Tuesday, June 25, 2024
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    Payment processing solutions market to grow 9.9% by 2032 as internet penetration expands around the world

    The global payment processing solutions market is expected to secure $231.7bn while exhibiting a CAGR of 9.9% during the forecast period from 2022-to 2032. The growing application of smartphones and increasing penetration of the internet across the globe are expected to play a significant role in driving the market in the forecast period.

    With rising financial inclusion across the globe, the market is likely to witness significant opportunities for market growth. According to the Reserve Bank of India, India’s Financial Inclusion Index was 53.9 by the end of March 2021. The expanding financial inclusion across emerging economies is expected to augment the market size in the forecast period.

    The report also finds that, the global payment processing solutions market to secure $90.4bn in 2022 , while the global payment processing solutions market is expected to exhibit a CAGR of 9.9% from 2022- to 2032.

    By payment method, the credit card segment is projected to expand at a CAGR of 9.3% during the forecast period.

    Globally, the US market to value $ 75.1bn by 2032, while the market in China will grow by 8.6% CAGR from 2022- to 2032,  The UK market to hold a value of $10.3bn by 2032.

    Competition Analysis 

    Major players in the global payment processing solutions include Mastercard, Global Payments, Paypal, Visa, Wirecard, and others. Recent developments in the industry include, in October 2021, Zettle Terminal was launched. It is a new, all-in-one point of sale solution that provides increased mobility in-store for SMEs. By 2022, Zettle Terminal would reach the US It has already been launched in the U.K in 2021.

    In November 2021, Fiserv announced the launch of Clover Online Ordering with Delivery. It offers flexible food delivery services with menu management, payment processing, and order through the newly introduced platform.

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