Payment Processing Solutions Market Size, Competitive Landscape and Market Forecast - 2029

Global Payment Processing Solutions Market is segmented By Payment Method (Credit Card, Debit Card, Ewallet, Others), By Verticals (Maritime, Retail, Hospitality, Utilities & Telecommunication, Others), By Service Type (International Supplier Payments, International Crew Payments), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2021-2028

 

Payment Processing Solutions Market Size Share Growth Opportunity Analysis Report

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

Market Segmentation

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.

Geographical Share

1. The North America market for payment processing solutions was valued at USD YY million in 2018 and the market is estimated to grow at a CAGR of 9.6% during the forecast period to reach a market value of USD YY million by 2026.
2. North America comprises developed countries, such as the US and Canada. These countries have invested significantly in Research and Development (R&D) activities, thereby contributing to the development of innovative technologies.
3. The payment processing solutions market in North America is highly competitive, as countries such as the US and Canada are focused on R&D and innovation. These countries are early adopters of technologies in various verticals.
4. The US and Canada are also the leading countries in retail, financial services, banking, and other industries, such as transportation and manufacturing. Credit card is the most preferred mode of payment by consumers in both online and point-of-sale (POS) method in North American countries.

Competitive Landscape

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.

Why purchase the report?

• Visualize the composition of the Payment Processing Solutions Market products across each indication, regarding type and application highlighting the critical commercial assets and players.
• Identify business opportunities in Payment Processing Solutions Market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of the Payment Processing Solutions Market levels 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the essential Payment Processing Solutions Market of all major market players.

Who can benefit from this report?

• Raw Material Suppliers/ Buyers
• Product Suppliers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers

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