Payment Processing Solutions Market Projected to Reach Valuation of US$ 198.0 Bn at 12% CAGR from 2023-2032


To gain a competitive edge, financial institutions and banks are breaking away from conventional offerings & exploring alternative solutions. The surge for digital payments is a major trend in the payment processing solutions market, creating new opportunities for emerging players.

New York, April 10, 2023 (GLOBE NEWSWIRE) — According to, The Global Payment Processing Solutions Market size is expected to be worth around USD 198 Billion by 2032 from USD 65.6 Billion in 2022, growing at a CAGR of 12.00% during the forecast period from 2023 to 2032. The rising demand for the consumer for online purchases has raised the demand for payment processing solutions. The rise in the adoption of mobile payment solutions and the businesses looking for alternative payment solutions is the factor driving the growth of the market. Some anti-fraud tools, such as Machine Learning and AI, are used to handle payment processing solutions. These solutions can be combined with POS systems, fueling the market’s growth. These solutions allow the merchants to improve the customer experience and reduce risk. The government of emerging economies is taking initiatives to adopt these payment processing solutions, which will drive global market growth.

Payment Processing Solutions Market


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Key Takeaway:

  • By component, the solution segment generated the highest revenue in the global payment processing solutions market share in 2022.
  • By deployment mode, the credit card segment dominates the market with a share of 37%.
  • In 2022, North-America Region dominated the market with the highest revenue share of 38.8%.
  • Europe held the second-largest revenue share in 2022.

Some factors restraining the market’s growth are the security and privacy concern and a lack of standardization for international transactions. The payment process solutions include handling the transaction executed by the customer while purchasing a product or service. Financial institutes, banks, and other related sectors predominantly use payment processing solutions to handle traditional payments more efficiently, which fuels the market’s growth.

Factors affecting the growth of the Payment Processing Solutions Market

There are several factors that can affect the growth of the Payment Processing Solutions Market. Some of these factors include:

  • Technological advancement: The rise in the adoption of technologies in payment processing solutions is the major trend, creating various opportunities for new market players in the market.
  • Increasing demand in the e-commerce sector: The rise in the demand of the e-commerce sector is driving the growth of the payment processing solutions market.
  • Increasing use of technologies: The rise in the use of the Technologies such as mobile phones, laptops, etc., is driving the demand for online transactions, which propels the market development.
  • Absence of standardization for the cross-border transaction: Lack of standardization and automation across the countries due to the independent development of payment systems is restraining the market’s expansion.

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Top Trends in the Global Payment Processing Solutions Market

Financial firms and Banks are moving away from standard offerings to gain a competitive advantage in the market. These services will allow banks to adopt a more strategic role and open new income for the clients and themselves. Customer and business-based modules have been adopted by the major key players in the Payment Processing Solutions Market based on contextual and customized offerings. The adoption of advanced technologies by the fintech firms and banks has automated significant accounting operations and managed liquidity operations

Market Growth

The growth of the market is driven by support from the regulatory bodies, government, and other authorities in several countries. The advancement in technologies like digitization and data processing propels the market’s growth. The rise in the growth of the E-commerce sector is driving the demand for electronic payment, eventually driving the growth of payment processing solutions. However, the absence of standardization in cross-border transactions is restraining the market’s growth globally.

Regional Analysis

North America holds the largest market share and is expected to dominate during the forecast period. The region’s growth is attributed to the higher acceptance of digital payments in the region. Due to the combination of the expansion of interest and the rise in the evolution of online transactions, the region’s growth was observed. The increase in the demand for mobile wallets is the main factor driving market growth in the area. Europe will grow at a significant rate during the forecast period. The market development in the region can be seen due to the increase in the adoption of online channels by retail customers. The presence of major key market players in the region has resulted in market growth. The rise in customers shifting from cash to advanced payment solutions is the main factor driving the development of the market in the region.

Competitive Landscape

Companies heavily invest in research and development activities to develop payment processing solutions. The major key players in the Payment Processing Solutions Market are focusing on launching new offerings that can drive the company’s growth. In addition, some key players focus on partnerships and collaboration with other competitors to gain a strong market position.

Recent Development of the Payment Processing Solutions Market

  • ACI Worldwide collaborated with Swedbank in June 2021, which can improve their customer experience and drive the growth of Swedbank. This development aims to control fraudulent activities and improve security.
  • RealNet was launched by the FIS in April 2021, which can enable A2A, which is also called as account to account transactions for customers, government, companies, etc., over real-time payment networks.

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Scope of the Report

Report Attribute Details
Market Value (2022) USD 65.6 Billion
Market Size (2032) USD 198.0 Billion
CAGR (from 2023 to 2032) 12% from 2023 to 2032
North America Revenue Share 38.8%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

The rapid acceleration of the e-commerce sector is eventually supporting the massive use of e-payments which results in market growth. The rapid adoption of advanced technologies, which is driving the use of devices such as tablets and smartphones, and the rapid rise in the e-commerce sector, are helping the market’s expansion. The process of carrying out payments and other financial services is eased by the e-payment process, which is driving the market’s progress globally. Due to the advancement in electronic payments and online payment technologies, the e-commerce sector is seeing growth. The development of the e-commerce sector is a significant opportunity for developing the payment processing solution market.

Market Restraints

Due to the lack of an international payment system, which is convenient to use, digital payment vendors are unable to grow with these opportunities. But recently, trades in cross-borders have seen significant evolution as more companies are importing and exporting goods and services globally. There is a lack of standardization and automation across the countries due to the independent development of payment systems. This affects businesses and banks and results in manual intervention to repair and collect data. These are the factors that are restraining the progression of the Payment Processing Solutions Market.

Market Opportunities

Online banking and online payment play an essential role in raising the number of people holding bank accounts, as the opening and operation of bank accounts can be done with smartphones, even in remote places. The major key players, governments, and development organizations have recognized the importance of financial services for the people living in rural and remote regions. Due to this, people are gaining access to financial services. The introduction of e-wallets has had a greater impact on the rise of financial services. The increasing use of smartphones and laptops is the major opportunity driving the market’s growth. The decreasing number of unbanked people is the major opportunity driving the market’s growth.

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Report Segmentation of the Payment Processing Solutions Market

Component Insight

The solution segment dominates the market’s growth and holds the largest market share. It is reliable and convenient for online payments via mobile phones and tablets. The solution segment includes pay-by-link, recurring payments, shopping carts, mobile wallets, etc., which can quickly process payments and reduce time and effort for merchants and customers. Therefore, the service segment will see significant growth during the forecasted period.

Deployment Insight

By component, the credit card segment dominates the growth of the market. There is a continuous flow of data to the ERP system, eliminating errors at entry and avoiding data redundancy in integrated credit card payment processing solutions. The processing tools of credit cards are widely used by businesses, which allows them to align the essential data of their businesses, which includes shipping & invoicing, business order, etc. so that the business can run smoothly. The e-wallet segment is growing at a significant rate during the forecasted period. The rise in the opportunity of the segment is seen due to the high payment process speed and convenience of these e-wallets. The rise in the penetration of smartphones globally is driving the growth of the e-wallet segment.

Industry Vertical Insight

The BFSI segment holds the largest market share and dominates the market’s growth. The banks have initiated many projects to create a stable, cost-effective payment mechanism to increase network trade activities. The rise in adopting advanced payment processing solutions by banks and fintech firms resulted in the market’s growth. As a result, the retail segment is expected to grow significantly during the forecasted period. The vendors mainly focus on offering personalized solutions for retail payment, which is expected to drive the segment’s growth.

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Market Segmentation

By Component

  • Solution
  • Service

By Deployment Mode

  • Credit card
  • Debit card
  • E-wallet
  • Automated Clearing House (ACH)
  • Others

By Industry Vertical

  • BFSI
  • Government & Utilities
  • It & Telecom
  • Healthcare
  • Retail & E-commerce
  • Media & Entertainment
  • Travel & Hospitality
  • Others

By Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Key Market Players

  • Adyen
  • Alipay
  • Amazon Payments, Inc.
  • PayPal Holdings Inc.
  • PayU
  • SecurePay
  • Stripe, Inc.
  • Apple Inc. (Apple Pay)
  • Alphabet (Google Pay)
  • Other Key Players

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