The "Payment Processing Solutions Market by Payment Method (Debit Card, Credit Card, eWallets, ACH, and Others), Mode Of Deployment (On-premise, Cloud-based), Vertical (BFSI, Government And Utilities), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global payment processing solutions market is expected to grow from USD 74,396 million in 2020 to USD 1,20,774 million by 2025, at a CAGR of 10.2%, during the forecast period.
Major growth factors for the market include increasing worldwide 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.
By payment method, eWallet segment to grow at the highest 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 e-Wallet 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. Usually, an e-wallet is provided through some payment processing models.
By region, Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. Payment methods vary widely across the region, both between and within countries, and across the spectrums of development from urban to rural. Companies operating in Asia, thus, face a complicated and demanding payment landscape. Since the last few years, APAC increasingly preferred to pay online via alternative payment methods, such as eWallets, bank transfers, and cash on delivery. Moreover, the increasing market of retail in APAC has enabled the payment processing solutions provider to focus more in this region for providing advanced solutions.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the payment processing solutions market.
Increasing Ecommerce Sales Along With Growing Internet Penetration
Embracing Contactless Payments Globally
Evolving Customer Expectations
Rising Use of Mcommerce in the Transportation Industry
Absence of a Global Standard for Cross-Border Transactions
Lack of Digital Literacy in Emerging Countries
Rising Financial Inclusion Across the Globe
Rising Government and Private Initiatives to Promote Digital Transactions
Threat of Increasing Cyberattacks on Digital Payment Solutions
Jack Henry & Associates
Secure Payment Systems
Klik & Pay
For more information about this report visit https://www.researchandmarkets.com/r/o48q2d
View source version on businesswire.com: https://www.businesswire.com/news/home/20200918005450/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900