Payment Processing Solutions Industry Procurement Intelligence, Engagement Model to 2027
- Meenal Deshpande
- Jan 25, 2022
- 2 min read
Procurement Outlook
Businesses need payment processing service providers to provide payment options through credit or debit cards to their customers. These payment processing service providers help them in crediting the money into their bank accounts. Payment processing solutions then collaborate between all parties involved to make the payment process efficient and seamless for the merchants and customers. The service providers do the entire process from authentication to transaction.
Following are the three major types of payment processes used globally:
· Debit/credit cards
· E-wallets
· Bank transfers
Demand Outlook
The global payment processing solutions market was valued at ~USD 50 billion in 2020 and it is expected to grow at a CAGR of ~8% from 2020 to 2027 due to increasing eCommerce sales along with growing internet penetration, embracing contactless payments globally.
Read report summary: Payment Processing Solutions Industry Procurement Intelligence
Moreover, favorable government policies focusing on cashless transactions are expected to boost the demand for electronic payment processing during the forecast period. APAC is the largest geographic segment in the global payment processing solution industry with more than 30% revenue share, followed by North America and Europe.
Cost Drivers
Payment processing solution cost can be categorized into two segments; software development cost and service cost. Software development costs are the largest cost component of a payment processing solution. It is determined by the salary of core developers and UI/UX designers, security compliance, etc. The cost of core developers and UI/UX designers accounts for more than 20% of the overall payment processing solution development cost.
Many payment processing service providers are outsourcing the software development to APAC countries like India, as the cost of software development in the region is 5-8 times lower than the software development cost in North America and Europe.
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About us:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of the supply chain which helps in efficient procurement decisions.
Our services include (not limited to):
· Market Intelligence involving - market size and forecast, growth factors, and driving trends
· Price and Cost Intelligence - pricing models adopted for the category, the total cost of ownership
· Supplier Intelligence - rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
· Sourcing / Procurement Intelligence - best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best-suited countries for sourcing to minimize supply chain disruption
Our market/procurement Intelligence reports include in-depth and actionable insights that help clients in understanding the different aspects of the supply chain and take more effective decisions.
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