How Does Pandemic Fuel Payment Processing Solutions Industry Growth?
The payment processing solutions have garnered $90.4 billion in 2021, and it is projected to advance at the rate of 22.7% from 2021 to 2030, to generate $569.2 billion in 2030. It is led by surging e-commerce sales and growing internet penetration with surging usage of the smartphone.
In addition, the growing adoption of alternative payment solutions, including e-wallets, cards, and mobile applications, by small, large-scale, and medium-sized enterprises.
The eWallet industry is projected to experience the highest CAGR, rising at a rate of 23% from 2021 to 2030. It is led by the worldwide rising usage of smartphones, and laptops, which fuels the number of e-wallet transactions.
The eWallet category is projected to experience the fastest growth, increasing at a rate of 23% from 2021 to 2030. It is ascribed to the worldwide rising penetration of smartphones and laptops, fuelled by e-wallet adoption.
Presently, there are 6 billion smartphone users, which accounts for 80% of the world's population. The rising number of e-commerce platforms with worldwide growing investments proliferates the industry.
In addition, the credit card category is projected to experience the next fastest growth in the coming years, led by the growing preference for cash alternatives, and affordable credit cards.
More than 70% of U.S. citizens carry a credit card, and around 35% own over 3 credit cards.
The cloud-based category captured a larger revenue share, accounting for 60% in 2021. It is led by the advantages of cloud-based payment solutions, compare to on-premises payment solutions, including complete security, better scaling, high speed, and full-time integration.
Moreover, cloud-based payments come with low risk and low cost and support financial institutions to stay on the competitive edge.
The pandemic has fuelled the demand for cloud-based payment solutions, led by the surging adoption of contactless payments for goods and services. Furthermore, cloud-based payment solutions are ubiquitous.
The BFSI category is projected to capture the largest industry share, of approx. 25% in 2030. It is led by the wide popularity of payment processing solutions in the banking and finance sector. It thus mitigates the requirement for paperwork, and hence makes the process easy and fast.
Moreover, these solutions provide ease in performing routine transactions, including transfer and payments, payroll processing, and liquidity management
Furthermore, the increasing adoption of advanced payment processing solutions in fintech firms and banks boosts industry growth.
Presently, numerous payment processing solution providers and banks have collaborated to quicken the adoption of request-to-pay services. It further fuels the industry's growth. For example, Temenos AG, a cloud banking platform, collaborated with Mastercard Incorporated which offers assistance to banks in expediting the adoption of request-to-pay services.
APAC holds the largest revenue share, amounting to $40 billion, and it is projected to experience the fastest growth from 2021 to 2030. It is led by the growing adoption of smartphones, the rising adoption of eWallets, and cards in the region, and internet penetration.
Therefore, the rising adoption of payment processing solutions in the BFSI sector fuels industry growth.
Read More: https://www.psmarketresearch.com/market-analysis/payment-processing-solutions-market