Payment as a service Market Size, Share & Industry Analysis, By Component (Platform, Services), By Service (Professional service, Managed service), By End User (Media and Entertainment, Healthcare, Energy and Utilities) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Payment as a service market offers an end user to make epayments by using debit cards, credit cards and bank transfer based on online banking. It is a third party transferring technique which help retailer to accept wide variety of online payment through one single mode.
Payment as service market provide a quick and secure payment experience for end user. Adoption of techniques such as artificial intelligence (AI) based payment option and machine learning (ML) is expected to drive the growth of the market. Payments made through e-wallet, debit card, credit card are more likely to reduce transaction time, provide efficiency and provide safe and secure payment experience for the user which would anticipate for the further growth of the market.
Outbreak of COVID-19 is likely to drive the growth of the market as customers are using digital payments, contactless payments. Digital payment has become important for sellers and consumers in order to protect themselves during pandemic.
Key Market Driver -
• Adoption of digital payment technique by retailers. • Availability of digital payments options. • Wide range of features are being introduced by vendors such as AI enabled payment options
Key Market Restraint -
• Global standards for cross border payments. • Online fraud to hamper the growth of the market
Key Players Covered:
Major market player in payment as a service market are First Data, TSYS, Paysafe, Verifone, Aurus, Alpha Fintech, Ingenico, First American Payment System, Pineapple Payment, PPRO, PayStand, Valitor, FIS, Helcim, allpago and others.
Companies are providing secure and risk free environment for end users which ensure that payment should be made using authentic sources and no fraud should be detected during the transaction period. Major vendor are enhancing their product regularly to meet the requirement of the market.
Regional Analysis:
Europe and North America are expected to show the highest market share, as many of the leading payment options such as Apple pay, Google pay, and Paypal are being offered across region. The payment as a service market is very competitive in Europe and North America due to the presence of many payment service providers. The growth in Europe is mainly due to countries like U.K. and Germany whereas in North America countries contributing highest growth rate are U.S. and Canada.
Asia Pacific is anticipated to be fastest growing market in payment market as a service market. The growth is mainly due to strong economies in the market such as China, Japan, New Zealand, Australia and South Korea. Countries in this region has undertaken many initiatives such as promoting the cross border banking transaction which would further help in drive the growth of the market.
Whereas, Middle East and Africa have also seen significant growth in payment as a service market, the stores and services across the region are adopting new payment gateways such as Google pay, Apple pay, and other such applications to accept payments.
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Segmentation
ATTRIBUTE | DETAILS |
By Component |
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By Service |
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By End User |
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By Region |
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Key Industry Developments
- In September 2019 – Global payment Inc merged with TSYS to provide innovative payments and software solutions to end users. It would provide its services in 100 cvountries with over 600 million end users.
- In May 2019 – Ingenico epayments announced its partnership with Radial. Ingenico payments to provide a top layer of protection such as fraud detection using machine learning and big data. The combined solution of Radial and Ingenico payments make it easy for retailers to maximize sales without exposing themselves into fraud risks.
- In April 2019 – Paysafe payments expanding its business with payment sources to include online portal allowing tax and bill payments
- Ongoing
- 2023
- 2019-2022
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