DUBLIN--(BUSINESS WIRE)--The "Payment Processing Solutions Market by Payment Method (Credit Card, Debit Card, and Ewallet), Vertical (Retail, Hospitality, Utilities & Telecommunication), And Region (North America, Europe, APAC, MEA, and Latin America) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global payment processing solutions market is expected to grow from USD 39.3 billion in 2019 to USD 64.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
Major growth factors for the market include increasing worldwide initiatives for the promotion of digital and online payments, high proliferation of smartphones, focus on improving customer experience, and customers' demand for immediacy of payments and settlements. These factors are expected to drive the global payment processing solutions market. However, the lack of a global standard for international transaction may limit the market growth.
eWallet segment to grow at the highest CAGR during the forecast period
An eWallet is a way of carrying digital card information in a digital form on a mobile device. To make purchases, people can pay with their tablets, smartwatches, or smartphones. Normally, an eWallet is a payment service through which individuals and businesses can send and receive money through a mobile device. Primarily, it enables an individual to receive payments, as well as pay, using a mobile device. Usually, an eWallet is provided through some payment processing models.
Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. Payment methods vary widely across the region, both between and within countries, and across the spectrums of development from urban to rural. Companies operating in Asia thus, face a complicated and demanding payment landscape. Since last few years, APAC increasingly preferred to pay online via alternative payment methods, such as eWallets, bank transfers, and cash on delivery. Moreover, the increasing market of retail in APAC has enabled the payment processing solutions provider to focus more in this region for providing advanced solutions.
Market Dynamics
Drivers
- Worldwide Initiatives for the Promotion of Digital and Online Payments
- High Proliferation of Smartphones
- Focus on Improving Customer Experience
- Customers' Demand for Immediacy of Payments and Settlements
Restraints
- Lack of Global Standard for International Transaction
Opportunities
- Increasing Adoption of Financial Services
- Progressive Changes in Regulatory Frameworks
Challenges
- Lack of Digital Literacy in Emerging Countries
- Threat of Cyber-Attack Affecting Payment Processing Solutions
Standards and Regulatory Implications
- Payment Card Industry Security Standards Council
- Payment Card Industry Data Security Standard
- Payment Services Directive
- First Payment Services Directive
- Second Payment Services Directive
Payment Processing Architecture
- Merchant Acquiring Processing
- Payment Network Processing
- Issuer Card Processing
Emerging Trends and Opportunities in the Payment Processing Industry
Use Cases
- Bluepay
- PayPal
- Payscape
- Worldpay
Companies Mentioned
- Adyen
- Alipay
- Authorize.Net
- BlueSnap
- CCBill
- Due
- First Data
- Global Payments
- Jack Henry & Associates
- PayPal
- Paysafe
- PayU
- Square
- Stripe
- Wirecard
For more information about this report visit https://www.researchandmarkets.com/r/aebk0m
