In February 2024, PayPal continued to dominate the market for online payment processing technologies worldwide, holding a market share of 45 percent. Coming in second place was Stripe with a market share of approximately 21 percent.
PayPal leads the race
PayPal is a leading global digital payment provider that enables users to make online, mobile, and peer-to-peer payments. It is a popular payment method for digital purchases on e-commerce sites such as eBay and Amazon. In 2020 and 2021, PayPal reported its strongest revenue growth, increasing by over 20 percent year-on-year, largely due to the COVID-19 pandemic. According to Statista's Global Consumer Survey figures, PayPal adoption in 2022 was high in countries like Germany, the United Kingdom, Australia, and Austria.
Future of digital payments
The payments industry is undergoing significant changes due to new regulations and the Fintech revolution. Innovative solutions from Fintech companies are challenging traditional banks and card networks to adapt and remain relevant. To stay significant, they must provide digital payment solutions, personalized customer service, and collaborate with other banks and Fintech companies to create new revenue streams. The focus is on real-time, low-value, high-volume payments for peer-to-peer, e-commerce, and m-commerce (mobile e-commerce).
FAQs
In February 2024, PayPal continued to dominate the market for online payment processing technologies worldwide, holding a market share of 45 percent. Coming in second place was Stripe with a market share of approximately 21 percent.
How big is the payment processing market? ›
Payments market size and growth
The payment processing market is a large and rapidly growing industry. The global payment processing market size was valued at USD 3.13 trillion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.3% from 2021 to 2028.
How big is the payments software market? ›
Payment Processing Software Market size was valued at USD 67294.31 Million in 2024 and is projected to reach USD 148501.53 Million by 2031, growing at a CAGR of 10.40% from 2024 to 2031.
What is the market share of global payment processing? ›
Global Payments has market share of 0.05% in payments-processing market. Global Payments competes with 207 competitor tools in payments-processing category. The top alternatives for Global Payments payments-processing tool are Shopify Pay with 57.77%, Klarna with 7.20%, Amazon Payments with 6.85% market share.
What is the largest payment processing platform? ›
PayPal. With an impressive transaction volume, PayPal is one of the biggest payment processors globally. In 2020 alone, PayPal processed a total of 15.4 billion in transactions, showcasing its widespread usage and popularity among consumers and businesses alike.
What is the second largest payment processing company? ›
Mastercard Incorporated is an American multinational company headquartered in Purchase, Harrison, New York, United States. It is the second largest payment processing company across the globe.
What is the strongest current trend in payment processing? ›
Changing trends in payments
- The increase in global cashless payment volumes.
- The acceleration of cross-border, cross-currency instant and B2B payments.
- The use of data and analytics to streamline the customer journey.
- Innovations in security measures to reduce digital payments fraud.
JPMorgan Payments
JPMorgan Chase & Co, owner of the largest bank in the U.S., was the merchant acquirer for a jaw-dropping $1.74 trillion in purchase volume in 2021. Chase provides backend services for eCommerce payment processing giant, PayPal and processes transactions in over 160 countries and 120 currencies.
What is the growth rate of the payment processing industry? ›
The Payment Processing Solutions Market size is estimated to grow from approximately USD 100 Billion in 2023 at a CAGR of 9.5% during the forecast period from 2023 to 2030.
How big is the B2B payment processing market? ›
The B2B payments market size was valued at USD 72.30 trillion in 2022 and is projected to grow from USD 79.53 trillion in 2023 to USD 174.38 trillion by 2030, exhibiting a CAGR of 11.9% during the forecast period (2023-2030). North America accounted for a market value of USD 29.22 trillion in 2022.
As of 2024, there are close to 4,100 Visa registered independent sale organizations that essentially sell credit card processing to merchants and business owners. An ISO can sell merchant services for different Direct Processors or Acquirers pending their engagement terms they have with said Acquirer.
Which country in the world has the largest payment system? ›
UPI is used at all levels from street vendors to large shopping malls. Today, among all countries in the world, India is the country with the highest digital transaction, accounting for nearly 46% share, as per the 2022 data. India is followed by Brazil, China, Thailand and South Korea.
What is the market share of the payment card industry? ›
Visa: 52.60% Mastercard: 23.70% American Express: 19.60% Discover: 4.00%
What is the market share of PayPal? ›
PayPal has market share of 38.33% in payment-management market. PayPal competes with 103 competitor tools in payment-management category. The top alternatives for PayPal payment-management tool are Stripe with 37.89%, Authorize.net with 5.40%, Square Point of Sale with 4.05% market share.
Who are the biggest players in the payments industry? ›
The Card Brands and Networks
The backbone of the payment industry is the card brands - Visa, Mastercard, American Express, and Discover - they are responsible for the networks that connect all the players.
Is PayPal a market leader? ›
PayPal has market share of 38.33% in payment-management market. PayPal competes with 103 competitor tools in payment-management category. The top alternatives for PayPal payment-management tool are Stripe with 37.89%, Authorize.net with 5.40%, Square Point of Sale with 4.05% market share.
Is Stripe a market leader? ›
Stripe has market share of 37.89% in payment-management market. Stripe competes with 103 competitor tools in payment-management category. The top alternatives for Stripe payment-management tool are PayPal with 38.33%, Authorize.net with 5.40%, Square Point of Sale with 4.05% market share.
What is the largest payment company in the US? ›
Visa Inc. (NYSE:V), Block, Inc. (NYSE:SQ), American Express Company (NYSE:AXP), and PayPal Holdings, Inc. (NASDAQ:PYPL) are some of the biggest payment companies in the world.
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