The Rise of Mobile Payments and the Impact on the Payment Processing Solutions Market

4 min read
14 September 2023

Market Overview

Payment processing solutions include hardware and software solutions that let businesses accept and process payment from their customers. These solutions usually include an online payment gateway that is an online secure system that allows businesses to connect with payment processors as well as other financial institutions. Payment processors are accountable for approving and settling payments while they provide financial institutions with the infrastructure to facilitate these transactions.

 The Global Payment Processing Solutions Market size is expected to be worth around USD 198 Billion by 2032 from USD 65.6 Billion in 2022, growing at a CAGR of 12.00% during the forecast period from 2023 to 2032.

The Rise of Mobile Payments and the Impact on the Payment Processing Solutions Market

Payment processing solutions are cloud-based or on-premise. On-premise solutions are commissioned and operated by the business the business itself, whereas cloud-based solutions are managed and hosted by a third party provider. Cloud-based solutions are growing well-known due to their ability to scale as well as their flexibility and user-friendliness.

Payment Processing Solutions Market Trends

  • The rise of e-commerce The market for e-commerce is expanding rapidly which is causing demand for payment processing systems that support online transactions.
  • The increasing use of smartphones: Smartphones are becoming increasingly popular, which has led to an increase in mobile payments. Payment processing services that can support mobile payments are thus highly sought-after.

  • The adoption of digital payments: Digital payments are growing in popularity because they are secure, convenient and speedy. Payment processing systems that enable digital payments are crucial for businesses of any size.

  • The growth of markets in the emerging world: Emerging markets such as China, India, and Brazil are experiencing rapid growth in their economies. This has resulted in an rise in the number of companies and customers in these areas and is driving need for payment processing solutions.

Market Restraint

  • High transaction charges: Payment processors charge merchants for each transaction that is processed. The fees can be substantial particularly for merchants with high volumes.

  • security and fraudulent issues: Payment processors are responsible for securing the customer's data and preventing fraud. However, no system can be flawless data breaches and fraud do happen.

  • Regulation compliance: Payment processors must be in compliance with various rules and regulations. These can be costly and complex.

Payment Processing Solutions Market challenges

  • security and fraud Fraud and security are a major concern for companies accepting online payments. Payment processing companies need to put in place robust security measures to safeguard their clients from fraudulent transactions.

  • Compliance with regulations: Payment processing solutions providers must adhere to various regulations that can be costly and complex.

  • Competitors: The payment processing solutions market is extremely competitive, with an array of new and established companies competing with each other for a share of the market. This makes it challenging for businesses to pick the best payment processing option and negotiate favorable rates .

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Pay Processing Solutions Market Opportunities

  • Development in new methods for payment: New payment methods like QR codes wearables, and cryptocurrency are becoming popular. The payment processing solution providers who are able to support these new payment methods are well-positioned to benefit from this trend.

  • Expanding in new areas: Payment processing solutions companies can enter new markets, such as emerging markets or underserved markets.

  • Innovative solutions are being developed: Payment processing solutions companies can create innovative solutions that address the evolving needs of both consumers and businesses. For instance, they could create solutions that allow instant payments as well as installment payments and subscription payments.

   

   Key Market Segments:

Based on Component

  • Solution
  • Service

Based on the Deployment Mode

  • Credit card
  • Debit card
  • E-wallet
  • Automated Clearing House (ACH)
  • Others

Based on Industry Vertical

  • BFSI
  • Government & Utilities
  • It & Telecom
  • Healthcare
  • Retail & E-commerce
  • Media & Entertainment
  • Travel & Hospitality
  • Others

Market Key Players:

  • Adyen
  • Alipay
  • Amazon Payments, Inc.
  • Authorize.Net
  • PayPal Holdings Inc.
  • PayU
  • SecurePay
  • Stripe, Inc.
  • Apple Inc. (Apple Pay)
  • Alphabet (Google Pay)
  • Other Key Players

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Mary J.Bliss 0
Joined: 6 months ago
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