Payment Service Provider Market Increasing at A Phenomenal Pace to Reach USD 20.9 Billion by 2028

02-Aug-2021 | Zion Market Research

Some of the key players operating in the payment service provider market 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., Amazon Web Services, Inc., PayPal, Inc., among others. These players are set to bolster the development of the global payment service provider market. According to analysts at Zion Market Research, the global payment service provider market accounted for USD 6.1 Billion in 2019 and is expected to reach USD 20.9 Billion by 2028, growing at a CAGR of 15.2 % from 2021 to 2028.

This review is based on a report by Zion Market Research, titled “Payment Service Provider  Market by Payment Type (Customer to business, Business to business, and Customer to customer), by Payment Channel (Token system, Digital wallets, Net banking, Direct carrier billing, and Real-time payments), by Software (Payment processing solutions, Payment gateway solutions,  PoS solutions, and Payment security & fraud management solutions), by Services (System integration & implementation services, Consulting services, Managed/ outsourced services, and Support & maintenance services), by End Use (Travel & booking, Healthcare, Banking, financial services & insurance (BFSI), Entertainment,  Telecommunications , E-commerce, Retail, and Others):Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”

Global Payment Service Provider Market Size

Increased Focus and Adoption of the Digitization in Payment Service Provider to Spur Market Growth

Several initiatives are being taken by different governments all over the world which may facilitate the growth of the payment service provider market. The increased focus and adoption of the digitization in almost every sector is contributing toward the growth on a significant level. The security and efficient features of the online payment takes over the need to stick to the traditional payment methods. As the pandemic continues, the need for contactless payments may prevail and is also expected to increase. Thus, the growth of the payment service provider market is almost necessary for the world to cope with the pandemic. Also, the rise in the online businesses, for instance the ecommerce sector, is adding towards the growth of the market.

Presence of Big Players in The Region Support North American Dominance

With the largest share, North America was a leading regional market for payment service provider market in 2019 followed by Asia Pacific. North America is the biggest contributor towards the payment service provider market.  The region houses a number of small and large organisations which have adopted online payments as a primary payment method and are contributing directly toward the growth of the market. The biggest payment service provider players are based in the US and thus the adoption rate of these services is also very high in the region. The Asia pacific region is also expected to grow significantly over a period of time. Asia Pacific is the new hub for the technology driven businesses because of its high population and the developing infrastructure. The region also saw a tremendous rise in the adoption of smartphones both in the older as well as the younger population. All these factors are going to contribute towards the growth of the payment service provider market in the region. The global big data as a service (bdaas) market is segmented as follows:

Browse the full Payment Service Provider Market by Payment Type (Customer to business, Business to business, and Customer to customer), by Payment Channel (Token system, Digital wallets, Net banking, Direct carrier billing, and Real-time payments), by Software (Payment processing solutions, Payment gateway solutions, PoS solutions, and Payment security & fraud management solutions), by Services (System integration & implementation services, Consulting services, Managed/ outsourced services, and Support & maintenance services), by End Use (Travel & booking, Healthcare, Banking, financial services & insurance (BFSI), Entertainment, Telecommunications , E-commerce, Retail, and Others):Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/payment-service-provider-market

  By Payment Type

  • Customer to business
  •  Business to business
  • Customer to customer

By Payment Channel

  • Token system
  • Digital wallets
  • Net banking
  • Direct carrier billing
  • Real-time payments

   By Software

  • Payment processing solutions
  •  Payment gateway solutions
  •  PoS solutions
  • Payment security & fraud management solutions

    By Services

  • System integration & implementation services
  •  Consulting services
  • Managed/ outsourced services
  • Support & maintenance services

     By End Use 

  • Travel & booking
  • Healthcare
  • Banking, financial services & insurance (BFSI)
  • Entertainment
  •  Telecommunications
  • E-commerce
  •  Retail
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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