New research suggests that the value of the payment processing solution market is expected to grow from $74.4bn in 2020 to $120.7bn in 2025.
That represents a compound annual growth rate of 10.2%.
The research from MarketsandMarkets suggest that there are several key drivers behind the growth of the FinTech segment.
Those factors include increasing initiatives promoting digital and online payments, the high proliferation of smartphones, focus on improving customer experience, and customer demand for immediacy of payments and settlements.
The payment processing solution industry includes solutions such as debit and credit cards, e-wallets, ACH and Others.
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