Payments Market Overview, Size, and Growth - Credit Card Processing (2024)

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Payments Market Overview, Size, and Growth - Credit Card Processing? ›

Market Overview

The global payment processing solutions market size was estimated at USD 100 billion in 2022 and is expected to surpass around USD 632.18 billion by 2032 with a remarkable CAGR of 20.3% from 2023 to 2032.

Payment processing market size

The amount that people spend using credit cards in North America is over $3 trillion per year and that is growing by about 10% per year. Payment processing fees add up to around $85 billion per year. It's easy to understand why the payments industry is so competitive.

In 2023, the Payments Market size was estimated at USD 2.54 trillion. The report covers the Payments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Payments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Payments market size and growth

The payment processing market is a large and rapidly growing industry. The global payment processing market size was valued at USD 3.13 trillion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028.

With an impressive transaction volume, PayPal is one of the biggest payment processors globally. In 2020 alone, PayPal processed a total of 15.4 billion in transactions, showcasing its widespread usage and popularity among consumers and businesses alike.

HDFC Bank leads

Among the private sector players, HDFC Bank continued to lead with 19.81 million cards in circulation in December 2023, higher from 19.51 million in November.

The global payment processing market is expected to touch USD 401.421 billion by 2030. What CAGR is the payment processing market expected to exhibit during 2022-2030? The payment processing market is expected to exhibit a CAGR of 19.03% over 2022-2030.

The four major credit card networks are Mastercard, Visa, American Express and Discover. Out of the four networks, two are also card issuers — Amex and Discover — which we explain more in the next section. In addition to aiding transactions, card networks determine where credit cards are accepted.

Why is the payments industry growing? ›

Growing customer expectations for convenient, fast and secure payments, and personalized experiences. Increasing competition from tech and fintech companies offering innovative and price competitive solutions.

Definition: The Digital Payments market segement is led by consumer transactions and includes payments for products and services which are made over the Internet as well as mobile payments at point of sale (POS) via smartphone applications and cross-border money transfers made over the internet (digital remittances).

Payment Card Industry (PCI)

The payment card industry, or PCI, is the term used to describe organizations that process all types of payment cards, including credit cards, debit cards, ATM cards, and pre-paid cards.

Businesses and consumers are constantly presented with myriad solutions designed to streamline the payment process to make their digitalised and virtual lives much more straightforward and manageable. There are two essential components of this FinTech ecosystem: payment processing and payment orchestration.

The traditional way takes a lot of work, time, and money. You could develop and build your own payment processing software. For this, expect to easily invest $100,000 to $250,000 simply to create a minimum viable product (MVP). Plus, you've got to obtain numerous financial licences and adhere to dozens of regulations.

SaaS payment processing refers to the way companies accept and process payments. While ecommerce sales consist of one-off online payments, SaaS businesses often employ a subscription model, making recurring billing and subscription management high priorities.

The B2B payments market size was valued at USD 72.30 trillion in 2022 and is projected to grow from USD 79.53 trillion in 2023 to USD 174.38 trillion by 2030, exhibiting a CAGR of 11.9% during the forecast period (2023-2030). North America accounted for a market value of USD 29.22 trillion in 2022.

The global point-of-sale terminal market size was estimated at USD 94.40 billion in 2022 and is expected to reach USD 103.83 billion in 2023.

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According to the latest research, the global Payment Gateway market size was valued at USD 44280.87 million in 2022 and is expected to expand at a CAGR of 17.38% during the forecast period, reaching USD 115827.56 million by 2028.