PayPal (US) and Fiserv (US) are leading players in Payment Processing Solutions Market
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.
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.
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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.
Related Reports:
Payment Processing Solutions Market by Payment Method (Debit Card, Credit Card, eWallets, ACH), Deployment Type (On-premises, Cloud-based), Vertical (BFSI, Government and Utilities, Telecom and IT, Healthcare) and Region - Global Forecast to 2027
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