Market Size of Third Party Payment Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 35.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Third Party Payment Market Analysis
The Third Party Payment market registered a CAGR of 35.1% in the forecast period (2021 - 2026). With the evolution in technology, which has changed the way we interact and do transactions in the digital era, more people and enterprises are using third-party transactions through online payment platforms. For example, PayPal is an online payment portal that acts as a third party in a retail transaction, whereas seller and a buyer can do a transaction and the payment is carried out using the PayPal gateway.
- There had been a significant push by businesses across industries to accept digital payments, especially for B2B transactions which are of a relatively larger amount. This is primarily due to the convenience and relatively easy that third party involvement has brought into the transactions.
- A report published by MasterCard in January 2018 states that 63 percent of the businesses in the US now accept non-cash transactions. It further adds that there is at least 34 percent of Small Businesses in the US that are interested in exploring mobile wallet payments.
- Moreover, with better technology proliferation of digital payments at the Point of Sale is expected to drive Third-party Payment Market growth. The recently published Global Payments Report has projected that the use of Cash at the PoS will come down by at least 14 percent worldwide by 2022.
