World News: 12:35 GMT Monday 27th May 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, May 27, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
The global payment processing solutions market is expected to grow from USD 39,317.3 million in 2019 to USD 65,542.3 million by 2024, at a CAGR of 10.4% during the forecast period.
Major growth factors for the market include increasing worldwide initiatives for the promotion of digital and online payments, high proliferation of smartphones, focus on improving customer experience, and customers' demand for immediacy of payments and settlements. These factors are expected to drive the global payment processing solutions market. However, the lack of a global standard for international transaction may limit the market growth.
The demand for payment processing solutions is surging owing to an increase in the use of credit and debit cards and eWallets. A payment processor facilitates communication between the bank that issued a customer's debit or credit card and the seller's bank. The processor verifies and authorizes payment; then, a third-party payment gateway, such as PayPal, and payment processor carries out its tasks by communicating with the payment gateway and the seller's bank.
The payment processing solutions market is segmented by payment method (debit card, credit card, and eWallet), vertical (retail, hospitality, utilities and telecommunication, and others), and region (North America, Europe, APAC, MEA, and Latin America). The eWallet segment is expected to have the highest Compound Annual Growth Rate (CAGR); additionally, the APAC region is projected to witness the highest growth during the forecast period. Furthermore, with the launch of streaming applications, such as Netflix and Amazon Prime, the leisure and entertainment vertical is expected to witness the highest CAGR during the forecast period.
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Related Topics: Bank Cards, Mobile and Contactless Payments
Globe Newswire: 12:35 GMT Monday 27th May 2019
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