Payment as a Service Market Analysis
The payment as a service market growth is projected to register a CAGR of 24.10% from 2022-2030. This is explained by using digital payments by various banks and financial technology businesses to reduce losses brought on by the pandemic crisis and increase their market share. Increased smartphone use and widespread internet access in many nations fuel the need for payment services, which fuels the expansion of the worldwide market for payment as a service.
Developing digital and advanced network technologies like 5G, as well as rising adoption of digital payment models by emerging nations such as Malaysia, Thailand, the Philippines, Taiwan, Indonesia, Pakistan, Sri Lanka, and Bangladesh, are some of the emerging factors that are expected to create lucrative opportunities for market participants in the coming years. Whereas, the lack of standard digital payment infrastructure is one of the primary issues confronting the payment as a service market, as cash-based payments continue to hold a considerable market share.
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Payment as a Service Market Segmentation
The global payment as a service market has been segmented on the basis of components and vertical.
By component, the global payment as a service market has been segmented into platforms and services. By services, the market has been further segmented into professional and managed services.
By vertical, the global payment as a service market has been categorized into retail, hospitality, media & entertainment, healthcare, and BFSI, among others.
Payment as a Service Market Regional Analysis
By region, the global payment as a service market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America now dominates the payment as a service market due to the presence of important payment service providers in the region. The United States has the greatest market share among all nations, owing to its well-established infrastructure and increasing mobile payment services, which have driven its payment as a service market growth.
Europe is expected to be the fastest expanding market for payment as a service, followed by Asia Pacific. Government investment in developing advanced or digital, or electronic payment systems, as well as increased consumer awareness of digital payments, has spurred the market growth of payment as a service market in Europe. At the same time, advancements in payment technologies, developments in network functionalities and digital technology infrastructure, and greater acceptance of the cloud for payment services have all contributed to the expansion of the Asia Pacific payment as a service industry.
The Middle East and Africa payment as a service market is also predicted to grow at a substantial rate during the forecast period, owing to increased consumer use of contactless payment services in the region, which is being backed by the government.
Payment as a Service Market Key Players
First Data Corporation, Alpha Fintech, Total System Services (TSYS), Paysafe Group Ltd, PayU, Verifone, Ingenico, Aurus, Inc., Pineapple Payments, ePay, BlueSnap, Inc., Authorize.net, Google, Stripe, Braintree, Amazon, Skrill, Zoho Checkout, BitPay, WePay, and First American Payment Systems are some of the key players covered in the payment as a service market research study.
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Summary
The global payment as a service market is set to reach USD 14.37 Billion at a 23.20% CAGR from 2019–2024 (forecast period). Some of the major factors responsible for the growth of the payment as a service market are the increasing adoption of cashless transactions globally, particularly in developing countries supported by their respective governments, the development of smart technology products, and the increasing use of smartphones by users.
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