Payment Processing Solution Market by Using Industry (Hospitality and Telecom & Utilities) and Payment Method (Credit Cards, E-wallet, and Debit Cards): Global Opportunity Analysis and Industry Forecast, 2019–2026
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Jul 2020 |
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Payment processing is a process where a company appointed merchant bank handle transactions through different channels such as credit and debit cards. Merchant bank is the hosting bank which is dealing with commercial loan and investment. There are generally two type of the payment process front-end and back-end. Front-end process is the process of authorizing transaction but does not actually move the funds from one account to another. In the front-end process, the bank issues (payment card issuer) checks for the account for transaction amount coverage and authenticates the acquiring bank where money is being sent. Followed by the payment, data for the designated denomination will be sent to the card network. The final step of the front-end process is the settlement of the transaction. The approved transaction for the given period sent back to the card network transaction to check for payment success and finalize the process. The backend process starts with initializing payment from the merchant website where the user information is collected. This information is sent to the payment aggregator. Payment aggregator collects the card information and pass it to the acquire bank and to the card network. The card network check for the authorization. If authorized (consumer account number or card details), the funds will be debited by the issuing bank. The issuer bank sent confirmation to network, this is further notified to the acquire bank and aggregator bank. The payment aggregator sends the confirmation to merchant to further information of the consumer. Consumer also get notified by his bank/card issuer of the transaction.
The major factor that drives the growth of the payment processing solution market include increase in worldwide preferment of the digital and online payment, utilization of smartphones, and focus on improving costumer experience and customer demand for the immediacy of payment. These factors are expected to drive the global payment processing solutions market.
Furthermore, the global payment processing solution market is expected to witness significant growth during the forecast period due to rise in number of mobile payment and e-wallet. The major opportunity for the payment processing solution is to accept non-cash payment from its customers.
The payment processing solution market is segmented based on industry, payment method, and region. Based on industry, the market is divided into hospitality and telecom & utilities. On the basis of method, it is categorized into credit cards, e-wallet, and debit cards. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market is highly competitive in nature with major players focused on creating awareness regarding the payment processing solution industry. The major players in the payment processing solution market include PayPal, Stripe, Due, Flagship Merchant Services, Payline Data, Square, Adyen, BitPay, GoCardless, and Cayan.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a detailed quantitative analysis of the current payment processing solution market size and forecast estimations from 2018 to 2026, which assists to identify the prevailing Payment processing solution market opportunities.
- An in-depth payment processing solution market analysis includes analysis of various regions and is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global payment processing solution market is provided.
- Region-wise and country-wise payment processing solution market share is comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current payment processing solution market growth and future market potential from 2018 to 2026 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of the global payment processing solution market.
KEY MARKET SEGMENTS
By Industry
- Hospitality
- Retail
- Telecom & Utilities
By Method
- Credit Cards
- E-wallet
- Debit Cards
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- Australia
- Japan
- India
- China
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
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