High government spending on development of secure and advanced IT infrastructure is a major factor expected to drive the growth of global payment processing solutions market
LOS ANGELES, Nov. 10, 2020 (GLOBE NEWSWIRE) -- The global payment processing solutions market is anticipated to grow at a CAGR of around 15.2% during the forecast period 2020 to 2027 and to reach around US$ 102.3 Bn by 2027.
The market in North America is expected to account for significant revenue share in the global market due to rising consumer preference for mobile payment. Consumers approach towards payment methods is changing their preference for online payment is gaining traction. Availability of smart phones and advanced safe IT infrastructure is providing alternate billing options.
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In addition, flourishing e-commerce sector, increasing advancements in mobile payment technology, coupled with development of secure and safe payment gateways are some other factors expected to boost the growth of the market.
The market in Asia Pacific is expected to witness faster growth in the target market due to high internet and smartphone penetration. In addition, flourishing business activities in the region, rising number of small and mid-sized enterprises, growing domestic/overseas trade activities is resulting in growing number of transactions. Inclination towards electronic payment and growing popularity of alternative payment solutions are some factors expected to contribute to the growth of the target market.
Government of developing countries is encouraging the regional players through favorable business policies in order to provide innovative solution this is expected to support the growth of target market. In addition, players approach towards establishing the business in emerging economies in order to enhance the customer base this is expected to impact the growth of target market.
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Rapid digitization across the globe, increasing preference for online payment, and players focus on providing enhanced service in order to enhance the consumer experience are major factors expected to drive the growth of global market. In addition, changing government regulations related to online payment and high spending on providing safe and secure payment infrastructure are factors expected to support the growth of target market.
Major players are focused on enhancing the business through acquisition and partnership this is expected to boost the growth of target market.
In 2019, Citi Bank a global financial company partners with PayPal with the focus to allow bank’s institutional clients to make payments into customers’ PayPal digital wallets. This is expected to help the company to enhance the customer base.
In 2019, Fiserv a global provider of financial services technology acquired First Data Corporation. This acquisition is expected to help the company to expand the customer base of corporate and merchant clients, and consumers further increasing the revenue of company.
In 2019, FIS a global provider of payment solutions for financial institutions acquired Worldpay a global eCommerce and payment technology company. The acquisition is expected to help the company to increase the customer base operating of merchants, banks, and capital markets.
In 2019, ACI Worldwide Inc. is a payment systems company acquired Speedpay. The acquisition is expected to help the company to enhance the United States bill pay business also reach into existing and complementary segments such as insurance, consumer finance, higher education, healthcare, utilities, government, and mortgage.
In 2019, Square, Inc. a financial services, merchant services aggregator, and mobile payment company announced that it has started offering a new Square Online Store and Square for Retail. This is expected to help the company to enhance the customer base and strengthen its position in global market.
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However, factors such as threats related to data security and lack of regulation related to cross-border transaction are expected to hamper the growth of global market. In addition, lack of literacy and misconception related to online payment is expected to challenge the growth of target market.
Increasing investment by major players for secure transaction and increasing initiatives related to building confidence on online transaction are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, increasing partnership and agreements is expected to support the revenue transaction of the target market.
Players operating in the global payment processing solutions market Dwolla, Inc., Fidelity National Information Services, Inc (FIS), First Data Corporation, Fiserv, Inc., Global Payments Inc., Jack Henry & Associates, Inc., Mastercard Incorporated, PayPal Holdings, Inc., ACI Worldwide, Inc., Adyen N.V., Authorize.Net, Paysafe Group Limited, PayU, Square, Inc. Stripe, Inc., Visa, Inc., and Wirecard AG.. The market is highly competitive due to presence of large number of players operating on global level.
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