The payment as a service is a cutting-edge replacement for conventional payment hubs. It is scalable, allowing for greater transaction volumes at comparatively reduced costs. Without making a substantial initial expenditure, it enables banks to easily extend and upgrade their offering of payment solutions. Innovative cloud-based systems that offer specialized services like payment clearing, cross-border payments, disbursements, and e-commerce gateways can be run by the payment as a service provider.
The Payment as a Service Market is expected to grow at a strong CAGR of around 19% during the forecast period owing to the growing adoption of artificial intelligence-based payment options and machine learning in the financial services sector. Further on, e-wallets, debit cards, and credit card payments are likely to reduce transaction times, increase efficiency, and provide users with a secure payment experience which is further contributing to the growth of the market. In addition, the new products launched by the key market players in the payment as a service market are further contributing to the growth of the market. For instance, in December 2021, Route Mobile announced the launch of Payment as a Service - Click2Pay - an instant payment solution designed to simplify communications commerce & deliver a seamless conversational experience.
Unlock The Table of Content, And Request a Research Report Sample PDF – https://univdatos.com/get-a-free-sample-form-php/?product_id=33625
Based on the component, the market is bifurcated into platform and services. The services segment is further bifurcated into professional services and managed services. Amongst platform and services, the platform segment catered to a significant share of the market in 2020. The payment platform's ability to protect consumers' sensitive payment information is a key driver of the growth of the segment. Evolving customer-centric models are making businesses more eager to improve services and set up digital platforms to increase sales.
On the basis of the industry, the market is categorized into banking & financial services, retail & e-commerce, travel & hospitality, healthcare, and others. Among these, the retail & e-commerce segment captured a commendable share of the payment as a service market in 2020. The rapid increase in online shopping through e-commerce platforms and increasing internet connectivity are the main factors supporting the growth of this segment. Payment as a service allows retailers and online merchants to accept payments from their customers in a variety of ways, including digital wallets, internet banking, and credit/debit cards.
Asia-Pacific held a prominent share of the market in 2020
The Asia-Pacific payment as a service market held a dominating share of the global payment as a service market in 2020. The regional expansion can be attributed to vigorous activities being pursued by various governments to promote digitalization and stimulate the adoption of digital payment technology. The expansion of the local market is also anticipated to be aided by ongoing investments in the e-commerce sector. For instance, according to India Brand Equity Foundation (IBEF), Indian e-commerce is projected to increase from 4% of the total food and grocery, apparel, and consumer electronics retail trade in 2020 to 8% by 2025.
For More Informative Information, Feel Free to Communicate with Us – https://univdatos.com/get-a-free-sample-form-php/?product_id=33625
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share Fiserv, Inc.; Paysafe Group; VeriFone, Inc.; Ingenico; Agilysys NV LLC.; Alpha Fintech Sdn Bhd; First American Payment Systems, L.P.; Total System Services LLC.; Aurus Inc.; and Paystand, Inc.
“Global Payment as a Service Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
1. By Component (Platform and Services)
2. By Industry (Banking & Financial Services, Retail & E-Commerce, Travel & Hospitality, Healthcare, and Others)
3. By Region (North America, Europe, Asia-Pacific, Rest of the World)
4. By Company (Fiserv, Inc.; Paysafe Group; VeriFone, Inc.; Ingenico; Agilysys NV LLC.; Alpha Fintech Sdn Bhd; First American Payment Systems, L.P.; Total System Services LLC.; Aurus Inc.; and Paystand, Inc.)
Key questions answered in the study:
1. What are the current and future trends of the global payment as a service industry?
2. How the industry has been evolving in terms of component and industry?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global payment as a service industry?
5. What are the customer orientation, purchase behavior, and expectations from global payment as a service suppliers across various regions and countries?
Comments