Payment Services

According to IBISWorld, approximately 8,332 businesses operated in the U.S. credit card processing and money transferring industry in 2024, collectively employing 203,000 people. That year, the market was valued at $143.8 billion, reflecting compound annual growth of 6.9 percent since 2019. Several factors were behind the increase, including an uptick in businesses accepting credit cards, as well as an increase in electronic payment transactions. IBISWorld expected that growth would continue through 2029, despite factors such as high interest rates and inflation.

Worldwide, the market for payment processing solutions totaled $103.2 billion in 2023, according to MarketsandMarkets. Following robust compound annual growth of 9.2 percent, this figure was forecast to reach $160.0 billion by 2028. On a regional basis, North America was the second-largest market. “Governments and financial institutions globally are promoting cashless transactions to enhance transparency, combat financial crimes, and reduce the reliance on physical currency, contributing to the growth of payment processing solutions,” the firm stated in July 2023.

Using its own methods of analysis, Verified Market Research estimated that the global payment processing solutions market was much smaller during the mid-2020s, generating revenues of $57.21 billion in 2024. However, the researcher’s growth forecast was virtually identical to that of MarketsandMarkets, at 9.1 percent. By 2031, Verified Market Research foresaw revenues totaling $107.87 billion. Emerging technologies like blockchain and artificial intelligence were enabling better customer service, more efficient operations, and more secure transactions.

Overall, business and financial operations workers will have faster than average employment growth through 2033. The Department of Labor predicts that nearly 963,500 job openings will occur annually until then. Strong demand for these workers will be due to the growing economy and globalization. Experienced payment services professionals will also be needed in the years to come as more people are conducting financial transactions digitally.

Financial clerks, including credit authorizers and checkers, are expected to experience a 4 percent employment decline through 2033. Job growth will be negatively impacted by online tools that enable self-service, while technology also will increase productivity, resulting in the need for fewer workers. However, financial clerks who work in the areas of credit authorization and checking will still be needed for tasks such as collecting information from customers that is needed to determine credit worthiness. They will also be needed to provide customer assistance. Financial clerks with a bachelor's degree in business or economics will have the best prospects of finding work.

Financial managers, including cash managers, will have exceptionally good job opportunities in the next few years. The Department of Labor predicts 17 percent employment growth through 2033, which is much faster than the average for all occupations. This strong growth will vary, however, depending upon the industry in which they work. As the economy grows, financial managers will be needed for planning, directing, and coordinating investments. Financial managers who specialize in cash management and risk management will be in high demand. The DOL also points out that risk managers will be in demand, stating: “There has been an increased emphasis on risk management within the financial industry, and this trend is expected to continue. Banking institutions are expected to emphasize stability and managing risk over profits.” Competition for work in this sector is keen. Financial managers with a master’s degree or certification and prior experience in finance and accounting will have the advantage over other job candidates.

Loan officers will have slower-than-average employment growth through 2033. As the economy grows, individuals and businesses will request credit for financing personal expenditures and commercial and business investments. Experienced loan officers will be in demand to review applicants' worthiness for credit, to ensure they will be able to pay back the loans in full and on schedule. However, a decline in bank branches and the increase in loan processing automation will counter some of loan officers' job growth. Those with experience in lending, banking, and financial sales will have the edge in the job market.

Credit card processing and money transfer services will continue to grow as more businesses and consumers use computers and mobile devices for financial transactions. Citing the results of Marqeta’s 2024 State of Payments Report in August 2024, Vending Market Watch reported that, in the United States, 71 percent of consumers had no concerns about transitioning to a cashless society. The survey, which was based on the results of responses from 4,000 people on three continents, revealed that more than half of Americans had a mobile wallet containing at least one payment card. “Over a quarter of U.S. respondents (28%) now feel awkward when paying with cash, a particularly strong sentiment (49%) among consumers 18 to 34 years old. Almost one-third (31%) of U.S. consumers surveyed reported using cash less than they did 12 months ago, showing continued, steady movement toward digital payments.”