SKU: DMICT2199 | Published On: Feb 02 2022 | Available Formats
The Global "Payment Processing Solutions Market" is expected to grow at a CAGR of 9.6% during the forecasting period (2021-2028).
Payment processing refers to automated operations between the customer and the merchant. A third-party service, usually a computer-based system such as eMerchant Gateway, processes the customer's payment information and is set up to accept or decline payments on behalf of the merchant oriented on pre-set parameters. A merchant account is a business and financial arrangement with a credit card processor that enables a dealer to accept payment cards online. The payment processing solutions market is growing owing to several factors such as increasing initiatives for the promotion of digital and online payments, growing focus on improving customer experience, and rising customer demand for immediacy of payments and settlements.
Report Attribute |
Report Coverage |
Market Size Forecast |
2022 to 2028 |
Market CAGR |
9.6% |
Fastest Growing Market |
Asia Pacific Payment Processing Solutions Market |
Largest Market |
North America Payment Processing Solutions Market |
Segments Covered |
By Payment Method, By Verticals, By Service Type |
Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
Based on the Payment Method, the market is segmented into Credit Card, Debit card, Ewallet, and others. The credit card segment is estimated to hold the largest market share during the forecast period.
The credit card payment market was valued at USD YY million in 2018 and the market is estimated to grow at a CAGR of YY% in the forecast period to reach a market value of USD YY million by 2026.
Credit cards are payment cards issued to users, which enables the cardholder to pay merchants for goods and services, and make payments for the amounts along with the other agreed charges.
The card issuer, usually a bank, creates a revolving account and grants a line of credit to the cardholder, from which the cardholder can borrow money to make payment to a merchant or as a cash advance.
A credit card allows customers to build a continuous balance of debt, subject to interest charges. The credit card segment is anticipated to have the largest market size in the market for payment processing solutions.
Credit card remains to be the favored way to pay in department shops, most probably due to people who prefer credit card for purchases in a higher value.
On November 18th, 2019, an International maritime payment solutions provider, ShipMoney launched a new initiative: ShipMoney Cares. ShipMoney Cares will be managed by ISWAN and is designed to provide one-time financial grants to seafarers in need, which could include medical or educational support. ShipMoney along with its strategic remittance partners will make a sizable annual donation to the program. There is a maximum grant of $500 and seafarers can apply once a year.
In June 2019, ShipMoney has extended its maritime payment services agreement with the UK-based shipping company Helikon Shipping Enterprises Limited into a long-term multi-year relationship.
In April 2019, ShipMoney rolled out innovative crew payment solutions across Tsakos Columbia Shipmanagement Fleet
In January 2018, Brightwell Payments, Inc., a maritime payments and technology company has extended its agreement with Norwegian Cruise Line and leverage the Brightwell Navigator payments platform, a web-based technology that delivers access to money transfer services and Brightwell's OceanPay® Visa® Prepaid Card, to meet the needs of 16,000 geographically dispersed, multinational shipboard employees across its fleet.
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