Know More About “Payment Processing Solutions Market 2020-2027” Growth WorldwidePosted by Mrudula Anil Karmarkar on January 25th, 2022 The global payment processing solutions market size is expected to reach USD 98.01 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth can be attributed to the emergence of digital technology and customers’ demand for immediacy of transactions. The customers are looking for faster and convenient money transfer options, thereby driving the adoption of payment processing solutions. Technologies such as the Internet of Things (IoT), machine learning, and Artificial Intelligence (AI) are all finding their way into numerous industries in order to streamline and simplify process of transactions. Machine learning can automatically recognize patterns across large volumes of transactions to quickly identify fraudulent activities. Moreover, artificial intelligence offers the ability to personalize the customer experience and enhance customer service. Machine learning integrated processing solutions are used for the authorization of money transfer patterns and transaction monitoring. Machine learning tools enable FinTech companies to accurately process this data to decrease costs, meet customer needs, and better allocate resources. Furthermore, these solutions allow businesses to provide better customer services to their customers. Service providers are focusing on leveraging IoT into their payment processing solutions. They enable money transfer through connected voice assistants and smart TVs. These services are allowing customers to pay when, where, and how they want to pay. Download Free Sample Report @ https://www.grandviewresearch.com/industry-analysis/payment-processing-solutions-market/request/rs1 Increasing preference of customers for online shopping has compelled retailers to opt for payment processing solutions. These solutions help retailers to curb the risk of fraudulent transactions and improve customer service. Payment processing solutions are using machine learning and Artificial Intelligence (AI) technologies, which are acting as an anti-fraud tool. Furthermore, these solutions can be easily integrated with the Point of Sale (POS) systems, thereby propelling the market growth. Payment Processing Solutions Market Report Highlights
Various factors such as evolving customer expectations, technological advancements, and robust infrastructure are expected to create growth opportunities for the market. Supportive government policies and initiatives to promote digital transactions are anticipated to fuel market growth over the forecast period. For instance, the Indian government launched the ‘Digital India’ campaign in 2015 to promote the adoption of digital transactions. This initiative has boosted the adoption of payment processing solutions in the country. Customer’s demand for immediacy of settlements and payments is expected to majorly contribute to the market growth. The convenience and speed of online shopping have altered customer expectations about the immediacy of payment experience. Customers are expecting faster transaction services from all the sectors. Moreover, smartphone technology has allowed customers to access an ever-expanding range of services through mobile apps. The market for payment processing solutions is dominated by players such as Amazon Payments Inc.; PayPal Holdings, Inc.; and Authorize.Net. The market vendors are focusing on partnerships to expand their product portfolio and gain a competitive edge over other vendors. For instance, in September 2018, PayU Group entered into a partnership with PhonePe to increase its online merchant database in India. This partnership intends to offer a better payment experience for the increasing digital-savvy merchants as well as consumers. Vendors are focusing on innovations to differentiate and personalize their solution offerings for potential customers. Moreover, vendors are significantly investing in R&D activities for innovating and updating their products and solutions. Mergers & acquisitions and new product launches are some of the key strategies adopted by these vendors to strengthen their foothold in the payment processing solutions industry. For instance, in September 2018, Global Payments Inc. partnered with Ingenico Group to offer advanced payment terminal services to enhance the consumer experience. This partnership was aimed at expanding its small and medium enterprises’ customer base. Some of the prominent players in the payment processing solutions market include:
Grand View Research has segmented the global payment processing solutions market on the basis of payment method, end use: Payment Processing Solutions Payment Method Outlook (Revenue, USD Billion, 2016 - 2027)
Payment Processing Solutions End-use Outlook (Revenue, USD Billion, 2016 - 2027)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Like it? Share it! More by this author |