Payment Processing Solutions Market Analysis By Regional Growth, Trends & Forecast 2028
Rising smartphone penetration and surging adoption of digital banking services will drive the market demand. The increasing smartphone penetration allows consumers to settle their bills and payments quickly using payment applications. Retailers are also opting for payment processing solutions to reduce long queues at the billing counters.
These online payment solutions accept and verify customer information and then initiate payment transfers while maintaining the security of transaction amounts and other details. As per a Global Market Insights Inc. report, the payment processing solutions market size is projected to surpass $180 billion by 2028. In emerging markets like India, digital transactions have also been witnessing unprecedented growth over the past years. According to Bhagwat Karad, MoS for Finance, digital payments have increased to 88% over the last 3 years.
With the significant increase in the rate of digitalization, the need for innovative payment processing solutions for businesses will likely increase. For both B2B and B2C models, payment processing solutions, which provide a way to accept and process all forms of online payments, are gaining widespread popularity.
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To centralize tools and services required by small businesses to sell products online, various web hosting companies are introducing new solutions for payment processing. For example, in June 2021, GoDaddy introduced GoDaddy Payments to allow e-Commerce customers to manage and process transactions directly on its business platform, thus making it easier and faster to get paid and manage orders.
This payment processing service was developed to enable small businesses to seamlessly manage orders, refunds, billing, and payments. This solution also can process all major credit and debit cards, thus catering to a wide customer base.
Over the years, payment service providers have been consistently developing cutting-edge technologies to improve their payment technology solutions and address the changing needs across the payment sector. To cite an instance, in April 2022, Contis launched a processing solution, called process. pay, a card scheme certified by Mastercard and Visa to process any debit, credit, and prepaid card transactions globally.
This processing solution was developed to supercharge its growth in the UK and EEA-listed countries, allowing client expansion in new geographies. The solution was intended to be made available across large and small banks, fintech, businesses, as well as non-finance players across the gaming and gifting sector, thus amplifying payment processing solutions industry development.
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There has been a strong focus on offering solution providers access to robust payments platforms via a streamlined integration of in-person and online purchases within core verticals and beyond. For example, in January 2022, Merrco Payments Inc. added functionality to the PayHQ platform to allow businesses to process integrated payments securely, legally, and seamlessly. This initiative was taken to meet the escalating needs of Canadian and U.S. merchants and technology partners. With the use of PayHQ, technology solution providers, such as Point of Sale (POS) partners, can expand their brick-and-mortar and e-commerce client base with a PCI DSS (Payment Card Industry Data Security Standards) compliant checkout experience while reducing payment credential management.
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To offer the simplicity of unified platforms and capabilities to streamline digital commerce operations, leading companies are introducing a range of new features. For instance, in September 2021, Adobe Commerce announced the rollout of a new feature, Payment Services, to enable merchants to offer an Adobe-based payment solution.
With this fully integrated experience, merchants would no longer have to contend with disjointed user experiences like multiple logins for payment processing, such as importing and exporting reports from multiple systems to analyze and verify sales information, thereby adding impetus to payment processing solutions market expansion in years to come.
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