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Payment as a Service Market is expanding at a CAGR of 35% by the end of 2031

07-07-2022 12:03 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Persistence Market Research

/ PR Agency: Persistence Market Research
Payment as a Service Market 2022

Payment as a Service Market 2022

Payment as a Service Market to Grow by More than 35% CAGR

The payment as a service market is projected to grow from US$ 7.5 Bn in 2020 to US$ 22 Bn by 2031, at an expected CAGR of 35.7% during the forecast period 2021-2031. Payment-as-a-Service is referred as PaaS. It is a platform, in which third party companies help enterprises accept electronic payments by different payments method.

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Credit card, debit card, bank transfer and real-time bank transfer based on online banking are the various payments method accepted by enterprises. SaaS model is used by payment as a Service (PaaS) to streamline the payment for the customer.

As digital payments are increasing day by day, transactions are done through e-wallet, websites, and other applications. The platform is trusted by consumers and sellers as the payment service providers are offering risk-free and secure payment method. There is a rise in e-commerce business, which is further driving the growth of PaaS globally.

What is Driving Demand for Payment as a Service Market?

There is an increase in penetration of smartphones, which is proliferating the growth of the sale of goods and services online. Online shopping mobile applications are providing an easy and convenient shopping experience to customers. The rise in demand for easy and convenient shopping experience is shifting towards digital and cashless payments.

The surge in e-commerce business is further driving the growth of payment-as-a-service (PaaS) globally. There is a radical shift from an on premise model to a cloud-based service model, this is one of the major factor driving the growth of PaaS solutions.

For an instance in October 2018, Klarna, Swedish payments startup was funded 20$ million by a fashion retailor company H & M to build an omnichannel payments service. The deal took a place for mobile and online payments, better delivery and return process, and more flexible payment options.

Shoppers are looking for an easy and safe payment method for their purchases, it is giving an opportunity to retailer to adopt innovative technologies. Cloud computing, big data analytics, social networks and digital stores are the latest technologies, used by retail enterprise to increase their presence in the market.

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Who are the Key Payment as a Service Market Vendors?
Some of the leading vendors of payment as a service include

TSYS, First Data, Verifone, Paysafe, Aurus, Pineapple Payments, Ingenico, Agilysys, First American Payment Systems, Alpha Fintech, allpago, FIS, Helcim, Intelligent Payments Valitor , PPRO, PayStand, Others.
These companies are increasing their market share through strengthening customer relationships, innovation, smart hiring practices, and acquiring competitors.

Key Segments

By Component - Payment as a Service Platform, Services( Professional Services, Managed Services)

By Enterprise Size - Small and Mid-sized Enterprises (SMEs), Large Enterprises

By End-use Industry - Retail, Hospitality, Media & Entertainment, Healthcare, BFSI, Others

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Key geographies evaluated in this report are:
North America - U.S, Canada
Europe - France, Germany, Italy, Spain, and the UK, Eastern Europe, CIS
APAC - China, India, Japan, Australia, Others
Latin America - Argentina, Brazil, Others

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