Payment Processing Solutions Market Analysis

 Payment Mode (eWallet, Credit Card, Debit Card, Automatic Clearing House)

The credit card segment in the payment processing solutions market is estimated to gain the largest revenue share of 45.1% by the end of 2036 on account of the growing credit card ownership and usage. More than 1 billion people worldwide own credit cards, accounting for around 15% of the entire population. This leads to a higher demand for efficient and reliable payment processing solutions that support the full array of card-related services. An ERP system with integrated credit card processing is a crucial tool for streamlining financial procedures and improving client experiences since it prevents data redundancy by sending data continuously via an integrated credit card payment processing solution, which can also automate regular billing, accept online payments, and let clients manage their accounts.

End use (Banking, Financial Services and Insurance (BFSI), IT & Telecommunication, Travel and hospitality, Healthcare, e-commerce & Retail, Government & Utilities)

The travel and hospitality segment is projected to register a significant payment processing solutions market share of 40.5% during the projected timeframe, impelled by the rising rate of hotel occupancy across the globe. Higher hotel occupancy leads to more bookings which may increase the number of transactions necessitating the need for reliable payment processing solutions. In 2020, the global hotel occupancy rate was 45%. In 2021, the global occupancy rate for luxury hotels was 29% and that of budget hotels was 47%. Hotels are aware of the benefits of integrated payment processing; these solutions guarantee effectiveness and security, and eliminate the need for extraneous third parties, to accept payments.

Our in-depth analysis of the payment processing solutions market includes the following segments: