Global Payment Processing Solutions Market Overview:
The payment processing solutions platform that designed with electronic based technology for easy access and better proficiency. The payment processing solutions offers reporting and analytical tools that can provide credit card payments system to variety of merchants and service providers. Major driving factors for the payment processing solutions market are growing usage in online shopping industry, healthcare services & others, high proliferation of smart phones and customers demand for immediate transaction. This factor is expected to boost the global market. The major companies are adding more cyber threats technology payments solution in Asia-Pacific countries as these countries are focused fastest-growing verticals in the payment processing solutions market. According to AMA, the Global Payment Processing Solutions market is expected to see growth rate of 10.2% and may see market size of USD62245.3 Million by 2024.
- Increase in Demand of Smart Phones.
- Global Initiatives for Promotional Activities on Digital and Online Payments.
- Rise in Demand for Value Oriented Customers.
- The Payment Processing Solutions Is Compatible And Easy To Access.
- Rise in demand for security and fraud control tools.
- Delivering flexible, scalable and reliable technology as payments solutions.
- Fluctuation Of Prices Hampers The Payment Processing Solutions.
- Charges are higher than the IMA which Leads to Restrain the Growth of the Market.
- Rise In Adoption Of Payment Processing Solutions At Financial Institutions And Services.
- Government Initiatives for Digitalization.
- Lack of Digital Subscribers in Developing Countries.
- Threat of Cyber-Attack Disturbing the Payment Processing Solutions Market.
Some of the key players profiled in the report are PayPal (United States), Adyen (Netherlands), Stripe (United States), Square (United States), Wirecard (Germany), Global Payments (United States), CCBill (United States), PayU (Netherlands), Authorize.Net (United States), Due (United States), First Data (United States), Jack Henry & Associates (United States) and Alipay (China). Additionally, following companies can also be profiled that are part of our coverage like Paysafe (United Kingdom), BlueSnap (United States), WebMoney (Russia), ROBOKASSA (Russia), QIWI (Cyprus), PayFast (Cyprus), MyGate (India) and Barclaycard ePDQ (United Kingdom). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Payment Processing Solutions market by 2024.
In January 2018, Fiserv announced to acquire First Data for USD 22 Billion. This acquisition is beneficial in providing greater transaction volume, reduce client attrition and sell more products. Both the companies are also planning to invest in digital banking, core banking and bill payments market.
In March 2018, AGS Transact Technologies and ACI worldwide launched processing solutions which is beneficial in providing fraud monitoring capabilities for Unified Payments Interface (UPI) in India. The solution also offers encompass processing, fraud monitoring and reconciliation in payment infrastructure units.
"According to TSYS , IRS Mandate section, it’s denoted that the Merchants are required to report their annual gross payment card transactions processed by credit, debit or co-branded cards and third-party network transactions to their merchant services providers, who pass the information along to the IRS.”
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Payment Processing Solutions market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Payment Processing Solutions market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Payment Processing Solutions Manufacturers, Payment processing solutions Traders, End-Use Market Participants of Different Segments of Payment Processing Solutions, Government and Research Organizations, Associations and Industrial Bodies, Research and Consulting Firms, R&D Institutions and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.