The Worldwide Payment Processing Solutions Industry is Expected to Reach $89 Billion by 2027

Amid the COVID-19 crisis, the global market for Payment Processing Solutions, estimated at US$37.3 Billion in the year 2020, is projected to reach a revised size of US$89 Billion by 2027, growing at a CAGR of 13.2% over the analysis period 2020-2027.

The projections are from the "Payment Processing Solutions - Global Market Trajectory & Analytics" report published by ResearchAndMarkets.com. 

Credit Cards, one of the segments analyzed in the report, is projected to record a 12.8% CAGR and reach US$42.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Debit Cards segment is readjusted to a revised 13.3% CAGR for the next 7-year period.

The US Market is Estimated at $10.1 Billion, While China is Forecast to Grow at 17.2% CAGR

The Payment Processing Solutions market in the U.S. is estimated at US$10.1 Billion in the year 2020. China, the world`s second-largest economy, is forecast to reach a projected market size of US$19.7 Billion by the year 2027, trailing a CAGR of 17.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.4% and 11.5%, respectively, over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 10.4% CAGR.

eWallet Segment to Record 14.7% CAGR

In the global eWallet segment, the USA, Canada, Japan, China and Europe will drive the 13.8% CAGR estimated. These regional markets accounting for a combined market size of US$4 Billion in the year 2020, will reach a projected size of US$9.7 Billion by the close of the analysis period. China will remain among the fastest-growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$13.3 Billion by the year 2027, while Latin America will expand at a 16.3% CAGR through the analysis period.