The online Payments Market is continuing to rise, suggests new research
The payment processing solutions market size is expected to grow from USD 74.4 billion in 2020 to USD 120.7 billion by 2025, at a CAGR of 10.2% during the forecast period.
Major driving factors for the rapid expansion of the payment solutions market are increasing initiatives for the promotion of digital and online payments, the high proliferation of smartphones, improved customer experience, and customer demand for immediate payments and settlements. This demand has likely only been exacerbated by the Covid-19 pandemic and the increased reliance on online shopping and e-commerce. Open banking is another area that has also seen a sharp rise in demand.
Credit cards are expected to account for the largest market share in the Payment Processing Solutions Market. They continue to be the preferred way to pay at department stores, most likely due to people’s preferences when paying for higher-value purchases.
North America, the region that accounts for the US and Canada, is expected to have the largest market size and already comprises the highest market share. Moreover, the US and Canada are also leading countries in retail, financial services, banking, transportation, and manufacturing. Credit cards are still the most preferred method of payment by consumers in these countries, however, this is rapidly changing and alternative payment methods are being rapidly adopted.
Despite this, the Asia-Pacific region is forecasted to have the highest level of growth within this time period. APAC has seen advanced and dynamic adoptions of the latest technologies in countries such as India and is expected to record the highest CAGR. Payment methods vary massively but, in the last few years, APAC citizens have increasingly preferred to pay online via alternative payment methods, such as eWallets, online banking, and cash on delivery. The increasing retail market in APAC has enabled payment processing solution providers to focus on providing advanced solutions for consumers and merchants.
About the Research
The Online Payments Solutions market provides an overall analysis of the market based on types, applications, regional analysis, and for the forecast period 2020 to 2026. The report also includes investment opportunities and probable threats in the market based on intelligent analysis. Further included are future forecasts, growth opportunities, key end-user industries, and market-leading players.
The market report is based on a unique research methodology that delivers thorough analytical scrutiny of the Online Payments Solutions Markets dispersed across several segments. The report also gives the current size and summary of the market coupled with future prospects. Moreover, key manufacturers are studied in many different aspects such as company overview, product portfolio, and revenue details during the forecast year.
Key players covered in the report include PayPal, Trustly, Stripe, Amazon Payments, Authorize.net, WorldPay, Adyen, CCBill, 2Checkout, FirstData, SecurePay, PayU, MOLPay, Paymill, GMO, Alipay, Tenpay, Ping++, Boleto Bancario, CashU, OneCard, Wirecard, WebMoney, Realex, BlueSnap, etc.