Payment Processing Solutions Market To Cross Revenue Worth $569.2 Billion by 2030

The global payment processing solutions market is projected to generate $569.2 billion revenue by 2030, advancing at a CAGR of 22.7% during 2021–2030. This will be on account of the rising number of initiatives for promoting digital payments and the surging e-commerce sales coupled with expanding internet penetration.

Payment processing solutions use ML and AI-like technologies to detect fraudulent activities all over the world, hence assisting retailers to curb the risk of fraudulent transactions and improving customer services. Governments are also taking several initiatives to limit the rising fraud activities in digital transactions. For instance, in October 2021, the Monetary Authority of Singapore (MAS) announced that it will launch Cosmic, a digital platform, and regulatory framework. This will enable financial institutions to securely share relevant data in the fight against money laundering, terrorism financing, and proliferation financing. The MAS is initially collaborating with six commercial banks, with additional initiatives underway in Australia, the U.K., and the U.S.

Similarly, in February 2020, the Central Bank of Brazil announced the launch of an instant payment platform, PIX. Through this technology, Brazilians will be able to transfer money through mobile, ATMs, and internet banking to people, government, and companies.

eWallet Category Leads the Market

The eWallet category accounted for the largest revenue share, of more than 40%, and it is expected to grow at a CAGR of more than 23% during 2021–2030. This can be attributed to the rising initiatives for the promotion of digital payments all over the world and the increasing proliferation of smartphones coupled with expanded internet penetration. For instance, as per Fis Inc.’s report around 45% of e-commerce transactions were done through the eWallets in 2020.

APAC is the Leader in the Market

The APAC payment processing solutions market was valued around $40 billion in 2021, and it is expected to advance at a fastest CAGR during 2021–2030. This is on account of the rise in smartphone penetration and the high adoption of digital payment services in the region. Moreover, Fis Inc. stated that digital and mobile wallets will account for nearly half of all POS payments in APAC, i.e., around 50%.

Product Launches Are the Most-Effective Strategic Measures

Companies operating in the market have been involved in product launches to remain competitive. For instance, in September 2021, PayPal Holdings Inc. announced the launch of the PayPal app, which is an all-in-one personalized app having various features like PayPal savings, various shopping tools, cash-back benefits, and shopping credits.

In November 2021, ACI Worldwide Inc. announced the launch of Omni-Commerce Payment Analytics. This offers merchants the ability to analyze and access large sets of transaction data in real-time.

The major players operating in the payment processing solutions market are PayPal Holdings Inc., Fiserv Inc., Fis Inc., Block Inc., Global Payments Inc., Mastercard Incorporated, Visa Inc., Jack Henry & Associates Inc., Paysafe Ltd., and ACI Worldwide Inc.