$65 Bn Payment Processing Solutions Market, 2024 by Payment Method, Vertical, And Region

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.

For more information about this report visit

Research and Markets also offers services providing focused, comprehensive and tailored research.


CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Bank Cards, Mobile and Contactless Payments

More news and information about Research and Markets

Published By:

Globe Newswire: 12:35 GMT Monday 27th May 2019

Published: .

Search for other references to "payment" on SPi News


Share

Previous StoryNext Story

SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
 
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.
 
Privacy Policy | Terms and Conditions | Contact Us