Global Payment Processing Solutions Market
Growth prospects in the Payment Processing Solutions Market appear to be propitious during the forecast period due to the ongoing technological advancement. Also, the spurring usage of debit cards for day-to-day transactions will stimulate market growth.
Payment Processing Solutions Market Dynamics
The acceleration in the eCommerce sales because of the rising penetration of the internet is a prime reason responsible for the growth of the global payment processing solutions market. The ongoing expansion in eCommerce is primarily attributed to the rapid endorsement of technology as a result of the growing implementation of devices and the evolution of 4G and 5G technologies. Thus, the enlargement in the eCommerce sector has stimulated the use of ePayments. The ePayments eradicated the cost associated with the accumulation of cash for the purchased product. In accordance with the IBEF, the Indian eCommerce market is anticipated to reach USD 99 billion by 2024, with an increasing CAGR of 27% over 2019-2024.
Further, the online retail sales will expand because of the rising sales on Amazon, Flipkart, and Paytm Mall. Government bodies across nations have undergone several initiatives to encourage digital payment. The government of France initiated the national policy for cashless payment instruments, with the main motive to support electronic modes of payment across the nation.
On the other hand, the surging cases of cyberattacks on digital payment solutions have hindered the Payment Processing Solutions Market Size in terms of revenue. Moreover, the incorporation of payment technologies in businesses has raised the threat and agitation concerned with data privacy and compliance.
Process Segment Drivers
The BFSI is projected to expand at a faster growth over the forecast period. The increasing endorsement of solutions by leading banks will drive market growth. Mastercard, In 2017, offered Airtel Payments Bank, a payments processing platform to permit services such as card management.
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