Payment Processing Solutions Market to Surpass $156.60 Billion by 2030, Says Coherent Market Insights - FinTech Futures: Fintech news (2024)

Burlingame, March 11, 2024 (GLOBE NEWSWIRE) — Coherent Market Insights published a report, titled,Payment Processing Solutions Market, By Payment Method (Credit Card, Debit Card, and E-Wallet), By End Use (Hospitality, Retail, Utilities & Telecommunication, and Others), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030.According to the report, the globalpayment processing solutions marketwas valued atUS$ 70.37 Bnin2023and is expected to reachUS$ 156.60Bnby2030, growing at acompound annual growth rate (CAGR)of12.1% from 2023 to 2030.

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Market Dynamics:

The Payment Processing Solutions market is being primarily driven by the increasing adoption of digital payments globally. The convenience and security offered by online payment processing solutions are attracting both businesses and consumers towards digital transactions. Additionally, the rise in e-commerce activities and the growing number of smartphone users are further fueling the demand for efficient payment processing solutions.

Payment Processing Solutions Market Report Coverage

Market Trends:

One of the key trends shaping the Payment Processing Solutions market is the integration of advanced technologies such as artificial intelligence and machine learning. These technologies are being used to enhance security measures, automate processes, and provide personalized payment experiences to customers. Another trend gaining traction in the market is the shift towards contactless payment methods, driven by the need for safer and faster transactions, especially in the wake of the COVID-19 pandemic. Contactless payments are not only convenient but also help in reducing the risk of spreading germs through physical cash transactions.

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Market Opportunities:

The payment processing solutions market by payment method is anticipated to witness substantial growth during the forecast period 2023-2030, with a CAGR of 12.1%. The dominating subsegment within this market is credit card payments, followed by debit card and e-wallet payments. This growth can be attributed to the increasing adoption of digital payments globally, driven by the convenience and security offered by credit card transactions.

The payment processing solutions market by end use is also expected to experience significant growth, with a CAGR of 12.1% during the forecast period 2023-2030. The dominating end-use segment within this market is hospitality, followed by retail, utilities & telecommunications, and others. The growth in the hospitality sector can be attributed to the increasing adoption of online booking and payment platforms by hotels, restaurants, and travel agencies.

Recent Developments:

In September 2023,Citi Treasury and Trade Solutionsoffers traditional and non-traditional financing strategies such as Open Account, Letters of Credit and Documentary Collections, introduced four payment solutions tailored for Financial Institution (FI) clients, aiming to enhance the experience for their end users. This offering grants FI clients access to innovative features, all of which can be integrated with minimal to no implementation efforts or technological development.

In August 2023, Financial Software & Systems (FSS), known for its payment solutions, unveiled its latest payment technology platform named ‘Blaze’. This platform is specifically crafted to meet the requirements of banks and financial institutions.

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Key Market Takeaways:

Payment Processing Solutions is anticipated to witness a CAGR of 12.1% during the forecast period 2023-2030, owing to the increasing adoption of digital payment solutions globally.

On the basis of payment method, the credit card segment is expected to hold a dominant position, supported by the convenience and security offered by credit card transactions.

In terms of end use, the hospitality sector is expected to lead the market, driven by the adoption of online booking and payment platforms.

In terms of region, North America is expected to dominate the market for payment processing solutions, due to a well-established digital payment ecosystem and presence of key players.

Key players operating in the market include PayPal Holdings Inc., PayU, SecurePay, Stripe, Inc., and Apple Inc., who are focusing on enhancing their payment processing capabilities to meet the growing demand for digital payment solutions.

Read complete market research report, “Global Payment Processing Solutions Market, By Payment Method, By End Use, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2023-2030“,Published by Coherent Market Insights.

Market Segmentation:

By Payment Method

• Credit Card
• Debit Card
• E-wallet

By End-use

• Hospitality
• Retail
• Utilities & Telecommunication
• Others

By Region

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • South Africa
  • GCC Countries
  • Rest of Middle East & Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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