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Three major trends fostering payment processing solutions market outlook by 2026

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The payment processing solutions market is likely to register lucrative growth over the coming years owing to rapid digitisation and rising penetration of smartphones coupled with adoption of numerous mobile payment applications. The ongoing market growth can further be ascribed to emergence of advanced technologies like VR, AI in the banking sector. Akshay Kedari explains

The Payment Processing Solutions Market is set to grow from its current market value of more than $60 billion to over $140 billion by 2026; as reported in the latest study by Global Market Insights Inc.

Presently, new product developments, partnerships, and collaborations, are strategies that are majorly being adopted by the key industry players to maintain their market share. Citing an instance, in November 2020, Bolt On Technology, a leading supplier of technology solutions for the automotive aftermarket, reportedly collaborated with BASYS Processing, one of the leading payment processing companies, to present an additional option for Text To Pay, one of the most popular features of Bolt On Technology.

This new strategic partnership is one of the options for vehicle owners who generally depend on mobile payment for their auto service. Through this partnership, auto repair shops could easily get access to BASYS’ innovative payment processing capabilities as well as top class customer service. Text to Pay, for repair shops, improves the customer experience and enables fast payments and enhanced cash flows.

Here are three key trends that are likely to influence payment processing solutions industry growth.

Growing adoption of e-wallet payments

With respect to mode of payment, the e-wallet segment is anticipated to grow at a moderate rate over the forthcoming time period. E-wallets provide users a secure gateway for performing transactions on the go. Additionally, the transactional data is securely encrypted as well, thereby minimalizing fraudulent events. Today, leading companies providing these services are also promoting as well as encouraging customers to utilize the option of e-wallet payment by offering relevant rewards and incentives. This trend would greatly shape the industry outlook over the analysis period.

Growing demand for payment processing solutions across large enterprises

The demand for innovative payment processing solutions among large enterprises is rapidly increasing. This growth is mainly due to the growing need for flexibility to provide customized as well as value-added payment services to their users. Leading enterprises process transactions from numerous channels. These enterprises use sophisticated payment gateways and solutions for streamlining the processing of these varied transactions. Moreover, advanced capabilities such as unified commerce, user reporting, and security of data among others are boosting the adoption of payment processing solutions.

Supportive government initiatives across Europe

The payment processing solutions market in Europe is projected to account for more than 20% of the overall industry share by the end of the estimated time period. This anticipated growth is mainly ascribed to the favorable initiatives undertaken by the regional governments for improving the digital banking infrastructure. Furthermore, the growing adoption of smartphones is also expected to accelerate the regional market size.

Meanwhile, investments by leading market players in the development of new and innovative products are also supporting the market growth. Citing an instance, in October 2020, Silverflow, a renowned payment technology company, reportedly announced a €2.6 million seed investment round to launch its new cloud-native card payments platform by 2021.

The round was led by Crane Venture Partners, a renowned UK-based seed-stage investor, and also recorded participation from INKEF Capital and prominent angel investors as well as other renowned industry leaders from Booking.com, First Data, Adyen, and Pay.On. Silverflow is one of the newest card payments processors with a cloud-native platform especially built for the current technology stack. It also has simple APIs and updated data flows, which are directly integrated into card networks.

Global Payments, Inc., Square, Inc., Fidelity National Information Services, Inc., PayPal Holdings, Inc., and Adyen among many others are some of the key players operating in the payment processing solutions market.

Author

Akshay Kedari is Senopr Content Writer at Global Market Insights

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