By FintechNews staff
- The payment processing solutions market is likely to register lucrative growth over the coming years owing to rapid digitization, and rising penetration of smartphones coupled with adoption of numerous mobile payment applications. The ongoing market growth can further be ascribed to emergence of advanced technologies like VR, AI in the banking sector.
- The Payment Processing Solutions Market is set to grow from its current market value of more than $60 billion to over $140 billion by 2026; as reported in the latest study by Global Market Insights Inc.
- Growing adoption of e-wallet payments: With respect to the mode of payment, the e-wallet segment is anticipated to grow at a moderate rate over the forthcoming time period. Unlike banks, e-wallets have much simpler procedures. You can open an account in a matter of seconds, there’s no requirements, and you have access to an account to receive money worldwide.Because it’s much simpler for customers, electronic wallets are taking a bigger place in the market. . Additionally, the transactional data is securely encrypted as well, thereby minimalizing fraudulent events.
- Growing demand for payment processing solutions across large enterprises: The demand for innovative payment processing solutions among large enterprises is rapidly increasing. This growth is mainly due to the growing need for flexibility to provide customized as well as value-added payment services to their users. Advanced capabilities such as unified commerce, user reporting, and security of data among others are boosting the adoption of payment processing solutions.
- Supportive government initiatives across Europe: The payment processing solutions market in Europe is projected to account for more than 20% of the overall industry share by the end of the estimated time period. This anticipated growth is mainly ascribed to the favorable initiatives undertaken by the regional governments for improving the digital banking infrastructure.
Global Payments, Inc., Square, Inc., Fidelity National Information Services, Inc., PayPal Holdings, Inc., and Adyen among many others are some of the key players operating in the payment processing solutions market.