The global Payment Processing Solutions Market is estimated to grow from USD 34.96 Billion in 2019 to reach USD 84.11 Billion by 2027, at a CAGR of 11.6% during the forecast period from 2020-2027.
The growth in this market is attributed to the high penetration of smart phones and the acceptance of mobile payment applications. Smartphone apps provide consumers alternate billing solutions with the aid of card reader attachment facilities. These technologies have allowed customers to make billing transactions quicker and easier thus boosting market growth.
The global market for the payment processing solutions is segmented on the basis of payment mode, industry vertical, and region. Based on payment mode, the market is segmented into credit card, e-wallet, and debit card. The credit card segment held almost 43% share of the market in 2019. Credit card processing systems are commonly used by companies as these systems enable companies to integrate the core data of their businesses, i.e. sales orders, inventory rates, and shipping and billing within the sales ERP framework to ensure that businesses work efficiently. Manually entering data at the time of the transaction process takes time and is vulnerable to human error. For an integrated credit card processing solution, there is a continuous flow of data to ERP systems that removes input errors and prevents data redundancy
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