The rapid growth of digitalization is providing new alternatives to conventional means of transaction modes across the globe. The promotion of digital transactions, wherein customers authorize money transfers through electronic methods such as credit cards, debit cards, mobile wallets, net banking, National Electronic Fund Transfer (NEFT), and Immediate Payment Service (IMPS), among others, is expected to be one of the primary factors driving the growth of the payment processing solution market during the forecast period, 2019–2026. Several government ministries and organizations are emphasizing mobile transactions for improved customer experience. For instance, in December 2016, the Indian Government launched Bharat Interface for Money (BHIM), a digital application on the Unified Payments Interface (UPI) developed by the National Payments Corporation of India.
Significance of Digital Transactions in the Hospitality Industry
Digital platforms that incorporate payment solutions prevent hospitality services from getting stuck between hoteliers and third-party software vendors. Payment processing solutions simplify transaction procedures in the hospitality industry. For instance, in November 2017, Onyx CenterSource, which provides hotel commission payment, reconciliation, and recovery services, launched GroupPay, an automated system that offers transparency, faster payments, and easy billing reconciliation to the group, meetings, and events market. The application is designed to eliminate payment and commission disputes among meeting planners, hotels, and client groups. Such developments contribute to the demand from the hospitality segment in the global payment processing solution market.
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Rising e-Commerce and Banking Sectors in North America to Drive the Number of Digital Transactions
On account of developed economies such as the U.S. and Canada, North America is expected to register an increase in the number of digital transactions from the rising e-commerce, banking, and other sectors in the region. Here, the integration of business operations with advanced payment solutions can offer improved customer experience. For instance, in October 2018, NCR (National Capital Region) announced the acquisition of JetPay at a purchase price of about USD 184 million, which would enable NCR to integrate a cloud-based payment platform into its enterprise point-of-sale (PoS) solution for retail and hospitality industries, in addition to developing end-to-end integrated payments for its enterprise-wide PoS customers.
Some of the prominent players in the global payment processing solution market are PayPal, Adyen, Stripe, Square, Wirecard, Global Payments, CCBill, PayU, Authorize.Net, Due, First Data, Jack Henry & Associates, Alipay, Paysafe, BluePay Processing LLC, BlueSnap, and Merchant-Accounts.ca.
Payment Processing Solution Market Segmentation
By Payment Method
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* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now