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                                  Home Press Releases

                                  Payment Processing Software Market Size Estimated to Reach $68.7 Billion by 2026

                                  admin by admin
                                  March 9, 2022
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                                  (EMAILWIRE.COM, March 09, 2022 ) Payment Processing Software market size is estimated to reach $68.7 billion by 2026 at CAGR of 9.6% during the forecast period 2021-2026. Increasing use of digital wallets, mobile banking, credit and debit cards for online transaction, along with worldwide growth of ecommerce sector, has accelerated the growth of this Payment Processing Software industry globally. In addition, the market will also be driven by innovation in payment technology using block chain, the Internet of Things (IoT), Artificial Intelligence (AI), and real-time payments. In 2021, a Payment Processing Software company, NetCents Technology Inc., developed a block chain platform designed for merchants and consumers looking for a better way to transact online with cryptocurrency. Further innovations in security technologies such as tokenization of card details for eliminating fraud is expected to create growth opportunities in the coming years. Similarly, developments in digital payment methods and payment gateway will drive the market growth in the forecast period. Furthermore increasing government initiatives, in order to promote the digital economy and curb the usage of cash, have resulted in increased transactions through e-wallets and point of sale machines. In August 2021, Reserve Bank of India (RBI) announced the availability of National Automated Clearing House (NACH) on all days of the week. Hence these factors are analyzed to drive the Payment Processing Software industry outlook in the forecast period 2021-2026.

                                  Payment Processing Software Market Segment Analysis – By Mode of Payment

                                  Cloud deployment is growing at a highest CAGR of 10.8% in the forecast period as it offers operational flexibility and real-time deployment to the companies compared to on-premises solutions. It also offers numerous benefits, including reduced operational costs, simple deployment process, and higher scalability in terms of connected resources. The cloud-based customer self-service software comprises of applications with a set of multiple services that are compliant with the service-oriented architecture and provide robust transformation processes to meet business objectives. Additionally, the cost-effective cloud-based solutions ease installation when compared to the on-premises solutions. Further several companies have been developing processing software in cloud deployment. In 2019, Silicus Technologies, LLC developed a payment processing system leveraging modern application architectures developed and deployed natively in the Cloud. Furthermore, the highest level of data security and reliability offered by the cloud deployment are increasing the share of cloud deployment in the Payment Processing Software market in the forecast period 2021-2026.

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                                  Payment Processing Software Market Segment Analysis – By End-User Industry

                                  Retail & e-commerce is the fastest growing segment among the other end-user industry segment, growing at a CAGR of 10.5% in the forecast period, the wide availability of smartphones, coupled with increasing usage of mobile wallet apps, is also contributing to segment market growth. In addition the mass adoption of ecommerce and online shopping has enhanced the growth of digital payments during the Covid-19 pandemic. Moreover several consumers are increasingly moving away from cash and opting for contact-free and digital payments. In 2020, MasterCard Spending Pulse has reported record growth rates across the globe as consumers increasingly attracting towards e-commerce websites. It has reported that MasterCard Spending Pulse grew by 93% year-over-year in the month of May 2020 and is expected to grow at a similar phase during the forecast period. Further the growing e-commerce industry in countries such as India, China, Srilanka, Japan and so on coupled with expanding consumer base, is expected to contribute to market growth. In Sri Lanka e-commerce giants like Takas, Wow and MogoSuper are starting to offer digital payment options as the primary methods of making payments. In India the market has seen explosive adoption over the last five years and the Covid-19 pandemic has further accelerated this trend. Furthermore government and private firms are working hard to bring more of Indian’s population online through initiatives like Digital India. Many E-commerce companies across the globe have stopped are planning to stop cash transactions in the forecast period. In 2020, Paytm had stopped cash-on-delivery (COD), a popular payment mode and a mainstay of e-commerce transactions in India. According to RBI, the consumers shifted towards digital methods of transactions such as debit cards, credit cards, e-wallets and other various mobile payment modes is expected to reach a daily average of 1.5 billion in the next 5 years. Consequently, the net value of digital payments in India will also increase from its current value of $70 billion to $200 billion by 2025. Hence, the above mentioned factors are analyzed to drive the Payment Processing Software market share in the forecast period 2021-2026.

                                  Payment Processing Software Market Segment Analysis – By Geography

                                  North America dominated the market by a market share of more than 32.7% in 2020 and is estimated to witness a significant amount of growth during the forecast period 2021-2026, owing to early adoption of technology, growing penetration of internet and online transaction methods. In June 2020, FBI published a report, according to which 75% Americans used different banking apps last year and the numbers had increased by 8% in just two months. In addition to this, presence of major market players and their business strategies for development of payment processing software is fuelling the market growth of this region. In July 2019, by acquiring First Data Corporation, Fiserv became one of the major providers of payment and financial technology provider. Moreover, companies such as PayPal, Amazon and so on have been offering real time payments. In 2020, Visa Inc. and PayPal shared details about an extension of their global partnership, which will expand real-time access to funds for consumers and small businesses that are sending or receiving money via PayPal, Venmo or Xoom. Amazon, Apple and Google are also supporting a real-time payments network in the U.S. led by the Federal Reserve. Hence these factors are analysed to drive the Payment Processing market share in the forecast period 2021-2026.

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                                  Payment Processing Software Market Drivers

                                  Initiatives provided by governments across the globe is driving the market growth:

                                  Governments of several countries are pushing players in the banking and payments ecosystem to encourage cashless payments at merchant outlets through digital payments. The Government of India has launched various initiatives to help promote digital payments. Initiatives such as Digital India, the launch of Unified Payments Interface (UPI) act as catalysts in the shift towards digital payments. In 2021, the government has committed to spend more than $200 million in the coming year to incentivize digital payments adoption in the country. These initiatives help promote digitalization and increase awareness about the advantages of the use of new technologies. Moreover, government of countries such as U.K, Kenya are collaborating with several local players to push the growth of the market. In 2020, Judopay had partnered with UK government to drive adoption of digital payments across the public sector in the country. Similarly in Kenya, the local mobile phone company Safaricom with the support of government has pushed the envelope and created a system known as M-Pesa to allow customers to make payments directly from their phones. Hence government initiatives that promote digitalization and usage of digital payment platforms are anticipated to contribute to the Payment Processing Software market growth in the forecast period 2021-2026.

                                  Rise in the adoption of contactless payments owing to Covid-19 pandemic is analysed to drive the market:

                                  The spread of the coronavirus and governments’ subsequent reaction has led to a surge in the adoption in contactless payment methods such as card and mobile payments. According to a report given by the Payments Journal in March 2020, there has been a 30% increase in the use of contactless payments since the outbreak of the pandemic. In Germany, contactless payments increased from 35% to more than 50% as a result of the pandemic. Similarly, the US saw the largest absolute rise in contactless adoption, with 46 percent of American responding they had a contactless payment method up from 38 percent previously. In U.K, the number of respondents who indicated contactless as their preferred payment method rose nine points from 50 percent pre-coronavirus to 59 percent. Moreover several companies have also witnessed significant growth in number of users. For instance, according to the report given by Paytm, the company has witnessed 20% growth in the digital payments as compared to the regular days. Also, since February 2020, the company also witnessed an increase in the number of users visiting the Paytm app and the number of sessions per user. Moreover in 2020, Accenture predicts $7 trillion in consumer spending will shift from cash to cards and digital payments by 2023. Hence rise in adoption of contactless payment will drive the Payment Processing Software industry growth in the forecast period 2021-2026.

                                  Payment Processing Software Market Challenges

                                  Increasing Cyber Threats, data breaches across various sectors which is acting as a major challenge in hampering the market growth

                                  With growing penetration of payment processing software and rapid digitalization, the security threats are also rising exponentially. The increasing number of cyber-attacks, data braches and other security threats across various sectors is a major challenge for this market. In January 2020, 15,000 credit and debit cards were cancelled by Alpha Bank, Piraeus Bank, Eurobank and the National Bank of Greece after a tourist service portal was hacked. In January 2021, Juspay, a mobile payment solution provider, had suffered a massive attack which exposed the data of 10 crore card holders. This type of data breaches and cyber-attacks triggers the question regarding the organization’s security system. Apart from that, in the current situation, a sudden rise in usage rare of digital platforms for various payment services in different sectors has increased due to global pandemic which is a lucrative opportunity for the cyber-attackers. Hence the growing cyber-attacks hamper the Payment Processing Software market growth in the forecast period 2021-2026.

                                  Payment Processing Software Market Landscape

                                  Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Payment Processing Softwaremarket. In 2020, the market of Payment Processing Software industry outlook has been fragmented by several companies. Payment Processing Software top 10 companies include:

                                  Adyen

                                  Alphabet Inc.,

                                  BlueSnap

                                  First Data Corporation

                                  Global Payments PayU

                                  Jack Henry & Associates Paysafe

                                  PayPal Holdings Inc.

                                  Stripe

                                  Square Inc.

                                  Visa Inc.

                                  Fisrev, Inc.

                                  Acquisitions/Technology Launches/Partnership

                                  In January 2020, PayPal partnered with UnionPay International (UPI) to accelerate their network growth. According to the partnership agreement, PayPal offered its support for global acceptance of UPI.

                                  In July 2019, FIS, Inc.had acquired Worldpayto become a leader in technology and solutions provider for merchants, banks, and capital markets.

                                  Key Takeaways

                                  North America dominated the market by a market share of more than 32.7% in 2020, early adoption for new technologies and increasing adoption of online payment methods are the key factors contributing to the market growth.

                                  The spread of the coronavirus and governments’ subsequent reaction has led to a surge in the adoption in contactless payment methods such as card and mobile payments

                                  Retail & e-commerce is the fastest growing segment among the other end-user industry segment, growing at a CAGR of 10.5% in the forecast period, the wide availability of smartphones, coupled with increasing usage of mobile wallet apps.

                                  Cloud deployment is growing at a highest CAGR of 10.8% in the forecast period as it offers operational flexibility and real-time deployment to the companies compared to on-premises solutions. It also offers numerous benefits, including reduced operational costs, simple deployment process, and higher scalability in terms of connected resources.

                                  Relevant Report Titles:

                                  A. Contactless Payment Market

                                  https://www.industryarc.com/Report/16196/contactless-payment-market.html

                                  B. Digital Payment Market

                                  https://www.industryarc.com/Research/Digital-Payment-Market-Research-500591

                                  For more Information and Communications Technology Market reports, please click here

                                  About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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                                  • LG Chem with China’s Huayou to make battery materials in Indonesia, Morocco – ThePrint
                                  • European Union Delegation Accuses Algeria of 'Extorting' Businesses – Morocco World News
                                  • Tunisia cartoonist freed after arrest for drawings – BusinessGhana

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