Payment Processing Software Market Statistics: 2027

Payment processing is a process that automates payment transactions between a merchant and consumers. It enables organizations to process credit cards, debit cards, and other payment methods via internet or traditional point of sale interfaces. Moreover, it can be integrated with online wallets or digital payment methods to provide an alternative to credit card payments. It ensures that merchants are paid efficiently and all transactions are completed quickly and securely. Businesses that accept payments apart from cash are benefited by payment processing software and with the rise in online transactions across the globe, demand for the software is also expected to increase. 

Market scope and structure analysis:

COVID-19 scenario analysis: 

• Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect 
• Though governments have imposed lockdowns to contain spread of the virus, businesses have shifted to online mode and are doing financial transactions online to run their operations, which boosts the adoption of payment processing software.
• Rise in e-commerce sales has been witnessed during pandemic, which in, turn, contributes to the payment processing software market growth.
• Overall, this pandemic will have a positive impact on the payment processing software market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Rise in number of initiatives for promoting digital payments across the globe and growth in the e-commerce sector propel growth of the payment processing software market. In addition, rise in mobile phone users across the globe fuels the market growth. However, data security and online cyber threats hamper the market growth. Furthermore, increase in adoption of various advanced technologies such as internet of things (IoT) and rise in per capita disposable income are expected to provide lucrative opportunities for the payment processing software market. 

The market trends for payment processing software market are as follows:

New products to flourish the market:

Payment processing software is a very competitive and growing market, hence to increase the consumer base, prominent players are adopting different strategies such as expansion of their services, new product launches, collaborations, partnerships, and mergers. For instance, in March 2019, Square Inc. expanded its omni channel offerings with new Square Online Store and a revamped Square for Retail. The 2 products offer sellers the tools to start or grow an omni channel business with one cohesive solution.

Asia-Pacific region to lead market growth:

Asia-Pacific region is expected to have the largest payment processing software market share during the forecast period, owing to emerging economies such as India, China, and South Korea and increase in smartphone users in the region. In addition, the e-commerce sector in countries such as India is growing at a rapid pace. People prefer to buy things online instead of going physically to stores, which created demand among enterprises for efficient payment processing software, which, in turn, boosts growth of the market

Key segments covered:

Key benefits of the report:

• This study presents analytical depiction of the global payment processing software market 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 global payment processing software market share. 
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario. 
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed payment processing software market analysis based on the present and future competitive intensity of the market.