Payment Processing - Coverage Report

Q4 2017

Payment processing is a rapidly growing industry, driven by increased levels of per capita income, expanded internet connectivity and the increased share of payments processed from e-commerce sales, online bill pay and peer-to-peer (P2P) money transfers.  Mobile payments have escalated significantly as the number of smartphones, laptops and tablets in the US expanded from 14.8 to 304.1 million over the past ten years.  The mobile payment technology market has rapidly expanded in response to this digital revolution and is likely to see continued long-term growth.  Transparency Market Research predicted that by 2024 revenue for the global mobile payments market will have reached $1.7 trillion, growing at a compound annual growth rate (CAGR) rate of 20.5% from 2016.

 

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