Digital Transactions to Propel the Growth of Payment Processing Solution Market During the Forecast Period, 2019–2026

Fri, 25 October 2019 12:42

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.

Got questions about your regional growth of

Payment Processing Solution Market?

Just drop us a line or call on +1 646 480 7505

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.

Recent Developments

  • In August 2019, Alipay and Adyen announced a partnership to streamline global payment experiences for users, merchants, and businesses; with this partnership, Adyen will offer payment solutions outside the Chinese mainland for AliExpress, Taobao, Tmall, and Alibaba.com
  • In June 2019, Adyen, in connection with Cellulant, announced the expansion of its payment network to several major African markets, further enhancing the company’s capability to offer essential payment methods across the globe
  • In March 2019, Payroc LLC acquired Detrok Technology Services, a Chicagoland hospitality technology provider; with this acquisition, Payroc enhance dits position in the hospitality industry
  • In November 2017, PayPal launched domestic operations in India, allowing merchants to process both local and global payments with access to more than 200 million customers across the globe through a single integration
  • In October 2017, Mastercard and PayPal expanded its digital partnership into Canada, Europe, Latin America, the Caribbean, the Middle East, and Africa, along with the U.S. and Asia-Pacific, to enhance customer choice and optimize the consumer experience
  • In July 2016, Hotel Booking Solutions announced a partnership with WEX Inc. to integrate virtual payments technology into a real-time leisure network of hotels and travel retailers; the company’s demand Gateway™ platform automatically issues single-use electronic card numbers for payment processing to over 20 currencies

Key Players

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

  • Credit card
  • Debit card
  • eWallet

By Application

  • IT and telecom
  • Retail
  • Hospitality
  • Media and entertainment
  • Others

By Region

North America

  • U.S.
  • Canada
  • Mexico

Europe

  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia-Pacific

LAMEA

  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

" Crucial Insights The Report Provides:"

* 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 Periods

View Full Report Buy This Report Now