A growing need for providing enhanced customer experience has led to an increase in the Payment Processing Solution Market.
Increasing the promotion of digital and online payments has accelerated the growth of the market. Also, the rise in the availability of smartphone has an increase in the Payment Processing Solution Market. The Payment Processing Solution Market size is projected to reach USD 115.08 billion by 2028. The growing need for enhanced customer experience and has led to the rise in Payment Processing Solution Market.
Based on the payment method, the Payment Processing Solution market is subdivided into E-wallet, Credit Card, Debit Card. The credit card segment is expected to have the highest market size. The bank issues the card, which later on created a revolving account and helps in granting a line of credit to the cardholder, from which a cardholder can buy anything based on credit from the merchant. The credit card helps in building a continuous balance of debt and charges interest.
By vertical segment, the segments are subdivided into Retail, Hospitality, Utilities, and Tele-communication. The Hospitality segment will have the highest market size in the forecast period. The hospitality vertical also includes the service industry that includes lodging, food and beverages, theme parks, transportation, traveling, and additional fields within the tourism industry. Hospitality is dependent on the availability of leisure time and disposable income. A hospitality unit includes restaurants, hotels, or an amusement park, consists of multiple groups and operations. The hospitality vertical is one of the fastest-growing verticals in the payment processing solutions market.
The global Payment Processing Solution Market is a wide range to North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is considered a mature market in the Payment Processing Solutions Market owing to the outsized presence of an organization with the adoption of innovative technologies. North America has significantly invested in Research and Development. The US and Canada are the fastest growing countries in the payment processing solution market. Credit card is majorly used in both online and offline form of businesses.
The major players of the global Payment Processing Solution Market are PayPal, PayU, Global Payments, Adyen, and many more. The Payment Processing Solution Market is fragmented with the existence of well-known global and domestic players across the globe.
Segment Overview of Payment Processing Solutions Market
Payment Method, 2018-2028 (USD Billion)
- Credit Card
Vertical Overview, 2018-2028 (USD Billion)
- Utilities and Telecommunication
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- Kingdom of Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- South America
- Rest of South America