The global payment processing solutions market is expected to secure US$ 231.7 Billion while exhibiting a CAGR of 9.9% during the forecast period from 2022-to 2032. The growing application of smartphones and increasing penetration of the internet across the globe are expected to play a significant role in driving the market in the forecast period.
With rising financial inclusion across the globe, the market is likely to witness significant opportunities for market growth. According to the Reserve Bank of India, India’s Financial Inclusion Index was 53.9 by the end of March 2021. The expanding financial inclusion across emerging economies is expected to augment the market size in the forecast period.
Key Takeaways:
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The global payment processing solutions market to secure US$ 90.4 Billion in 2022
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The global payment processing solutions market is expected to exhibit a CAGR of 9.9% from 2022- to 2032
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By payment method, the credit card segment is projected to expand at a CAGR of 9.3% during the forecast period
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The U.S market to value US$ 75.1 Bn by 2032
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Market in China to grow by 8.6% CAGR from 2022- to 2032
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The U. K market to hold a value of US$ 10.3 Bn by 2032
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By mode of deployment, the cloud-based segment is expected to exhibit a growth rate of US$ 8.9% during the assessment period.
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Market in Japan to expand by 8.6% CAGR by the end of the forecast period.
Competition Analysis
Major players in the global payment processing solutions include Mastercard, Global Payments, Paypal, Visa, Wirecard, and others. Recent developments in the industry are:
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In October 2021, Zettle Terminal was launched. It is a new, all-in-one point of sale solution that provides increased mobility in-store for SMEs. By 2022, Zettle Terminal would reach the U.S. It has already been launched in the U.K in 2021.
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In November 2021, Fiserv announced the launch of Clover Online Ordering with Delivery. It offers flexible food delivery services with menu management, payment processing, and order through the newly introduced platform.
