Delray Beach, FL, May 01, 2025 (GLOBE NEWSWIRE) — The Payment Processing Solutions Market is projected to grow from USD 103.2 billion in 2023 to USD 160.0 billion by 2028, at a CAGR of 9.2% during the forecast period, according to a new report by MarketsandMarkets™.
The growing popularity of digital payments is not limited to developed countries but also extends to emerging markets. The expansion of digital payment infrastructure and the increasing adoption of smartphones present significant growth opportunities for payment processing solution providers.
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Payment Processing Solutions Market Dynamics:
Drivers:
- Increasing eCommerce sales along with growing internet penetration
- Embracing contactless payments globally
- Rising use of mCommerce in transportation industry
- Increasing focus on security and fraud prevention
Restraints:
- Absence of global standards for cross-border transactions
- Lack of digital literacy in emerging countries
- Technical limitations and resistance to change
Opportunities:
- Rising financial inclusion globally
- Rising government and private initiatives to promote digital transactions
- Global growth of eCommerce
List of Key Companies in Payment Processing Solutions Market:
- PayPal (US)
- Fiserv (US)
- FIS (US)
- Global Payments (US)
- ACI Worldwide (US)
- Square (US)
- Mastercard (US)
- Visa (US)
- Adyen (Netherland)
- Stripe (US) … and more
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The Payment Processing Solutions Market has grown rapidly due to the increasing digitalization of transactions, the rise of online shopping, and the demand for secure and convenient payment options. Advanced technologies, regulatory changes, and the shift towards cashless economies also contribute to its expansion. Businesses are striving to meet customer expectations and adapt to market dynamics, driving further growth and innovation in the industry.
Based on vertical, the BFSI segment holds the largest market during the forecast period.
The BFSI sector generates a substantial volume of financial transactions, making adopting payment processing solutions crucial for seamless transaction processing. As the BFSI industry undergoes digital transformation, payment processing solutions are vital in facilitating digital payments and supporting the shift toward online and mobile banking. These solutions enable BFSI institutions to meet regulatory compliance requirements and ensure secure payment processing operations. Furthermore, payment processing solutions foster innovation in the BFSI sector by offering advanced features, personalized payment options, and improved customer experiences. With the growing prominence of international transactions, payment processing solutions also facilitate cross-border payments efficiently.
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Based on region, North America is the second is expected to hold the second-largest market size during the forecast
The Payment Processing Solutions Market in North America is highly competitive due to the strong emphasis on Research and Development (R&D) and innovation in the US and Canada. Known for being global innovators in payment technology, retail, and financial services, North America relies on the stability and convenience of its well-established payment infrastructure. The widespread adoption of mobile devices, such as smartphones and tablets, along with the demand for convenient access to financial solutions, has positively impacted the Payment Processing Solutions Market in the region.
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