“The report on Payment Service Provider Market was recently published by SDKI, which includes the latest market trends, current and future opportunities along with the factors that are driving the growth of the market. This report further encompasses the records for the expansion of the market along with information on the investment opportunities that help the clients to take positive decisions on the parameters for gaining profitable revenues. Moreover, the report also contains identification and investigation of the market structure, in-depth qualitative analysis, restraints & challenges, growth drivers, emerging product trends & market opportunities and Porter’s five forces.

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Payment Service Provider Market: Overview

• The payment service provider market is expected to register a CAGR of ~10% between 2023-2033. 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 2033 from ~US$ 40 Bn in 2023. 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 2023, 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.

Payment Service Provider Market: Definition

• The payment service provider market report provides analysis of the global payment service provider market for the period 2023-2033, wherein 2023 is the base year and 2023-2033 is the forecast period. Data for 2023 has been included as historical information.
• The report studies the payment service provider market from the perspective of different modes of payment, applications, payment type, and payment channel. While evaluating the market size, transaction volume, and average per transaction cost has been considered while the currency exchange transaction has not been considered in the scope.
• The report analyzes the various types of transactions, payment channels, transaction value, transaction volume, and network provider market share

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.

Payment Service Provider Market Developments

• In August 2018, Visa Inc. partnered with Maxcom to provide mobile payment services in the Tanzanian market. More than 30,000 retailers and 20,000 local agents in Tanzania will be connected to mobile payments with this new partnership, thus increasing its market share.
• In September 2018, PayPal acquired iZettle, which would help PayPal to expand its in-store presence and strengthen its payments platform to help small businesses around the world
• In 2017, First Data Corporation completed the acquisition of BluePay, a provider of technology-enabled payment processing for merchants in the U.S. and Canada, and was one of the company’s largest distribution partners with a strong focus on software-enabled payments and card-not-present transactions.

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.
• 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.
• Companies are shifting toward advanced technology to gain competitive advantage in the payment service provider market apart from maintaining their position in the market.

Payment Service Provider Market – Scope of the Report

A new study on the global Payment service Provider Market presents a wealth of information on the key market dynamics including the drivers, market trends, and challenges, as well as the structure of the payment service provider market. The study offers valuable information about the payment service provider market, to illustrate how growth will discern during the forecast period 2023-2033.

Key indicators of market growth, which include value chain as well as supply chain analysis, and Compound Annual Growth Rate (CAGR), are elucidated in the study in a comprehensive manner. This data can help readers interpret the quantitative growth aspects of the payment service provider market during the forecast period.

An extensive analysis on leading market players’ business strategies has been featured in the study on the payment service provider market. This can help readers understand principal factors to foresee growth in the payment service provider market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the payment service provider market, which will guide market players in making apt decisions in the future.

Key Questions Answered in the Payment Service Provider Market Study

• What is the scope of growth of payment service providing companies across the globe?
• What will be the Y-o-Y growth of the payment service provider market between 2023-2033?
• What is the influence of the changing trends in technologies on the payment service provider market?
• Will Asia Pacific continue to dominate the market for payment service provider?
• Which factors will impede the growth of the payment service provider market during the forecast period?
• Which are the leading companies in the global payment service provider market?

Research Methodology

A unique research methodology has been utilized to conduct comprehensive research on the growth of the payment service provider market, and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the production of the payment service provider market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of the study on the payment service provider market, as a primary resource.

For more information about this report visit: Payment Service Provider Market“

These primary and secondary resources provided exclusive information during the interviews, which serves as a validation from payment service provider industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the payment service provider market with accuracy. The study also uses a top-down approach to assess the numbers for each segment, and a bottom-up approach to counter-validate them. This has helped in making estimates on the future prospects of the payment service provider market more reliable and accurate.

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About SDKI:

The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

For more information, please contact:

Lauren Brown
Shibuya Data Count
Email: [email protected]
Tel: + 81 3 45720790