June 20, 2024

What is the Current Size of the Payment Processing Industry?

The payment processing industry has seen exponential growth and as of the latest reports, the industry's value stands at several trillion dollars globally. This rapid expansion is largely due to the increasing adoption of digital payments, e-commerce, and financial technology innovations.

Industry analysis indicates that the surge in online shopping, cross-border transactions, and the need for efficient and secure payment methods continue to drive the industry's upward trajectory.

How Has Workforce Payments Contributed to the Payment Processing Industry?

Workforce payments have become a significant segment of the payment processing industry, with solutions catering to payroll, gig economy disbursements, and business-to-business transactions. These solutions address the demand for real-time, flexible, and user-friendly payment options within the labor market.

Furthermore, the integration of advanced technologies such as AI and blockchain in workforce payments is bolstering the industry by offering enhanced security and compliance with evolving regulations.

Puzzl Group Inc. (Zeal) is a financial technology company, not an FDIC insured depository institution. Banking services provided by Bangor Savings Bank, Member FDIC. FDIC insurance coverage protects against the failure of an FDIC insured depository institution. Pass-through FDIC insurance coverage is subject to certain conditions.