- The payment service provider market is expected to register a CAGR of ~10% between 2019 and 2027. The market is projected to be driven by rapid increase in financial inclusion specifically in developing countries. Increasing competitiveness in the Fintech industry is expected to boost the payment service provider market in the near future.
- The global payment service provider market is expected to reach ~US$ 88 Bn by 2027 from ~US$ 40 Bn in 2019. Rising adoption of smartphones and digital devices is expected to boost the growth of the market.
- The payment service provider market in Asia Pacific and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by South America
- Asia Pacific remains the dominant leader in the global payment service provider market, with market size of US$ 11,878.6 Mn in year 2019, primarily due to tremendous growth in adoption of smartphones among both millennial and older population for payment. Therefore, exponential growth in smartphone device volumes is likely to drive the payment service provider market in the region.
- North America is projected to see significant growth in the global payment service provider market during the forecast period. Strong network infrastructure and increasing adoption of digital mode of payments such as wallets and token is expected to drive the consistent growth of the North America payment service provider market.
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Asia Pacific Payment Service Provider Market: Snapshot
- Asia Pacific is seen as a new growth hub for technology driven enterprise business models, due to its high population ratio and adoption of new technologies. For the same reason, Asia Pacific is expected to see highest opportunity addition in the payment service provider market globally, with Europe being the next closest region.
Key Challenges Faced by Payment Service Provider Market Players
- Cost is the major factor, which can impact the growth of the market. Adoption of digital technology in payments has led to significant increase in cost. Costs relate to the procurement of the digital solution, installation and maintenance, system integration, and system downtime cost.
- All these costs are incurred while deploying the digital payment solution for any enterprise. These are the additional costs which an enterprise incurs. Adoption of digital payment methods is low within developing regions because of the additional cost to the business. Retailers and sellers hesitate to deploy digital payment technology to reduce the business cost.
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Payment Service Provider Market: Company Profile Snapshot
- Visa Inc.: Founded in 1958, Visa, Inc. is a global payments technology company. It connects businesses, consumers, governments, and banks in more than 200 countries and regions, allowing them to use a digital payment system instead of checks and cash. Majorly, Visa transactions are done through merchants, acquirers, issuers, and the cardholder. The company has nearly 3.3 billion cards worldwide with over 46 million merchant locations. Visa has tied up with nearly 15,900 financial institutions.
- American Express Company: Founded in 1850, American Express Company is well known for its charge card, travelers’ check, and credit card businesses. It provides travel and expense management solutions and innovative payment solutions to individuals as well as to all sizes of businesses. The company also provides NFC specifications to support POS terminals to accept American Express cards on digital wallets to better meet the requirement of cardholders. In 2013, American Express Company re-launched its online payment platform and increased its prepaid offerings.
- PayU: Founded in 2002, PayU is the fintech and e-payments division of Prosus, which is one of the largest technology investors in the world. PayU is an online payment service provider for cross border and local payments, which develops in-house payment technology for merchants across the globe. PayU has more than 1,800 payment specialists and caters to over 300,000 merchants and millions of consumers making online payments.
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Other major players operating in the global payment service provider market and profiled in the report include
ACI Worldwide, Inc.
MasterCard International, Inc.
Adyen
Global Payments Direct, Inc.
CCBill, LLC.
Discover Financial Services (Diners Club International Ltd )
Stripe
Total System Services, Inc.
TSYS
Amazon Web Services, Inc.
First Data Corporation
PayPal, Inc.
Ingenico Group.
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