Payment Processing Solutions Market To Value $569.2 Billion by 2030, says P&S Intelligence

News provided by

P&S Intelligence

01 Jun, 2022, 11:05 GMT

NEW YORK, June 1, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, the size of the payment processing solutions market was $90.4 billion in 2021, and it is projected to rise to $569.2 billion by 2030, progressing at a 22.7% CAGR from 2021 to 2030. Key market drivers include the increasing e-commerce sales and the booming internet and smartphone usage. Furthermore, the rising acceptance of cards, mobile applications, and e-wallets as alternatives to traditional payment methods by firms is leading to the development of the industry.

The requirement for cloud-based payment solutions had observed stable progress before the epidemic, but since the outbreak of COVID-19 in 2020, the demand has suddenly boomed, on account of the high acceptance of contactless monetary transactions for goods and services. Additionally, the rising preference for cloud-based payments is universal, and according to Mastercard, about 80% of the people used contactless payments in 2020.

Get the sample copy of this report at: https://www.psmarketresearch.com/market-analysis/payment-processing-solutions-market/report-sample

Key Findings of Payment Processing Solutions Market Report

  • Cloud-based deployment had an approximately 60% value share in 2021. The smooth incorporation, high speed, comprehensive security, and enhanced scaling of cloud-based payment solutions can be credited for this.
  • The category of e-wallets is likely to witness the fastest growth, at a payment processing solutions market CAGR of more than 23%. This can be because of the increasing use of laptops and smartphones around the globe, which is powering the acceptance of e-wallets.
  • Credit cards are likely to record the second-highest growth rate in the coming years because of the surge in the preference for alternatives to cash and the obtainability of numerous inexpensive credit cards.
  • For instance, more than 70% of the people in the U.S. use a credit card, and around 35% of them have more than three.
  • The BFSI category will dominate the payment processing solutions market with a share of approximately 25% in 2030. These solutions are extensively used in the BFSI industry as they aid in removing paperwork and quickening up banking processes.
  • The retail and e-commerce sector is predicted to progress with the highest CAGR, of around 24%, in the coming years. IT vendors are focusing on delivering tailored retail payment methods enabling merchants to offer an assortment of dispensing methods at the PoS.

Browse detailed report on Payment Processing Solutions Market Size, Opportunities, Growth, Challenges, Business Trends and Forecast 2030

Moreover, the favorable policies and initiatives by governments to support these solutions will result in the payment processing solutions market expansion. For example, the European Payments Initiative was launched by European Central Bank in July 2020 with around 16 regional banks. This mainly emphasizes integrated payment solutions for firms and consumers, by using wallets and cards for payments, which are carried out over on-premises and cloud-based software.

The APAC market, which generated the majority of the revenue, of about $40 billion, in 2021, is likely to advance the fastest in the coming years. This is because of the snowballing acceptance of smartphones, increasing internet penetration, and surging espousal of e-wallets and cards in the region. For example, according to Rapyd Financial Networks Ltd., in Japan, over 60% of the payments in 2020 were performed via e-wallets and cards.

Payment Processing Solutions Market Segmentation Analysis

By Payment Method

  • Credit Card
  • Debit Card
  • E-Wallet

By Deployment

  • On-Premises
  • Cloud-Based

By End Use

  • Government and Utilities
  • BFSI
  • Telecom and IT
  • Healthcare
  • Real Estate
  • Retail and E-Commerce
  • Travel and Hospitality

Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Spain
    • Italy
  • Asia-Pacific
    •  China
    • India
    • Japan
    • Indonesia
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East and Africa
    • Saudi Arabia
    • South Africa

Browse More Related Reports:

Global Digital Transaction Management Market Trends, Emerging Opportunities, And Top Key Players By 2030

Global Interactive Kiosk Market Trends, Emerging Opportunities, And Top Key Players By 2030

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

Contact:
Prajneesh Kumar
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Follow Us: LinkedIn Twitter

Logo: https://mma.prnewswire.com/media/1224988/P_and_S_Intelligence_Logo.jpg