Technological Advancements to Support the Real-Time Payment Concepts Expected to Create Lucrative Opportunities in Payment Processing Solutions Market During 2022–2030
According to our latest market study on "Payment Processing Solutions Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Component, Payment Method, and Industry Vertical," the market was valued at US$ 118.84 billion in 2022 and is expected to reach US$ 259.62 billion by 2030; it is estimated to record a CAGR of 10.3% from 2022 to 2030.
The growing adoption of advanced technologies among consumers across the globe is creating opportunities in the global payment processing solutions market. Various advanced technologies such as artificial intelligence (AI), blockchain, machine learning (ML), and data analytics are demanded by solution providers for providing valuable insights, improving transactional efficiency, enhancing security, and enabling personalized customer experiences. The increasing adoption of advanced technologies and real-time payment solutions by the BFSI industry generates market growth opportunities. Numerous e-channels, wallets, and third-party APIs are encouraged by banking entities to streamline financial transactions. For instance, in March 2022, The Clearing House strategically collaborated with Fiserv, Inc., to support thousands of financial institutions in real-time payments for businesses and consumers. The collaboration between players is garnering significant traction for real-time payment concepts, thereby increasing the market size.
Payment Processing Solutions Market — by Geography, 2022
Payment Processing Solutions Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis By Component (Solution and Service), Payment Method (Card Payment, Digital Wallet, and Others), and Industry Vertical (BFSI, Retail & E-Commerce, Government & Utilities, Travel & Hospitality, IT & Telecom, and Others) 
Payment Processing Solutions Market - CAGR of 10.3% by 2030
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Source: The Insight Partners Analysis
Increasing consumer interest in the “request for pay” system for securing real-time payment transactions creates market growth opportunities. The “request for pay” system presents various paths for major changes in the payment system. Initiatives taken by established financial organizations for launching requests for proposal (RFP) applications are creating several opportunities in the market. For instance, in 2021, bank in the US began providing RFP facilities to corporate employees in the security transfer of funds. In Q1 2022, bank in the US disclosed that corporate employees and small business customers would receive RFP messages via text or mail. This supports faster, lower fees and real-time payments. Using real-time payment with RFP reduces the merchant’s cost of accepting payment. For instance, in July 2023, Federal Reserve Banks launched FedNow. This real-time payment network allows new entrants and enterprises to overcome traditional payments and protect themselves from loss from massive interchange fees.
Cisco Systems, Fiserv, Mastercard, Alphabet, Visa, Stripe, FIS Global, Square, PayU, and ACI Worldwide are among the key payment processing solutions market players profiled in the report. Several other major payment processing solutions market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The payment processing solutions market report provides detailed market insights, which help the key players strategize their growth.
The payment processing solutions market in Asia Pacific is projected to grow at the highest CAGR during the forecast period due to the growing internet penetration in countries such as India, China, Japan, South Korea, Australia, and Indonesia. These countries are highly engaged in adopting digital payment methods, and rising trend of e-wallets drive the payment processing solutions market growth. For instance, according to the GSM Association, in 2021, Indonesia reached US$ 18.5 billion in e-wallet transactions, fueling the payment processing solutions market share. Moreover, the high adoption of innovative technologies such as AI, 5G, ML, and IoT in China, India, South Korea, Japan, and others have surged the adoption of payment processing solutions among consumers for securely making financial transactions, thereby boosting the payment processing solutions market in the region.
The payment processing solutions market is anticipated to expand in the near future due to the rising adoption of smartphones associated with Internet services. For instance, according to the GSM Association, in 2022, mobile technologies and services contributed to US$ 80 billion in Asia Pacific’s GDP. The unique mobile subscribers have grown by 2.11 billion in 2023 as compared to 2022. Increasing consumer demand for smartphones is driving the payment processing solutions market in the region. Smartphones provide several digital services to the user when making financial transactions. Consumers can make payments or transfer funds using PhonePe, Google Pay, Apple Pay, Amazon Pay, and other e-wallet solutions, which are projected to fuel the payment processing solutions market during the forecast period.
The continuous growth of the e-commerce industry in Asia Pacific is boosting the payment processing solutions market share. Rising popularity of online shopping, increasing the consumer demand for secure and seamless online payment methods supporting growth of the e-commerce sector, which in turn drives the market. Further, payment processing solutions play a crucial role in facilitating online transactions and supporting the growth of the e-commerce industry in the region. Thus propelling the payment processing solutions market growth.
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