The value of the global payment processing solutions market is expected to reach US$98.01bn by 2027, a compound annual growth rate (CAGR) of 14% between 2020 and 2027.
The big drivers behind the growth is the emergence of digital technology and customers’ demand for immediacy of transactions. Customers are looking for faster and convenient money transfer options, which drives up the adoption of payment processing solutions.
The forecast is part of a new report from Grand View Research.
Key report take-outs include that the:
- growing popularity of smartphones and technological innovations are anticipated to boost the usage of e-wallets across the globe;
- retailers are focusing on diversifying their business operations, they are increasingly embracing wireless and mobile processing technologies for transaction processes. This, in turn, is expected to fuel the adoption of solutions for transaction processing in the retail end-use segment;
- increasing e-commerce sales, coupled with growing internet penetration across the region, is expected to fuel the market growth in Asia Pacific over the forecast period.
The main market vendors are SecurePay, PayU, PayPal, Authorize.Net and Alipay.
As for other markert values, the global digital payment market size was valued at US$43.5bn in 2018 and is expected to register a CAGR of 17.6% from 2019 to 2025.
Where as the global real-time payments market size was valued at US$6.90bn in 2018 and is projected to expand at a CAGR of 29.3% from 2019 to 2025.
And the global contactless payment market size was valued at US$207.65bn in 2016 and is expected to grow at a fast pace over the forecast period.