Payment Processing Solutions Market (By Payment Mode: eWallet, Credit Card, Debit Card, Automatic Clearing House, Others; By Deployment Mode: On-Premises, Cloud-Based; By End User Industry: Banking, Financial Services and Insurance, IT & Telecommunication, Healthcare, eCommerce & Retail, Government & Utilities, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032
The global payment processing solutions market size was estimated at USD 100 billion in 2022 and is expected to surpass around USD 632.18 billion by 2032 with a remarkable CAGR of 20.3% from 2023 to 2032.
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The global Payment Processing Solutions market is driven by the growing internet penetration worldwide coupled with the increase in number of smart phone users. This in turn has led to an increase in the number of online payments, thereby supporting market growth. As of April 2022, the number of internet users globally reached around 5 billion which is about 63% of the total world population.
One of the major factors driving the growth of the global payment processing solutions market is the widespread adoption of mobile payment solutions which has made businesses shift towards alternative modes of payments such as debit cards, credit cards, different types of e-wallets, automated clearing house (ACH), among others.
Another factor supporting the growth of the global payment processing solutions market is change in consumer behavior patterns and shift towards online mode shopping. Besides, widespread penetration of different e-commerce platforms which provides the users with multiple modes of payments is further expected to support the market growth. Furthermore, benefits such as reduced risks of fraudulent activities and improved customer experience are expected to support market growth.
The global Payment Processing Solutions market is expected to benefit significantly from the sudden outbreak and spread of pandemic COVID-19. The pandemic crisis has made several banking & financial and non-banking & financial to adopt and invest in different digital payment solutions.
Additionally, the increase in near-field communication or contactless payments worldwide is further expected to create opportunities for the growth of global payment processing solutions. Debit cards are being offered through which either by a tap or via Wi-Fi the payments can be processed. This in turn has increased the demand for contactless cards. In 2021, around 229.87 million contactless cards were shipped to the United States. Additionally, the increasing adoption of NFC-enabled payment modes such as Google Pay, Apple Pay, etc. is creating opportunities for the growth of the market.
The growth of global Payment Processing Solutions market is also being driven by the technological advancements and supportive government activities and initiatives. For instance, machine learning and artificial intelligence are widely used in handling different payment processing solutions in order to detect fraudulent activities. As a result, all of these aforementioned factors are boosting the growth of global Payment Processing Solutions market.
| Report Coverage | Details |
| Market Size in 2023 |
USD 119.8 Billion |
| Market Size by 2032 |
USD 632.18 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 20.3% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Payment Mode, Deployment Mode, End User Industry, and Geography |
| Companies Mentioned | ACI Worldwide, Elavon Inc., FIS, Fiserv, Inc., Global Payments Inc., GoCardless, PayPal, Square, Inc., Stripe, Wirecard CEE |
The debit card segment dominated the market in 2022. This can be ascribed to the growing adoption and use of debit cards to carry out daily transactions not only in developed regions such as North America and Europe but also in emerging countries such as India, China, the United Kingdom, Germany, etc. The total number of debit cards in China reached around 8.19 billion in 2020. Additionally, the increasing number of banked consumers worldwide is further expected to support segmental growth.
The eWallet segment is expected to register the fastest growth during the forecast period, on account of growing digitalization worldwide. Additionally, increasing internet and smartphone users is further expected to support the segmental growth. Also, supportive initiatives by the governments of different countries across the globe to promote digital payments and the use of wallets is expected to bolster segmental growth in the coming years.
The banking, financial services and insurance (BFSI) end-user industry dominated the Payment Processing Solutions market in 2022. This growth can be attributed to the widespread adoption of advanced payment processing solutions by different banking, financial services and insurance organizations.
The eCommerce & retail segment is expected to register the fastest growth during the forecast period on account of an increasing number of retail vendors offering personalized solutions for making payments. Additionally, growing number of online buyers and availability of different modes of payment on online channels support segmental growth.
North America dominated the payment processing solutions market in 2022. This can be attributed to the wider acceptance and adoption of online payments in the region. Additionally, the increase in POS systems and mobile wallet-based payments across shopping centers, coffee shops, grocery stores, among others across Canada is expected to support the regional market growth.
Asia-Pacific, on the other hand, is expected to develop at the fastest rate during the forecast period. China dominates the Payment Processing Solutions market in Asia-Pacific region. The Asia-Pacific Payment Processing Solutions market’s expansion is being fueled by flourishing consumer goods & retail industry in the region especially in countries like China, India and Australia. Additionally, increasing population of bank account holders across the region is expected to create lucrative opportunities for market growth during the forecast period. This, together with rising internet, communications and telecommunications spending, is likely to drive Asia-Pacific Payment Processing Solutions market forward. The favorable regulatory rules for adoption of digital payment options especially in countries like India is expected to improve demand for payment processing solutions, thereby fueling the overall growth of the market.
Segments Covered in the Report
By Payment Mode
By Deployment Mode
By End-User Industry
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Payment Processing Solutions Market
5.1. COVID-19 Landscape: Payment Processing Solutions Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Payment Processing Solutions Market, By Payment Mode
8.1. Payment Processing Solutions Market, by Payment Mode, 2023-2032
8.1.1 eWallet
8.1.1.1. Market Revenue and Forecast (2021-2032)
8.1.2. Credit Card
8.1.2.1. Market Revenue and Forecast (2021-2032)
8.1.3. Debit Card
8.1.3.1. Market Revenue and Forecast (2021-2032)
8.1.4. Automatic Clearing House
8.1.4.1. Market Revenue and Forecast (2021-2032)
8.1.5. Others
8.1.5.1. Market Revenue and Forecast (2021-2032)
Chapter 9. Global Payment Processing Solutions Market, By Deployment Mode
9.1. Payment Processing Solutions Market, by Deployment Mode, 2023-2032
9.1.1. On-Premises
9.1.1.1. Market Revenue and Forecast (2021-2032)
9.1.2. Cloud-Based
9.1.2.1. Market Revenue and Forecast (2021-2032)
Chapter 10. Global Payment Processing Solutions Market, By End-User Industry
10.1. Payment Processing Solutions Market, by End-User Industry, 2023-2032
10.1.1. Banking, Financial Services and Insurance (BFSI)
10.1.1.1. Market Revenue and Forecast (2021-2032)
10.1.2. IT & Telecommunication
10.1.2.1. Market Revenue and Forecast (2021-2032)
10.1.3. Healthcare
10.1.3.1. Market Revenue and Forecast (2021-2032)
10.1.4. eCommerce & Retail
10.1.4.1. Market Revenue and Forecast (2021-2032)
10.1.5. Government & Utilities
10.1.5.1. Market Revenue and Forecast (2021-2032)
10.1.6. Others
10.1.6.1. Market Revenue and Forecast (2021-2032)
Chapter 11. Global Payment Processing Solutions Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.1.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.1.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.1.4.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.1.4.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.1.5.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.1.5.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.2.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.2.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.2.4.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.2.4.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.2.5.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.2.5.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.2.6.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.2.6.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.2.7.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.2.7.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.3.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.3.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.3.4.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.3.4.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.3.5.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.3.5.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.3.6.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.3.6.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.3.7.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.3.7.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.4.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.4.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.4.4.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.4.4.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.4.5.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.4.5.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.4.6.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.4.6.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.4.7.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.4.7.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.5.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.5.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.5.4.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.5.4.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Payment Mode (2021-2032)
11.5.5.2. Market Revenue and Forecast, by Deployment Mode (2021-2032)
11.5.5.3. Market Revenue and Forecast, by End-User Industry (2021-2032)
Chapter 12. Company Profiles
12.1. ACI Worldwide
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Elavon Inc.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. FIS
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Fiserv, Inc.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Global Payments Inc.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. GoCardless
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. PayPal
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Square, Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Stripe
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Wirecard CEE
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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