What is Payment Processing Platforms Market?
The global payment processing solutions is expected to grow at a healthy pace during the forecast period, according to the AMA study. The growing demand for online shopping, rising consumer preference for online payments over traditional cash payment methods, and the growing demand for automation of payment process across different industries are expected to be the major drivers for this market.
The market study is being classified and major geographies with country level break-up.
PayPal (United States), Due Inc. (United States), Stripe (United States), Flagship Merchant Services (United States), Payline Data Services, LLC (United States), Square Inc (United States), Adyen (Netherlands), Bitpay (United States), GoCardless (United Kingdom), Cayan (United States), Wirecard (Germany), PayU (Netherlands) and BlueSnap (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing new & innovative products and solutions in order to cater to the market's demands to remain competitive in the highly fragmented global market. According to the recent global industry crisis due to outbreak of COVID-19 is expecteed to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Payment Processing Platforms market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Payment Processing Platforms market by Type, Application and Region.
On the basis of geography, the market of Payment Processing Platforms has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Demand for Online Shopping Propelled by Factors such as Rising Smartphones & Internet Penetration Across the World
- Rising Consumer Preference for Online Payments Over Traditional Cash Payment Methods
- Growing Demand for Automation of Payment Process Across Different Industries
- Growing Promotions of Digital & Smart Payment Solutions
- Threat of Cyber Security Issues During Payment Transactions
- Growing Adoption of Financial Services
- The COVID-19 Pandemic is also Expected to Generate the Opportunities for the Market Vendors During the Forecast Period
- Lack of Digital Literacy Among Customers in Emerging Countries
In March 2020, PayPal announced that it has taken initiatives to provide relaxation in fees and response rules for PayPal merchants due to OVID-19 crisis to support small business and allowing customers to defer repayments on business loans.
Stringent Government Regulations Regarding the Lockdown of Different Cities Creating Economic Challenges for Different Industries