Allied Market Research

2024

Electronic Payment Processing Software Market

Electronic Payment Processing Software Market Size, Share, Competitive Landscape and Trend Analysis Report, by Payment Method, by Deployment and, by Industry Vertical : Global Opportunity Analysis and Industry Forecast, 2023-2032

BI : IT in BFSI

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Author's: | Onkar Sumant
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Electronic Payment Processing Software Market Outlook - 2030

An electronic payment system (e-payment system) is a way of making transactions or paying for goods and services without using checks or cash. It is also known as an online payment system or an electronic payment system. Furthermore, governments all over the world are taking steps to digitalize payments in their countries which is driving the growth of the market. Moreover, electronic payment processing has been bringing a digital transformation in BFSI sector and this process in turn, is further supporting the high growth of electronic payment processing market. In addition, rise in adoption of smartphones and rapid adoption of online payments across different industry verticals drive the growth of the market.

The global electronic payment processing software market is segmented on the basis of payment method, deployment, industry vertical, and region. Based on payment method, the market is divided into debit card, credit card, e-wallet, ACH and others. In terms of deployment, the market is categorized into on-premises and cloud. On the basis of industry vertical, the market is divided into BFSI, retail & e-commerce, healthcare, travel & hospitality, transportation & logistics, media & entertainment and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global electronic payment processing software industry include PayPal Holdings Inc., Fiserv Inc., Mastercard Incorporated, VISA Inc., Pay My Tuition, Rapyd Financial Network Ltd., Stripe, PayU, Dwolla and Signa Pay. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global electronic payment processing software market.

COVID-19 Scenario Analysis

  • The COVID-19 pandemic has led to the implementation of social distancing, lockdowns and other restrictions in various regions. Due to this, the customers relied heavily on internet. Be it for streaming of films & videos or online shopping, customers are entirely dependent on electronic payment processing services with the ongoing pandemic as online transactions sped up during the COVID-19 period.
  • The pandemic has accelerated the growth of various different online payment methods which include contactless payments, wearables payments and others which is the major factor driving the growth of the electronic payment processing software market in the pandemic situation.

Top Impacting Factors

Increase in e-commerce sales along with growing internet penetration and rapid rise in real-time online payments drive the growth of the market. In addition, surge in penetration of internet usability propels the growth of the market. However, data security and identity theft concerns is expected to limit the growth of the market. Contrarily, increase in demand for electronic payment processing software in developing economies can be seen as an opportunity for the market investments.

Increasing E-Commerce Sales Along with Growing Internet Penetration

Internet access has spread to every corner of the globe, resulting in a surge in the online shopping industry. Smartphones have also become an indispensable part of many people's lives in the twenty-first century. The rapid adoption of technology, which is led by the increasing use of devices such as smartphones and tablets, as well as access to the internet via 4G, 5G, and other technologies, propels the growth of the e-commerce market. The use of e-payments is aided by the constant acceleration of eCommerce, which provides significant benefits.

Moreover, e-payments make it easier to avoid the time-consuming and costly process of physically collecting cash for an online purchase or sale. Therefore, the surge in demand for e-payment innovations which will further make the process of making payments and other financial services easier, will help in boosting the growth of the electronic payment processing software market during the forecast period.

Rapid Rise in Real-Time Online Payments

Real-time payment solutions are evolving with strong footprints in the banking industry, thanks to business and technological advancements. Banks and financial institutions are taking steps to support digital and new payment methods such as wallets, e-channels, and third-party API providers, among other things. Real-time payments are becoming more common due to the increasing ubiquity of smart devices and the thriving retail industry in the markets.

Customers are expected to increasingly use smart phones to pay retailers, billers, coworkers, and others. While the private sector has long promoted digital trade, the government appears to be lagging behind. However, improved use of real-time payments could help them collect more taxes and prevent fraud. Therefore, the surge in demand for electronic payment processing software is expected to boost the growth of the market during the forecast period.

Key Benefits of the Report

  • This study presents analytical depiction of the global electronic payment processing software market forecast along with the current trends and future estimations to determine the imminent investment pockets.   
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electronic payment processing software market trends.    
  • The current market is quantitatively analyzed to highlight the global electronic payment processing software market growth scenario.            
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed electronic payment processing software market analysis based on the present and future competitive intensity of the market.

Questions Answered in the Electronic Payment Processing Software Market Research Report         

  • Who are the leading market players active in the global electronic payment processing software market size?
  • What would be the detailed impact of COVID-19 on the global electronic payment processing software market share?
  • What current trends would influence the electronic payment processing software market in the next few years?
  • What are the driving factors, restraints, and opportunities in the global electronic payment processing software market?
  • What are the projections for the future that would help in taking further strategic steps?

Electronic Payment Processing Software Market Report Highlights

Aspects Details
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By Payment Method
  • Debit Card
  • Credit Card
  • E-Wallet
  • ACH
  • Others
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By Deployment
  • On-Premise
  • Cloud
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By Industry Vertical
  • BFSI
  • Retail & E-Commerce
  • Healthcare
  • Travel & Hospitality
  • Transportation & Logistics
  • Media & Entertainment
  • Others
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By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

PayPal Holdings Inc., Signa Pay, Fiserv Inc., Mastercard Incorporated, PayU, Rapyd Financial Network Ltd., Stripe, VISA Inc., Pay My Tuition, Dwolla

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Electronic Payment Processing Software Market

Global Opportunity Analysis and Industry Forecast, 2023-2032