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The global payment processing solutions market size is expected to gain momentum by reaching USD 116.17 billion by 2027 owing to the rising e-commerce industry that is experiencing a massive surge in online payments by consumers propelling the demand for advanced payment processing solutions across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Payment Processing Solutions Market Size, Share & COVID-19 Impact Analysis, By Payment Method (Debit Card, Credit Card, e-Wallet, Automated Clearing House (ACH), and Others), By Industry Vertical (Banking, Financial Services and Insurance (BFSI), Manufacturing, IT and Telecommunications, Travel and Hospitality, Retail and Consumer Goods, Healthcare, Transportation and Logistics, and Others), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 48.60 billion in 2019 and is projected to exhibit a CAGR of 11.7% between 2020 and 2027.
Mastercard Unveils Advanced Low-cost Online Payment Solutions to Aid SMEs
In August 2020, Mastercard announced the launch of its new lost-cost payment processing solution that is anticipated to aid small & medium-sized businesses (SMEs) to take their business online. The new payment solution by Mastercard has been launched along with its other fintech partner, SmartPesa. According to the company, the payments solution supports OR code payments, contactless payments, and can efficiently generate e payment links for customers preferring remote payments.
The COVID-19 pandemic has significantly impacted the payment processes, as several consumers are now turning towards online payment services rather than opting for cash transactions. To leverage this opportunity, companies such as Mastercard are introducing innovative payment processing solutions that will favor the market growth in the forthcoming years.
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Rising E-commerce Industry to Stoke Demand for Online Payments
In January 2020, Jeff Bezos, CEO of Amazon, announced an investment of about USD 1 billion in India, whereas a majority of it will be going towards digitizing SMEs businesses. The growing online sales registered by several e-commerce platforms such as ebay, Alibaba.in, Amazon, and Flipkart, among others are likely to boost the adoption of innovative solutions of payment processing to facilitate smooth and secure transactions across the globe. Additionally, high disposable income of the working population is driving the spending capacity giving impetus to online purchases that will bode well for the global payment processing solutions market growth in the forthcoming years.
Major Companies Focus on Product Innovation to Amplify Their Market Positions
The global market is fragmented by the presence of major companies that are striving to maintain their dominance by focusing on introducing advanced payment solutions to facilitate efficient digital payment systems. In addition to this, other key players are adopting strategies such as merger and acquisition, partnership, and collaboration to maintain their stronghold and further boost sales revenue that will contribute to market growth.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD billion)
Payment Method; Industry Vertical; and Geography
By Payment Method
By Industry Vertical