Payment Processing Solutions Market worth $147.4 billion by 2027 – Exclusive Report by MarketsandMarkets™

Chicago, July 25, 2022 (GLOBE NEWSWIRE) — Payment Processing Solutions Market size to grow from USD 90.9 billion in 2022 to USD 147.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period according to a new report by MarketsandMarkets™.

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Browse in-depth TOC on “Payment Processing Solutions Market”
288 – Tables
42 – Figures
291 – Pages

Scope of the Report

Payment processing solutions provide a connection between the issuer bank and the merchant bank. It also enables merchants to receive payments. Payment processing solutions offer a secure and scalable processing platform that processes domestic, inter-regional, and international credit and debit card, ACH, eWallet, and other transactions such as bank transfers, checks-to-ACH, and prepaid debit card transactions. The payment processor takes the info about the transaction from the payment gateway, validates it, executes it, and then deposits the funds into the merchant account. It also notifies the payment gateway if the transaction was successful. These solutions enable merchants to accept payment through various modes, such as credit cards, debit cards, ACH, eWallet, and other transaction transfers.

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The cloud-based segment is expected to account for the largest market share in the payment processing solutions market. Several vendors in the market are offers payment solutions through the public and private cloud. Cloud-based payment solutions are available in various subscriptions and pay-per-use models. These solutions empower businesses to invest in payment technologies according to their specific requirements. Cloud-based deployment helps SMEs avoid upfront costs associated with hardware, software, storage, and technical staff.

By payment method, eWallet are expected to hold a larger CAGR. eWallet is a way of holding digital card information in a digital form on a mobile device. To make purchases, people can pay in a different ways with their tablets, smartwatches, or smartphones. Normally, eWallet is a payment service through which individuals and businesses which can send and receive money through a mobile device.

Asia Pacific is estimated to be the largest growing market for payment processing solutions market. These solutions are projected to grow at the highest rate in emerging economies such as China, Japan, and India. The rising demand for advanced solutions, which are cloud-driven and cloud-supported, has resulted in the increasing demand for payment solutions and services in Asia Pacific, thereby resulting in increasing investments and technological advancements across the region.

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Key and innovative vendors in the Payment Processing Solutions Market are PayPal (US), Fiserv (US), FIS (US), Square (US), Global Payments (US), Wirecard (Germany), ACI Worldwide (US), MasterCard (US), Visa (US), Stripe (US),CCBill(US), PayU (Netherlands), Authorize.Net(US), Jack Henry & Associates (US), Alipay(China), Paysafe (UK), BlueSnap(US), Secure Payment Systems(US), Worldline(France), Spreedly(US), Fattmerchant(US), PayTrace(US), Dwolla (US), PayProTec(US), SignaPay(US), Klik&Pay(Switzerland), Finix Payments(US), Due(US), PhonePe(India), Modulr(England), Pineapple Payments(US),Razorpay(India), MuchBetter(England), PayKickstart(US), Aeropay(US), Sila(US).

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Related Reports:

Digital Payment Market by Component (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security and Fraud Management) and Services), Deployment Mode, Organization Size, Vertical and Region – Global Forecast to 2026

Real-Time Payments Market by Nature of Payment (P2P, P2B & B2P), Component (Solutions (Payment Gateway, Payment Processing & Payment Security & Fraud Management) & Services), Deployment Mode, Enterprise Size, Vertical, & Region – Global Forecast to 2023

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