CHICAGO, May 2, 2022 /PRNewswire/ — According to a research report “Payment processing solutions Market by payment method (debit card, credit card, e-wallets, ACH), deployment type (on-premises, cloud-based), vertical (BFSI, government and utilities, telecom and IT, healthcare) and region – global forecast to 2027″, released by MarketsandMarkets™, the Payment Processing Solutions market size will grow from $90.9 billion in 2022 at $147.4 billion by 2027, at a compound annual growth rate (CAGR) of 10.1% over the forecast period.
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By payment method, the Automated Clearing House segment will experience the second highest growth during the forecast period
ACH transfer is a bank-to-bank electronic money transfer that is processed through the Automatic Clearing House network. According to the National Automated Clearing House Association (NACHA), the ACH Network is a batch processing system that banks and other financial institutions use to aggregate ACH transactions for processing, which typically occurs three times per business day. The ACH network processes two types of ACH transactions: direct deposits and direct payments. ACH transfers are a way to electronically transfer money between accounts at different banks. They allow merchants to send or receive money conveniently and securely. Business owners use ACH to pay suppliers or receive payments from customers and customers.
ACH transfers are widely used to make recurring deposits to taxable brokerage accounts, pay utility bills, interest payments, government benefits, insurance premiums, and more. ACH transfers have many uses and can be more cost-effective and user-friendly than writing checks or paying. with a credit or debit card. ACH transfers are generally fast, user-friendly and have low processing fees compared to other payment methods such as credit card, debit card and e-wallets.
By Vertical, the real estate segment to represent the highest CAGR during the forecast period
The real estate industry suffers from many challenges in terms of building trust, efficient data sharing, and adequacy of automation processes. There are several companies, agents, e-commerce websites and several other channels through which people can search for a property for renting, buying or selling their own property. Real estate transactions associated with buying, selling, or renting are long established, but the advent of digital payments over the past decade has brought buyer and seller much closer together. Digital payments have made transactions more secure and transparent, thus making investments safer and faster for stakeholders. This is expected to have a positive impact on the growth of the payment processing solutions market.
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North America the region has the second highest market share in the payment processing solutions market
The market for payment processing solutions in North America is very competitive, because the United States and Canada focus on research and development (R&D) and innovation. North America has been a global innovator, consistently at the forefront of payment technology as well as retail and financial services. The region has always been dependent on the stability and convenience of its well-established payment infrastructure. The widespread adoption of mobile devices, such as smartphones and tablets, and the need for convenient access to financial solutions has positively impacted the online payment processing solutions market. North America.
Key and innovative suppliers in the Payment Processing Solutions Market are PayPal (US), Fiserv (US), FIS (USA)Square (US), Global Payments (US), Wirecard (Germany), ACI Worldwide (US), MasterCard (US), Visa (US), Stripe (US), CCBill (US), PayU (Netherlands), Authorize.Net (US), Jack Henry & Associates (USA), Alipay (China), Paysafe (UK), BlueSnap (US), Secure Payment Systems (US), Worldline (France), Spreedly (US), Fattmerchant (US), PayTrace (US), Dwolla (US), PayProTec (US), SignaPay (US), Klik&Pay (Swiss), Finix Payments (US), Due (US), PhonePe (India), Modulate (England), Pineapple Payments (US), Razorpay (India), Much Better (England), PayKickstart (US), Aeropay (US), Sila (US).
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