Global Payment Processing Solutions Market: Rising e-Commerce sales along with increasing internet penetration, embracing contactless payments globally and evolving customer tastes.

The global market size of payment processing solutions is expected to rise over the forecast period from USD 74.4 billion in 2020 to USD 146.7 billion by 2027, at a CAGR of 10.8%. The increase in demand for payment processing solutions can be due to many factors, such as rising e-Commerce sales along with increasing internet penetration, embracing contactless payments globally and evolving customer tastes.

The mediator is a payment processor between the retailer and the bank engaged in the transaction. This service provider validates and authorises the transaction by checking that the client has plenty of money in his account, that the account has no restrictions, or that the card is genuine, and then submitting the balance to the seller. This can be for purchases online (on web sites) or in person. In a procedure that will normally take a few seconds, the payment processor will also verify the collected information by sending them to the issuing bank or card association of the corresponding card for authentication, and also conduct a set of anti-fraud steps against the transaction.

Additional factors, including the country of issue of the card and the past payment history, are also used to gauge the possibility of acceptance of the purchase. After the payment processor has obtained assurance that the credit card data have been checked, the information will be sent back to the vendor through the payment gateway, which will then conclude the payment transaction. If the card issuer declines authentication, the payment processor will send the request to the seller, who will then reject the purchase.