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3. Key players adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global Payment Processing Solutions Market

The global payment processing solutions market size is expected to grow from USD 39.3 billion in 2019 to USD 64.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period. Major driving factors for the payment processing solutions market are the growing initiatives for the promotion of digital and online payments, high proliferation of smartphones, focus on improving customer experience, and customers’ demand for immediacy of payments and settlements. These factors are expected to drive the global payment processing solutions market.

The major payment processing solutions market vendors include PayPal (US), Adyen (Netherlands), Stripe (US), Square (US), Wirecard (Germany), Global Payments (US), CCBill (US), PayU (Netherlands), Authorize.Net (US), Due (US), First Data (US), Jack Henry & Associates (US), Alipay (China), Paysafe (UK), and BlueSnap (US). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global payment processing solutions market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2016 to 2019, which helped them innovate their offerings and broaden their customer base.

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PayPal is one of the leading players in the global payment processing solutions market. The company operates a 2-sided proprietary global technology platform that links its customers across the globe to facilitate the processing of payment transactions, enabling the company to connect millions of merchants and consumers worldwide. The company adopted inorganic growth strategies to expand its reach and enhance its solutions, such as partnerships and acquisitions. For instance, in June 2018, PayPal acquired Hyperwallet, a leading global payout platform, for USD 400 million. This transaction is expected to strengthen the company’s payout capabilities and enhance its ability to provide an integrated suite of payment solutions to eCommerce platforms and marketplaces globally.

Square is one the major players in the payment processing solutions market. The company provides payment and point-of-sale (POS) solutions in the US and internationally. Square offerings help sellers accept payments in person via magnetic stripe, Europay Mastercard and Visa (EMV), Near-field communication (NFC), or online via Square Invoices, Square Virtual Terminal, or the seller’s website or app. Square follows both organic and inorganic growth strategies. For instance. In March 2019, Square expanded its omnichannel offerings with new Square Online Store and a revamped Square for Retail. The 2 products offer sellers the tools to have one cohesive solution to start or grow an omnichannel business. The new Square Online Store enables sellers to grow their business in person and online, with a professional eCommerce website and integrated tools.

Related Reports:

Payment Processing Solutions Market by Payment Method (Credit Card, Debit Card, and Ewallet), Vertical (Retail, Hospitality, Utilities & Telecommunication), and Region (North America, Europe, APAC, MEA, and Latin America) - Global Forecast to 2024

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