Payment Processing Software Market 2027 | Latest trend and future scope with top key players
The report provides an overview and forecast of the global payment processing software market based on various segments.
PORTLAND, PORTLAND, OR, USA, January 24, 2022 /EINPresswire.com/ — An increase in the number of initiatives to promote digital payments across the world and the growth of the e-commerce sector propel the growth of the payment processing software market. Additionally, increasing number of mobile phone users across the globe is fueling the growth of the market.
However, data security and online cyber threats are hampering the growth of the market. Furthermore, increasing adoption of various advanced technologies such as Internet of Things (IoT) and increasing per capita disposable income are expected to provide lucrative opportunities for the payment processing software market.
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Payment processing software is a very competitive and growing market. Hence, to increase the consumer base, prominent players are adopting different strategies such as expanding their services, launching new products, collaborations, partnerships, and mergers.
For example, in March 2019, Square Inc. expanded its omnichannel offerings with the new Square online store and a revamped Square for retail. Both products give sellers the tools to start or grow an omnichannel business with a cohesive solution.
The Asia-Pacific region is expected to hold the largest payment processing software market share during the forecast period, driven by emerging economies such as India, China, and South Korea and the increase the number of smartphone users in the region.
Also, the e-commerce sector in countries like India is growing at a rapid pace. People prefer buying things online rather than physically going to stores, which has created a demand among businesses for efficient payment processing software, which, in turn, is driving the growth of the market.
Major players include Adyen, Alipay, Alphabet Inc., Authorize.Net, BlueSnap, CCBill, Due, First Data Corporation, Global Payments PayU, Jack Henry & Associates Paysafe, PayPal Holdings Inc., Stripe, Square Inc., Wirecard and Visa . Inc.
Analysis of the COVID-19 scenario:
• Since the outbreak of the COVID-19 virus in December 2019, the disease has spread to almost every country in the world, with the WHO declaring it a public health emergency. The global impacts of the disease are already beginning to be felt and are expected to have a significant impact.
• Although governments have imposed lockdowns to contain the spread of the virus, businesses have gone online and conduct financial transactions online to manage their operations, which is driving the adoption of payment processing software.
• An increase in e-commerce sales has been witnessed during the pandemic, which, in turn, is contributing to the growth of the payment processing software market.
• Overall, this pandemic will have a positive impact on the payment processing software market.
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