Financial Transaction Processing Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 1/29/2024
SIC Codes: 6153, 7389
NAICS Codes: 52232
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
View Full Sample Add To Cart

Excerpt from Financial Transaction Processing Industry Profile

Companies in this industry provide services such as credit card processing, electronic funds transfer, and check clearing. Major companies include Bread Financial, Fiserv, Heartland Payment Systems, Mastercard, Visa, and Western Union (all based in the US), as well as Cielo (Brazil), Moneris (Canada), and UnionPay International (China).

Worldwide, many large credit card processors operate and maintain processing centers globally. According to the Nilson Report, Asia/Pacific region has the most purchase transactions in 2023, followed by Middle East and Africa, and Latin America.

The US financial transaction processing industry includes more than 4,300 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $80 billion.

COMPETITIVE LANDSCAPE

Technology is transforming the financial transaction processing industry and consumers' interactions with money. The use of cash as a payment method is plummeting, although it remains the predominant form of payment for small purchases.

In recent years, the financial transaction processing industry has come under increasing pressure from fast-growing financial technology (aka fintech) companies that are developing new platforms and business models for delivering financial services, including the making, receiving, and processing of payments. Paper checks, credit card fees, money transfers, lending, and more are all being disrupted by new technologies. Innovations posing a threat to established industry players include the cryptocurrency Bitcoin; smartphone-enabled payments, such as Google Wallet and Apple Pay; mobile banking; and "smile to pay," a technology that allows consumers to ...

 
View Full Sample Add To Cart Return to the Industry Profile Menu

Related Profiles

Here are a few profiles related to Financial Transaction Processing that you also might be interested in viewing:

Would you or your company benefit from having unlimited access to First Research's industry intelligence tools?

Learn More About Subscription Options