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23 Nov 2022, 16:15 GMT+10
The global payment processing solutions market is expected to secure US$ 90.4 Billion in 2022 and US$ 231.7 Billion by 2032, while exhibiting a CAGR of 9.9% during the forecast period from 2022 to 2032. The growing application of smartphones and increasing penetration of the internet across the globe are expected to play a significant role in driving the market in the forecast period.
Moreover, favourable initiatives are taken by various countries; such as India, France, and others, which are expected to strengthen the market during the forecast period. The Indian government introduced the Unified Payments Interface (UPI) to smoothen digital payment across the country. Similarly, French National Cashless Payments Committee was established in 2015 to promote contactless payments.
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With rising financial inclusion across the globe, the market is likely to witness significant opportunities for market growth. According to the Reserve Bank of India, India's Financial Inclusion Index was 53.9 by the end of March 2021. The expanding financial inclusion across emerging economies is expected to augment the market size in the forecast period.
Key Takeaways from the Market Study:
Competition Analysis
Major players in the global payment processing solutions include Mastercard, Global Payments, Paypal, Visa, Wirecard, and others. Recent developments in the industry are:
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global payment processing solutions market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
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Key Segments Profiled in the Payment Processing Solutions Market
Payment Processing Solutions by Payment Method:
Payment Processing Solutions by Mode of Deployment:
Payment Processing Solutions by Vertical:
Payment Processing Solutions by Region:
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The post Payment Processing Solutions Market is projected to attain a worth of US$ 90.4 Bn in 2022 and estimated to breach US$ 231.7 Bn by 2032 at a steady CAGR. Data analysis by FMI appeared first on Future Market Insights.
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