Payment Processing Solutions Market

The global Payment Processing Solutions Market is anticipated to encounter a growth rate of 10.8% over the forecast period. The growing deployment of smartphone and accelerating penetration of internet has bolstered the demand for online payments and is a major driver fuelling the growth of the global payment processing solutions market size.

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Payment Processing Solutions Market Dynamics

Accelerating eCommerce sales guided by the increasing penetration of internet stands to be a prime force fuelling the payment processing solutions market. The ePayment eradicates the cost related to the cash collection for a product purchased. According to the IBEF, the Indian eCommerce market is anticipated to reach USD 99 million by 2024 while expanding at a CAGR of 27% during 2019-2024. Further, the online retail sales in the nation is anticipated to expand because of the rising sales on Paytm Mall, Amazon India, and Flipkart. Several government bodies have undertaken several initiatives to encourage digitalized payments. The government of France launched the National Strategy for Cashless Payment Instruments, with the prime motive to encourage electronic means of payment in the country.

Apart from this, the payment processing solutions market research projects that the continuous surge in eCommerce is majorly because of the ongoing technological innovation primarily led by the increasing usage of devices and the evolution of 4G and 5G technologies. Thus, the surge in the eCommerce sector has raised the usage of ePayments.

However, as per the Payment Processing Solutions market report, the rising risk of cyberattacks on digital payment solutions has restrained the growth of the market in terms of revenue. Moreover, the incorporation of payment technologies in businesses has raised the concern towards privacy of data, theft of information, and compliance.

Vertical Segment Drivers

By vertical, the BFSI segment is expected to expand at a faster rate during the forecast period. The rowing espousal of payment processing solutions by the prominent banks has surged the market growth over the coming years. Mastercard, in 2017, offered Airtel Payments Bank, an outsourced payments processing platform to sanction payment services such as card management and support the dispute management processes.

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