Payment Processing Solutions Market Growth: An Innovative Business Growth Vision Analysis

These major key drivers in the global payment processing solutions market are the rising utilization of smartphones, increasing internet penetration, and surging e-commerce sales. In 2021, the market was valued at $90.4 billion, and it is projected to touch $569.2 billion in 2030, advancing at a 22.7% CAGR from 2021 to 2030. Furthermore, greater integration of varied payment solutions by all the types of enterprises, such as mobile applications, e-wallets, and cards will augment growth in this market.

Under the segment of payment method, the e-wallet category will dominate the payment processing solutions market, and it is predicted to grow at a CAGR of 23% from 2021 to 2030. This can be credited to the greater deployment of e-wallets due to the rising penetration of smartphones and laptops all around the world. More than 80% of the population owned a smartphone in 2022, which accounts for about 6 billion of the total world population. The increasing investments, coupled with a rising count of e-commerce platforms will also propel growth in this category.

Payment Processing Solutions Market | P&S Intelligence

The BFSI category is projected to hold the largest share in the payment processing solutions market, accounting for one-fourth of the end use segment share in 2030. By making the banking process convenient and swift, and removing extensive paperwork, there is a high use of these solutions in the finance and banking industry. Furthermore, they offer payroll processing, liquidity management, and easy online transactions such as payments and transfers.  Moreover, the popularity of advanced payment processing solutions among banks and fintech firms will propel market growth.

The highest revenue in the payment processing solutions market was generated by APAC in 2021, accounting for approximately $40 billion. The market will continue this trend, exhibiting the highest CAGR in the forecast period owing to greater adoption of e-wallets and cards, surging internet services, and rising smartphones use. All of this goes hand in hand with enhanced government support in these countries and a skyrocketing count of daily transactions in countries such as South Korea, China, and India further augmenting the APAC market growth.

Hence, rising e-commerce sales and surging internet penetration will create lucrative opportunities for the market players to remain highly competitive.