Payment Processing Solutions Market Trends

Statistics for the 2023 & 2024 Payment Processing Solutions market trends, created by Mordor Intelligence™ Industry Reports. Payment Processing Solutions trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

Market Trends of Payment Processing Solutions Industry

This section covers the major market trends shaping the Payment Processing Solutions Market according to our research experts:

Retail & E-commerce Industry is Expected to Gain Maximum Adoption

  • The growing landscape of the E-commerce industry is drastically changing the payments landscape. According to VISA, retail-commerce value is expected to reach USD 335.84 billion by 2020, from USD 267.26 billion in 2019. This, coupled with an increase in smartphone penetration, especially in developing countries, would augment the adoption of digital payment in the future. Brick and mortar stores have also started to embrace the digital form of payments in order to re-evaluate their position, offering, and approach.
  • The major reason for the adoption of digital payments amongst retailers and the e-commerce industry is that it increases the retailer's ability to collect and analyze customer data, for efficient marketing purposes and further enhance the customer relationship.
  • In June 2020 - Qualpay, an omnichannel payment solutions provider, launched an enhanced B2B end-to-end payment processing platform. The solution simplifies several functions across organizations, from invoicing for accountants to accessing comprehensive reports for sales and marketing.
Payment Processing Solutions Market: E-commerce Payment Methods by Share of Transaction Volume, in (%),Global, 2019

North America Expected to Dominate the Market

  • The North America region is expected to dominate the Payment Processing Solutions Market during the forecast period, owing to the presence of several market players in the region, such as PayPal, Mastercard, Square, BluePay, and many more. E-commerce sales in the United States are also increasing, with the improvement of digital payment experience. This increase further reflects consumers’ increasing comfort with online shopping, along with the increasing use of mobile and hand-held devices. Hence, this acts as a major driver for the demand for payment processing solutions in the region.
  • Consequently, several regional players are collaborating to harness the power of digital payment in their operations, thereby expanding their market presence. For instance, in May 2020, a payment technology and solutions provider, Global Payments, announced that TSYS, its Issuer Solutions business, signed a long-term agreement with Truist Financial Corporation, an American bank holding company, to process the bank’s consumer, commercial and small business credit card portfolios.
  • Also, the region is witnessing the emergence of small and medium enterprises providing innovative solutions in the market to gain maximum traction. For instance, in July 2019, Finix raised USD 17.5 million to provide its customers with the ability to operate in-house payment processing solutions, which will subsequently eliminate the costs that are traditionally associated with the service.
Payment Processing Solutions Market Growth Rate by Region (2020 - 2025)

Payment Processing Solutions Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)