Unlocking Value: Payment Processing Solutions Procurement Intelligence
The payment processing solutions category is anticipated to grow at a CAGR of 14.5% from 2023 to 2030. The major types of payment processing solutions include credit/debit cards, e-wallets, QR codes, and bank transfers. Credit cards accounted for the largest share, by payment method in 2022, with 44% of the total share. Companies and consumers are increasingly moving away from traditional payment modes like cash or cheques to digital payments spurred by the pandemic and technological innovations. Peer-to-peer payment (P2P) networks and mobile wallets are becoming more popular owing to their ease and real-time transaction possibilities. Furthermore, the limits of security are being pushed by AI-driven payment systems and biometric verification. More than 84% of consumers use P2P service in 2023. The increasing adoption of digital wallets coupled with the preference for contactless payments, high penetration of smartphones in low and middle-income economies, and broad access to financia...