Blockchain Press Releases
Payment Processing Solutions Market worth $160.0 billion by 2028 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 24, 2023 /PRNewswire/ — In the future, real-time payments will evolve, blockchain and AI technology will become more widely used, embedded finance will start to emerge, and the market for payment processing solutions will continue to increase as digital payments continue to grow. The industry’s future development will be greatly influenced by partnerships, governmental reforms, IoT payments, biometric authentication, and IoT payments.
The Payment Processing Solutions Market is projected to grow from USD 103.2 billion in 2023 to USD 160.0 billion by 2028, at a CAGR of 9.2% during the forecast period, according to a new report by MarketsandMarkets™. The increasing prevalence of smartphones and mobile applications has led to a growing trend of consumers utilizing mobile devices for making payments. Mobile payment solutions, such as digital wallets and mobile banking apps, heavily depend on payment processing services to facilitate smooth transactions, driving the Payment Processing Solutions Market.
Browse in-depth TOC on “Payment Processing Solutions Market“
250 – Tables
50 – Figures
300 – Pages
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Scope of the Report
Report Metrics |
Details |
Market size available for years |
2018-2028 |
Base year considered |
2022 |
Forecast period |
2023–2028 |
Forecast units |
Value (USD) Million/Billion |
Segments Covered |
By payment method, vertical, and Region |
Region covered |
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
Companies covered |
PayPal (US), Fiserv (US), FIS (US), Global Payments (US), ACI Worldwide (US), Square (US), Mastercard (US), Visa (US), Adyen (Netherland), Stripe (US), PayU (Netherland), Jack Henry & Associates (US), Paysafe (UK), PhonePe (India), Razorpay (India), Secure Payment Systems (US), Worldline (France), Spreedly (US), Fattmerchant (US), North American Bancard (US), Dwolla (US), CCBill (US), Authorize.Net (US), Alipay (China), PayProTec (US), SignaPay (US), Klik & Pay (Switzerland), Finix Payments (US), Due (US), Pineapple Payments (US), Modulr (UK), MuchBetter (UK), Paykickstart (US), AeroPay (US), and Sila (US). |
Based on payment method, the credit card method to hold the largest market during the forecast period.
A credit card is a payment card issued by banks or financial institutions to individuals, allowing them to make purchases from merchants and incur agreed-upon charges. It provides a revolving line of credit, enabling cardholders to borrow money for payments or cash advances. Credit cards offer convenience and flexibility, eliminating the need for cash or checks. Cardholders have the option to carry a balance from month to month, subject to interest charges. Different types of credit cards, such as business, secured, prepaid, and digital cards, cater to various needs and preferences. While credit cards provide benefits like rewards programs and enhanced purchasing power, responsible credit management is crucial to avoid excessive debt and interest accumulation.
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Based on region, Asia Pacific is expected to hold the largest market size during the forecast
Asia Pacific consumers in the region prefer seamless and secure digital payment transactions, driving the demand for advanced payment processing solutions. With a growing retail market in Asia Pacific, global payment processing solution providers increasingly focus on this region to offer sophisticated solutions. Countries like China, India, Indonesia, and Malaysia witness a high volume of daily mobile transactions, prompting respective governments to prioritize convenient payment methods. The GSMA’s “The Mobile Economy 2021” report highlights that Asia Pacific has a 42% mobile internet penetration rate, with 1.2 billion people connected to mobile internet by the end of 2020, marking an addition of 200 million new subscribers compared to the previous year.
Top Key Companies in Payment Processing Solutions Market:
The major vendors covered in the Payment Processing Solutions Market include PayPal (US), Fiserv (US), FIS (US), Global Payments (US), ACI Worldwide (US), Square (US), Mastercard (US), Visa (US), Adyen (Netherland), Stripe (US), PayU (Netherland), Jack Henry & Associates (US), Paysafe (UK), PhonePe (India), Razorpay (India), Secure Payment Systems (US), Worldline (France), Spreedly (US), Fattmerchant (US), North American Bancard (US), Dwolla (US), CCBill (US), Authorize.Net (US), Alipay (China), PayProTec (US), SignaPay (US), Klik & Pay (Switzerland), Finix Payments (US), Due (US), Pineapple Payments (US), Modulr (UK), MuchBetter (UK), Paykickstart (US), AeroPay (US), and Sila (US).
Recent Developments:
- In June 2023, Visa acquired Pismo, to provide core banking and issuer processing capabilities across debit, prepaid, credit, and commercial cards for clients via cloud-native APIs and also provide support and connectivity for emerging payment rails, like Pix in Brazil, for financial institution clients.
- In May 2023, ACI Worldwide announced its collaboration with Red Hat OpenShift, to enable financial institutions and payment providers to utilize ACI solutions on the platform.
- In February 2022, PayPal’s investment in Skipify would allow Skipify to introduce frictionless checkout experiences for millions of shoppers and merchants alike by simplifying and streamlining the checkout process.
- In May 2022, Afterpay, a company acquired by Square, partnered with Rite Aid, to offer online shoppers to pay for everyday items in four installments at no additional cost.
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Payment Processing Solutions Market Advantages:
- Many payment processing solutions are built to handle international transactions, allowing businesses to access a worldwide audience. This offers up new markets and revenue streams.
- Leading payment processors put strong security measures in place to safeguard confidential financial data. Systems for fraud detection, tokenization, and advanced encryption reduce the likelihood of data breaches and unauthorised access.
- Credit cards, debit cards, mobile wallets, and internet banking are just a few of the payment methods that payment processing systems provide. The overall purchasing experience is improved by the versatility that caters to different customer preferences.
- Businesses may draw more clients and boost sales by allowing a variety of payment methods. Flexible payment options lower the chance of cart abandonment and promote impulsive buying.
- Recurring billing and subscription models are frequently supported by payment processing solutions, making it simpler for businesses to handle recurring payments from clients for services or subscriptions.
- Numerous payment processing platforms offer insightful data analytics. This information can be used by retailers to comprehend consumer behaviour, spot trends, and develop strategic business plans.
- Payment processing solutions have evolved to support mobile payments in response to the growth of mobile commerce, enabling customers to make purchases using their smartphones or other mobile devices.
- Businesses may easily set up online stores and handle payments thanks to payment processors’ smooth integration with a variety of e-commerce platforms.
- Competitive price structures are available with payment processing solutions, frequently based on transaction volumes. Compared to more conventional payment methods like cheque processing, this can be more affordable for enterprises.
- No matter where they are physically located, businesses may accept payments 24/7 thanks to online payment processing. Both client happiness and revenue potential may rise as a result of this ongoing accessibility.
Report Objectives
- To determine and forecast the global Payment Processing Solutions Market by payment method, vertical, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Payment Processing Solutions Market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Payment Processing Solutions Market.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Payment Processing Solutions Market.
- To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
- In the market, track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
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About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Blockchain Press Releases
Bitget Demonstrates Continuous User Assets Growth with April 2024 Proof of Reserves Update
VICTORIA, Seychelles, May 2, 2024 /PRNewswire/ — Bitget, the world’s leading cryptocurrency exchange and Web3 company, reaffirms its commitment to transparency and demonstrates continuous user asset growth with its latest April 2024 Proof of Reserves (PoR) update. The update showcases Bitget’s unwavering dedication to maintaining robust reserves, ensuring the security of user assets amidst the dynamic crypto landscape.
The April 2024 PoR report reveals a total reserve ratio of 176%, with ratio for BTC and ETH reaching 335% and 229% respectively. The latest update also unveils a significant increase in the user assets of USDT and ETH, as both figures grew as much as 51% and 46% since January 2024, showing strong momentum in user confidence and growth.
Gracy Chen, Managing Director at Bitget, emphasized the significance of the latest PoR update, stating, “Bitget is unwavering in its commitment to transparency and financial stability. Our latest PoR update reinforces our dedication to safeguarding user assets and upholding the highest standards of accountability. With a total reserve ratio of 176%, Bitget continues to lead by example in the cryptocurrency exchange industry.”
The regularly updated reserve ratios for prominent cryptocurrencies, including BTC, ETH, USDT, and USDC, underscore Bitget’s commitment to providing users with a secure and transparent trading environment. Bitget’s dedication to transparency extends beyond PoR disclosures. The exchange has also established a Protection Fund and publishes monthly valuations to further enhance user protection and mitigate potential risks.
As of April 22, 2024, Coinmarketcap reports that Bitget’s total reserves exceed $2.7 billion, consolidating Bitget’s position as a reliable and trustworthy cryptocurrency exchange. By conducting routine audits, Bitget ensures continuous visibility and upholds its responsibility to openness and accountability.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and web3 company. Serving over 20 million users in 100+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, swap, NFT Marketplace, DApp browser, and more. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet
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Blockchain Press Releases
Binance Labs Backs Movement Labs’ Mission to Bring ‘Move Everywhere’ with Investment
- Undisclosed Investment From Binance Labs Follows Movement’s $38M Series A Funding Round
SAN FRANCISCO, May 1, 2024 /PRNewswire/ — Movement Labs, a San Francisco-based blockchain development team, today announced an investment from Binance Labs. These investments closely follow Movement Labs’ successful $38m Series A funding round as the company continues to gain momentum in its mission to bring ‘Move Everywhere.’
Founded in 2022, Movement is building an ecosystem of Modular Move-based blockchains, starting with M2, the first Move Virtual Machine L2 for Ethereum. Movement will use the funds to expand its suite of open-source tooling, frameworks, and protocols to facilitate the adoption of the Move programming language across broader blockchain ecosystems. With Movement, developers can launch secure, performant, and high-throughput Move VM rollups as easily as they do smart contracts.
As part of its global expansion strategy, Movement Labs is placing a strong emphasis on the Asia-Pacific (APAC) region, recognizing the immense potential and talent within the Move development community. The company is committed to championing and supporting Asian Move developers, providing them with the resources, education, and opportunities needed to showcase their exceptional work and contribute to the growth of the Move ecosystem.
“We are thrilled to welcome Binance Labs as an investor,” said Rushi Manche, Co-Founder of Movement Labs. “Their support and expertise will be invaluable as we continue to execute our ‘Move Everywhere’ strategy, starting with a focus on the vibrant and innovative APAC market. By empowering and collaborating with the talented Move developers in the region, we aim to accelerate the adoption of Move and unlock new possibilities for the entire ecosystem.”
For more information about Movement Labs and a guide to participate in its devnet, please visit: movementlabs.xyz and follow on X @movementlabsxyz and on Discord. Connect with us at movementlabs.xyz to discuss global business opportunities.
About Movement Labs:
Co-founders, Rushi Manche and Cooper Scanlon, early builders in the Move ecosystem, founded Movement Labs in 2022 as the first integrated blockchain network, powering the fastest and most secure Layer 2 on Ethereum. Designed to pair smart contract security and parallelization with EVM liquidity and user bases, Movement is bringing the MoveVM to Ethereum through its flagship L2 and connected rollups with the Move Stack.
About Binance Labs
As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $10 billion. Its portfolio covers 250 projects from over 25 countries across six continents and has a return on investment rate of over 14X. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on X.
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Blockchain Press Releases
Discover Move Move Coin: Is This the Next Sports Blockchain for Your Workout?
SINGAPORE, May 1, 2024 /PRNewswire/ — MMC Foundation Singapore is excited to announce the launch of Move Move Coin (MMC), the first-of-its-kind blockchain sports project designed to transform how we think about fitness and technology. This pioneering initiative is set to merge health with high-tech, promoting nationwide fitness through the innovative use of Web3 technology.
Transforming National Fitness with Blockchain
By integrating physical activity with blockchain, MMC creates a unique ecosystem where exercise translates directly into MMC computing power. Participants can engage in the MMC exercise plan, turning their workouts into tangible incentives for every physical activity.
Move Foundation’s mission is to ignite a passion for sports across the nation by offering a cutting-edge, enjoyable sports ecosystem. With the introduction of MMC, the vision is to position it as the leading global initiative for national sports programs powered by Web3 technology, setting a precedent for future sports blockchain projects.
Why You Should Move With MMC Foundation
MMC lies in a dynamic system that transforms physical activity into tangible rewards. Participants can enhance their fitness routines while simultaneously generating MMC computing power, a novel approach that earns them MMC encrypted assets. This unique feature leverages the dual benefits of health and technology, offering an incentive that goes beyond traditional fitness rewards.
The integration of NFT technology with sports equipment not only personalizes the user experience but also amplifies the benefits received from workouts. By purchasing NFTs that represent various pieces of sports gear, users can increase their MMC accumulation, thus adding a layer of customization and value to their exercise regimen.
To safeguard the integrity and longevity of NFT assets, MMC Foundation employs the IPFS network for storage, ensuring decentralized, reliable access worldwide. Looking ahead, MMC Foundation is set on expanding MMC’s footprint globally, collaborating with other blockchain ecosystems for seamless asset circulation and exchange, and positioning itself as a leader in the sports blockchain market.
The Global Vision for MMC Foundation
The future of the MMC project is marked by an ambitious global expansion strategy. This involves not only widespread promotion across various markets but also strategic partnerships with other blockchain ecosystems. These collaborations are essential for facilitating the cross-chain circulation and exchange of assets, enhancing the interoperability and reach of the MMC ecosystem.
MMC Foundation is also committed to a robust global marketing drive aimed at establishing the project as a top-tier brand within the sports blockchain industry. By actively promoting and aligning with international sports and fitness communities, MMC Foundation aims to create a widely recognized presence worldwide.
About Move Move Coin
Move Move Coin (MMC) is a solution initiated by the MMC Foundation in Singapore that utilizes Web3 technology to encourage and motivate nationwide physical fitness activities. MMC operates as a token rewards and blockchain-driven system, allowing participation in token mining through devices like smartphones and smartwatches for activity monitoring.
For more information, please visit:
- Official Website: movemovecoin.com
- Blockchain Explorer: mmcscan.com
- Whitepaper: https://doc.movemovecoin.com/zh-cn
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