The global payment processing solutions market is expected to be worth US$ 231.7 billion by 2022, with a CAGR of 9.9% from 2022 to 2032. The increasing use of smartphones and internet penetration around the world are expected to play a significant role in driving the market during the forecast period.
Furthermore, favorable initiatives are being implemented by several countries, including India, France, and others, which are expected to strengthen the market during the forecast period. The Indian government established the Unified Payments Interface (UPI) to facilitate digital payments throughout the country. Similarly, in 2015, the French National Cashless Payments Committee was formed to promote contactless payments.
With rising financial inclusion across the globe, the market is likely to witness significant opportunities for market growth. The Reserve Bank of India estimates that India’s Financial Inclusion Index will be 53.9 by the end of March 2021. The growing financial inclusion in emerging economies is expected to boost market size during the forecast period.
Takeaways from the Market Research:
- In 2022, the global payment processing solutions market will be worth USD 90.4 billion.
- From 2022 to 2032, the global payment processing solutions market is expected to grow at a 9.9% CAGR.
- The credit card segment is expected to grow at a CAGR of 9.3% during the forecast period.
- By 2032, the US market will be worth $75.1 billion.
- From 2022 to 2032, the Chinese market is expected to grow at an 8.6% CAGR.
- By 2032, the UK market will be worth US$ 10.3 billion.
- The cloud-based deployment segment is expected to grow at an 8.9% annual rate during the assessment period.
- Japan’s market will grow at an 8.6% CAGR by the end of the forecast period.
Analysis of Competitors
Mastercard, Global Payments, Paypal, Visa, Wirecard, and others are major players in global payment processing solutions. Recent industry developments include:
- Zettle Terminal will be launched in October 2021. It is a new all-in-one point-of-sale solution for SMEs that allows for greater mobility in-store. Zettle Terminal would reach the United States by 2022. It will be available in the United Kingdom in 2021.
- Fiserv announced the launch of Clover Online Ordering with Delivery in November 2021. It provides flexible food delivery services, including menu management, payment processing, and order placement via the newly launched platform.