Payment processing solutions market worth $64.5 bn by 2024

According to the new market research report published by MarketsandMarkets, 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 percent during the forecast period.

Major driving factors for the Payment Processing Solutions Market are the increasing 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 credit card segment is expected to have the largest market size in the Payment Processing Solutions Market. Credit card continues to be the preferred way to pay at department stores, most likely due to people preferring credit card for higher-value purchases. A credit card enables consumers to build a continuing balance of debt, subject to interest being charged.

A credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer. Issuing banks and other financial institutes offer various credit cards, such as business, secured, prepaid, and digital cards.