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Global Payment Processing Solutions (Credit Card, Debit Card, and Ewallet) Market Forecast to 2024 - ResearchAndMarkets.com

May 27, 2019

DUBLIN--(BUSINESS WIRE)--May 27, 2019--

The “Payment Processing Solutions Market by Payment Method (Credit Card, Debit Card, and Ewallet), Vertical (Retail, Hospitality, Utilities & Telecommunication), And Region (North America, Europe, APAC, MEA, and Latin America) - Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The global payment processing solutions market is expected to grow from USD 39.3 billion in 2019 to USD 64.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.

Major growth factors for the market include increasing worldwide initiatives for the promotion of digital and online payments, high proliferation of smartphones, focus on improving customer experience, and customers’ demand for immediacy of payments and settlements. These factors are expected to drive the global payment processing solutions market. However, the lack of a global standard for international transaction may limit the market growth.

eWallet segment to grow at the highest CAGR during the forecast period

An eWallet is a way of carrying digital card information in a digital form on a mobile device. To make purchases, people can pay with their tablets, smartwatches, or smartphones. Normally, an eWallet is a payment service through which individuals and businesses can send and receive money through a mobile device. Primarily, it enables an individual to receive payments, as well as pay, using a mobile device. Usually, an eWallet is provided through some payment processing models.

Asia Pacific (APAC) to grow at the highest growth rate during the forecast period

APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. Payment methods vary widely across the region, both between and within countries, and across the spectrums of development from urban to rural. Companies operating in Asia thus, face a complicated and demanding payment landscape. Since last few years, APAC increasingly preferred to pay online via alternative payment methods, such as eWallets, bank transfers, and cash on delivery. Moreover, the increasing market of retail in APAC has enabled the payment processing solutions provider to focus more in this region for providing advanced solutions.

Market Dynamics

Drivers

  • Worldwide Initiatives for the Promotion of Digital and Online Payments
  • High Proliferation of Smartphones
  • Focus on Improving Customer Experience
  • Customers’ Demand for Immediacy of Payments and Settlements

Restraints

  • Lack of Global Standard for International Transaction

Opportunities

  • Increasing Adoption of Financial Services
  • Progressive Changes in Regulatory Frameworks

Challenges

  • Lack of Digital Literacy in Emerging Countries
  • Threat of Cyber-Attack Affecting Payment Processing Solutions

Standards and Regulatory Implications

  • Payment Card Industry Security Standards Council
  • Payment Card Industry Data Security Standard
  • Payment Services Directive
  • First Payment Services Directive
  • Second Payment Services Directive

Payment Processing Architecture

  • Merchant Acquiring Processing
  • Payment Network Processing
  • Issuer Card Processing

Emerging Trends and Opportunities in the Payment Processing Industry

Use Cases

  • Bluepay
  • PayPal
  • Payscape
  • Worldpay

Companies Mentioned

  • Adyen
  • Alipay
  • Authorize.Net
  • BlueSnap
  • CCBill
  • Due
  • First Data
  • Global Payments
  • Jack Henry & Associates
  • PayPal
  • Paysafe
  • PayU
  • Square
  • Stripe
  • Wirecard

For more information about this report visit https://www.researchandmarkets.com/r/aebk0m

View source version on businesswire.com:https://www.businesswire.com/news/home/20190527005186/en/

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Related Topics:Bank Cards,Mobile and Contactless Payments

KEYWORD:

INDUSTRY KEYWORD: TECHNOLOGY MOBILE/WIRELESS PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 05/27/2019 10:18 AM/DISC: 05/27/2019 10:18 AM

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