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© 2016 Global Market Insights, Inc. USA. All Rights Reserved  North America dominates the payment processing solutions market due to the high adoption of digital payment solutions across the U.S. and Canada. The countries have the largest card network and it is estimated that more than 805 of the population use either debit or credit card. Moreover, the increasing adoption of mobile wallets in the region also fosters market growth. On the other hand, Asia Pacific is estimated to grow substantially over the forecast period due to supportive government initiatives and policies for digital payments. The increasing adoption of smartphones along with internet services also accelerates market growth.payment processing solutions market  Payment Processing Solutions Market size is set to witness lucrative gains in the projected timeframe as trend of online shopping has increased significantly in the last decade. In 2018, online shopping accounts for approximately 10% of the total retail sales. The ease and convenience offered by the online shopping application are the primary factors augmenting the demand for e-commerce across the globe. Moreover, attractive offers and discounts provided by e-commerce companies are also accelerating the adoption of payment processing solutions market. Overview of payment processing solutions market

© 2016 Global Market Insights, Inc. USA. All Rights Reserved  The increasing penetration of smartphones across countries is also presenting a huge opportunity for the growth of the payment processing solutions market. In 2017, the number of smartphone users across the globe reached 2.32 billion from 1.57 billion in 2014 and the number is further estimated to reach 3 billion mark by The increasing disposable income of individuals in the emerging economies is driving the adoption of smartphones. Moreover, the decline in the price of smartphones also acts as a major driver for the growing number of smartphones worldwide.  Moreover, supportive government initiatives and policies to promote digital payments are accelerating the payment processing solutions market demand. For instance, in 2015, the Indian government launched the “Digital India” campaign to promote the adoption of digital services across multiple industry verticals. Moreover, the demonetization initiative launched by the government in 2016 also fueled the adoption of digital payment service in the country. Continue…

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© 2016 Global Market Insights, Inc. USA. All Rights Reserved  The payment processing solutions market is categorized into e-wallet, credit card, and debit card. The credit and debit cards are dominating the market due to the widespread card network of financial institutes. Moreover, the large-scale adoption of the POS system also encourages the use of cards for payment. However, e-wallets are projected to grow significantly over the forecast period due to the increasing adoption of smartphone-based payment apps for individuals.  The payment processing solutions are used across various industry verticals including utilities and telecommunication, hospitality, retail, and restaurants. The hospitality segment accounts for the majority share in the market due to the widespread adoption of digital payment solutions across the industry. The retail segment is also emerging as one of the prominent sectors in the payment processing solutions market due to the growing trend of online shopping across the countries. Continue…

© 2016 Global Market Insights, Inc. USA. All Rights Reserved  The vendors operating in the payment processing solutions market are Stripe, PayPal, Adyen, Square, Wirecard, First Data, WorldPay, Global Payments, BlueSnap, PayU, Authorize.Net, PaySimple, and PayPro Global. The players are leveraging the partnership activities to expand the product portfolio and gain a market share. For instance, PayU entered into a partnership with PhonePe to expand its online merchant database. The partnership intends to provide a better payment experience for the growing digital savvy consumers as well as merchants. Additionally, in September 2018, Global Payments partnered with Ingenico Group to launch a new terminal and enhance the customer experience. The partnership aims at increasing its customer base by acquiring small and medium business customers. Continue…

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