MarketsandMarkets forecasts the payment processing solutions market size to grow from USD 90.9 billion in 2022 to USD 147.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.1% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. Increasing eCommerce sales along with growing internet penetration for payment processing solutions market.
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By Payment Method, the automatic clearing house segment to have a second largest growth during the forecast period
The ACH transfer is an electronic, bank-to-bank money transfer that is processed through the Automatic Clearing House network. According to the National Automated Clearing House Association (NACHA), the ACH network is a batch processing system that banks and other financial institutions use to aggregate ACH transactions for processing, which typically happens three times each business day. The ACH Network processes two kinds of ACH transactions: direct deposits and direct payments.ACH transfers are a way to move money between accounts at different banks electronically. They enable merchants to send or receive money conveniently and securely. Business owners use ACH to pay vendors or receive payments from clients and customers.
ACH transfers are extensively used to make recurring deposits into taxable brokerage accounts, paying utility bills, interest payments, government benefits, insurance premiums, etc. ACH transfers have many uses and can be more cost-efficient and user-friendly than writing checks or paying with a credit or debit card. ACH transfers are usually quick, user friendly, and has a low processing fee in comparison to other payment modes such as credit card, debit card, and eWallets.
By Vertical, the real estate segment accounts for the highest CAGR during the forecast period
The real estate industry is suffering from numerous challenges in terms of establishing trust, effectiveness of data sharing, and adequacy of automation processes. There are multiple companies, agents, eCommerce websites, and several other channels through which people can search a property for leasing, buying, or putting their own property for sale. Real estate transactions associated with buy, sell, or lease have been long-established, but the advent of digital payments in the last decade has brought the buyer and seller much closer. Digital payments made transactions more secure and transparent, thereby making investments safer and faster for stakeholders. This is expected to have a positive impact on the payment processing solutions market growth.
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Few globally established players such as PayPal (US), Fiserv (US), FIS (US), Square (US), and Global Payments (US) are dominating the payment processing solutions market. In this market various strategies such as enhancements; partnerships, expansions, new product launches, collaboration, agreements, and acquisitions; and other growth strategies adopted by the top key players.
PayPal is a prominent technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants across the globe. It offers a range of payment solutions, including PayPal, PayPal Credit, Braintree, Venmo, Xoom, and Paydiant products. The company’s digital payments platform has approximately 268 million active account holders to whom it provides the ability to connect and transact through different modes, online, mobile device, app, or in-person. Through the technological innovations and strategic partnerships, PayPal creates different ways to manage and move money, and offers flexibility while sending payments, paying, or getting paid.
Fiserv engages in the supply of financial services technology. It operates through the Payments, Financial, and Corporate and other segments. The Payments segment primarily provides electronic bill payment and presentment services, internet and mobile banking software and services, account-to-account transfers, person-to-person payment services, debit and credit card processing and services, payments infrastructure services, and other electronic payments software and services. The segment provides financial institutions with account processing services, item processing, and source capture services, loan origination and servicing products, cash management and consulting services, and other products and services which support numerous types of financial transactions.
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