, travelers across the globe are becoming increasingly reliant on their smartphones and are preferring to pay for their goods and services online.

Europe payment processing solutions market share

The retail end-use segment is anticipated to witness the fastest growth over the forecast period. Vendors are focusing on providing customized retail payment processing solutions that allow merchants to provide flexible transaction methods at the point of sale. This helps retailers to enhance customer service with safe, quick, and efficient checkouts. Furthermore, retailers are widely adopting these solutions to gain complete visibility in payment transactions.

Grand View Research has segmented the global payment processing solutions market on the basis of payment method, end use, and region:

Payment Processing Solutions Payment Method Outlook (Revenue, USD Billion, 2016 – 2027)

  • Credit Card

  • Debit Card

  • E-wallet

Payment Processing Solutions End-use Outlook (Revenue, USD Billion, 2016 – 2027)

  • Hospitality

  • Retail

  • Utilities & Telecommunication

  • Others

Payment Processing Solutions Regional Outlook (Revenue, USD Billion, 2016 – 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

  • Latin America

    • Brazil

  • Middle East & Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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