MarketsandMarkets forecasts the global payment processing solutions market size to grow from USD 39.3 billion in 2018 to USD 64.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.4% during 2019–2024. The global payment processing solutions market is gaining traction, owing to factors, such as increasing initiatives for the promotion of digital and online payments, high proliferation of smartphones, focus on improving customer experience, and customers’ demand for immediacy of payments and settlements. These factors are expected to drive the global payment processing solutions market.
The eWallet segment is expected to grow at a higher CAGR during the forecast period. An eWallet is a way of carrying digital card information in a digital form on a mobile device. To make purchases, people can pay with their tablets, smartwatches, or smartphones. Normally, an eWallet is a payment service through which individuals and businesses can send and receive money through a mobile device. Primarily, it enables an individual to receive payments, as well as pay using a mobile device.
The utilities and telecommunication vertical is projected to grow at the highest CAGR during the forecast period. This vertical is presently in the phase of modernizing its legacy applications and adopting digital solutions to empower its customers, due to the increase in the proliferation of smartphones. Similarly, utilities customers demand a more convenient and faster mode of bill payments. This requires billers to offer options to customers that meet the demands for emerging billing and payments methods. An increase in the number of customers and intense competition among key players in the utilities and telecommunication vertical are driving the demand for payment processing solutions.
In terms of geographic coverage, the global payment processing solutions market has been segmented into 5 major regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest growth rate during the forecast period, as the region comprises developed and emerging economies, such as Japan, Australia, China, and India. APAC is at the forefront to adopt online payment mode for various transactions. Asian consumers prefer equal measures of seamless and security in all aspects of their digital payment transactions. Payment methods vary widely across the region, both between and within countries, and across the spectrums of development from urban to rural.
In terms of geographic coverage, the global payment processing solutions market has been segmented into 5 major regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is expected to record the highest growth rate during the forecast period, as the region comprises developed and emerging economies, such as Japan, Australia, China, and India. APAC is at the forefront to adopt online payment mode for various transactions. Asian consumers prefer equal measures of seamless and security in all aspects of their digital payment transactions. Payment methods vary widely across the region, both between and within countries, and across the spectrums of development from urban to rural.
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