The payment processing solutions market is expected to grow from US$ 118.84 billion in 2022 to US$ 259.62 billion by 2030; it is estimated to record a CAGR of 10.3% from 2022 to 2030.

The rising adoption of value-added services by Fintech, banks, and other financial institutions is projected to propel the market share during the forecast period. Banks and other financial institutions are improving their payment technology by adopting technologically advanced service offering modules to obtain a competitive advantage in the market. The market players are implementing customer- and business-based approaches to attract potential consumers by earning more profits and driving the market. These value-added services support banks and other financial institutions to take on a more strategic role and create new revenue streams for themselves and their customers. Banks engaged in advancing their business consulting services by adopting technology tools such as targeted marketing and data analytics to forecast their cash transaction and liquidity management, fueling the market in the near future. Additionally, financial institutions' growing adoption of the Internet for creating a stable and cost-effective payment mechanism due to rising network trade activities is driving the payment processing solutions market share. However, the rapid expansion of foreign exchange and securities trading activities increases the adoption of electronic paging systems among financial institutions, boosting market growth.

The solutions segment is anticipated to register a higher CAGR in the near future. The solutions segment includes payment options such as mobile wallets, hosted payment pages, pay-by-link, shopping carts, and recurring payments. These solutions save time and effort for both customers and merchants by facilitating rapid and efficient payment processing. Payment processing solutions such as debit and credit cards and digital wallets allow consumers to make financial transactions using their smartphones, laptops, tablets, and other devices, positively favoring the overall market growth for the segment. Furthermore, secure payment solutions provide real-time reporting features for handling chargebacks, transaction analysis, and sales activity tracking to evaluate business performance. Thus, the factors mentioned above are anticipated to boost the payment processing solutions market share during the forecast period.

The payment processing solutions market in Europe is projected to expand at a notable CAGR during the forecast period due to the growing demand for digital payment solutions among consumers. Shifting retailers' preference toward the adoption of online channels to attract more consumers across the globe is driving the market in the region. The ongoing transition from cash to sophisticated payment processing technologies associated with increasing card transactions and online payment options such as real-time payments and mobile wallets fuels the market. Moreover, increasing government initiatives such as open banking and the Second Payment Services Directive (PSD2) are boosting the demand for advanced payment solutions. However, the high adoption of advanced technologies such as AI, ML, and 5G drives the adoption rate of payment processing solutions in Europe.

Cisco Systems, Fiserv, Mastercard, Alphabet, Visa, Stripe, FIS Global, Square, PayU, and ACI Worldwide are among the key payment processing solutions market players profiled in this market study. Several other payment processing solutions market players were also analyzed for a holistic view of the market and its ecosystem.

The overall payment processing solutions market size has been derived using both primary and secondary sources. To begin the payment processing solutions market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the payment processing solutions market. The process also serves the purpose of obtaining an overview and market forecast of the payment processing solutions market growth with respect to all market segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the payment processing solutions market.