The changing customer expectations has been the key driver for the payment solution provider’s industry. The increasing technological advancement in the developed as well as developing countries has also been driving the payment solution provider market. For example, a growing industry that is offering a unique, fast-growing high-risk payment solution provider to their clients is PayPound.
Additionally, factors such as growing government regulations, growing online and mobile banking transactions, and growing adoption of cloud technology are also expected to drive the industry growth during the forecast period. However, factors such as high costs related to development and maintenance of these solutions are expected to hinder the industry growth during the forecast period.
Payment Solution Market Segmentation:
The Payment Solution Market has been segmented on the basis of services such as:
- payment gateway,
- Card issuing services,
- POS and kiosk solutions,
- Electronic payment solutions,
- ATM solutions, and
- Mobile payment solution.
The payment gateway solution segment is expected to hold a larger market size during the forecast period. Payment gateways can be categorized into:
- wireless payment gateways,
- Application processing gateway,
- Automated clearing house (ACH),
- Third party fraud prevention services,
- Card issuance gateway, and others.
Payment gateway offers various services such as security for online transactions, real time currency processing, instant transactions, processing & settlement services, accessibility to credit and debit card networks, as well as built in loyalty program solutions. Payment gateway solutions provide advanced services such as CC4 and biometric security.
POS and Kiosk Solutions:
The POS and kiosk solutions segment is expected to hold a larger market size during the forecast period. The POS and kiosk solutions segment can be further classified into enterprise kiosk solutions and retail kiosk solutions. The retail kiosk solutions segment is expected to hold a larger market size during the forecast period owing to the rising adoption of point of sale (POS) solutions in retail and retail-based industries.
Electronic Payment Solution:
The electronic payment solution segment is expected to hold a larger market size during the forecast period. Electronic payment solutions provide various features, such as electronic wallet, customer information system, EMV technology, electronic funds transfer, electronic accounting, electronic statement collection, virtual payment station, automated teller machines, and others.
Cloud-Based Payment Solutions:
The growing demand for an easier payment solution and introduction of advanced payment solutions have resulted in the emergence of the cloud-based payment solution. The cloud-based payment solution market is expected to hold the largest market size during the forecast period. The cloud-based payment solution is gaining popularity due to the increasing demand for cloud-based applications and services across all industry verticals.
Major players operating in the global payment solution provider market include Pay Pound, Hitachi Payment Services, Inc., First Data Corporation, Cayan, Infosys Limited, Tata Consultancy Services, Global Payments, Ingenico Group, etc. PayPound is considered as the most easy and secure service provider. You just need to create a PayPound merchant account and enjoy the ease and flexibility.
However, you must use caution as there are a variety of scams out there. Many sites will promise low fees and charge higher fees at a later date. This can be very risky for the person that does not fully understand how these online services work. However, if you take the time to research your options you should be able to find a great payment solution.