The global payment processing solutions market size is expected to reach over USD98bn by 2027, with growth in the APAC region being fueled by increasing e-commerce sales and growing internet penetration across the region.
The backdrop is the emergence of digital technology and customers’ demand for immediacy of transactions. Customers are looking for faster and convenient money transfer options, increasing the adoption of payment processing solutions.
Key highlights from the report:
- growing popularity of smartphones and technological innovations are anticipated to boost the usage of e-wallets across the globe;
- as retailers focus 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.
Main vendors in the market include SecurePay, PayU Group, PayPal Holdings, Authorize.Net and Alipay.
Technology is finding its way into the industry and will be used to streamline and simplify the process of transactions. For example, 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.
The report was published by Grand View Research.
