Payment Processing Solutions Market - Development Trends, Competitive Scenario and Opportunities Outlook to 2028

Latin America payment processing solutions market is likely to gain momentum at a CAGR of above 15.5% over the assessment timeline. Globally, the number of registered and active mobile wallet accounts escalated rapidly in 2020, with Latin America and the Caribbean (LAC) at the forefront. Growing penetration of mobile wallets in the LATAM region is expected to fuel regional market growth.
Meanwhile, the Middle East & Africa payment processing solutions market accounted for approximately 5% of the global industry revenue in 2021. Surging consumer preferences for m-commerce are supporting market development significantly across MEA.
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The payment processing solutions market is projected to gain substantial growth impetus by 2028 owing to increasing availability of affordable smartphones. Additionally, the advent of digital payments and high penetration of internet services are expected to further boost demand for efficient payment processing solutions.
Emergence of the COVID-19 pandemic substantially fueled the adoption of digital payments, encouraging people across the globe to utilize secure digital payment platforms as an effective method of contactless transactions. Various government entities also loosened regulatory controls on digital payments. The Rwandan government was among such entities that waived off digital transfer fees as well as tripled the maximum limit for online transactions.
Notably, the payments processing solutions industry expansion is also driven by the consistent development of advanced trust tools and technologies to prevent digital fraud. Market majors are fostering business growth with potential collaborations to develop next-generation processing solutions. For instance, in March 2022, Mastercard, a financial services leader, partnered with Zeta, a banking technology unicorn, to leverage the latter's modern, cloud-native, and fully API-ready credit processing stack and jointly launch next-gen credit card processing solutions for banks and the fintech sector.
The payment processing solutions market has been segmented based on technology, deployment model, mode of payment, organization size, end-user, and region. From the end-user perspective, the market has been fragmented into healthcare, tourism and hospitality, BFSI, retail & e-commerce, and government & public sector. The BFSI end-user segment is anticipated to grow at a CAGR of around 10.4% by 2028 on account of rapid digitalization of payment methods across the banking, financial services, and insurance (BFSI) sector.
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In 2021, the government and public sector segment accumulated more than 8.45% share in the payment processing solutions market. Improved popularity of cashless transactions in federal agencies, particularly due to their benefits like better ease and convenience, has bolstered product demand across the government & public sector. Moreover, increasing focus of governments on electronic payments for enhancing overall efficiency, convenience, and security of these processes as well as to address the financial needs of citizens are set to further fuel uptake of payment processing solutions in the sector in the forthcoming years.
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