Market Analysis

The payment as a service market is expected to reach USD 20.3 Billion by 2027 growing at a 19.7% CAGR during the forecast period 2020–2027.

Some of the main factors driving the growth of the payment as a service market are the increasing adoption of cashless transactions worldwide, particularly in developing nations supported by their respective governments, the development of smart technology products, and the increasing use of smartphones by users. However, one of the critical issues likely to hinder the growth of the payment as a service industry in the approaching years is the lack of global standard payment guidelines.

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 Trends, as cash-based payments continue to hold a considerable market share.

COVID-19 Impact on the Global Payment as a Service Market

Cash transactions have been substantially restricted during the ongoing COVID-19. As a result of the pandemic, mobile payments have increased. As a result, consumers have adopted various digital and contactless payment systems for transactions, such as e-wallets. Despite the virus outbreak, consumers continue to purchase necessities such as groceries and medical supplies. Digital wallets are essential for both sellers and buyers. These wallets save the payee's information and reduce the need to carry physical wallets and currency, minimizing the outspread and driving the market.

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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.

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.

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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.

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Key Players

Total System Services (TSYS)
Paysafe Group Ltd
Verifone
Ingenico
Aurus Inc.
Pineapple Payments
ePay
BlueSnap Inc.
PayU
Alpha Fintech
Google
Stripe
Braintree
Amazon
Skrill
Zoho Checkout
BitPay
net
WePay
Table Of Contents

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.3 Research Objectives

2.4 Markets Structure

3 Research Methodology

4 Market Dynamics

Continued...

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