Payment as a Service Market Overview by Rising Trends and Demands Forecast, 2030

Allied Market Research published a new report, titled, Payment as a Service Market." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The report offers key drivers that propel the growth in the global payment as a service market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.

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Another factor driving market expansion is the increase in the shift from an on-premise approach to a cloud-based service model. Payment providers are progressively migrating from traditional physical servers and on-premise deployments to cloud-based deployments in order to cut costs and deliver products more quickly. Alternative omnichannel solutions and digital wallets have risen in popularity as a result of the shift in cloud deployment model.

Manual payments are becoming a thing of the past as faster alternatives become widely adopted. Cheques generally take a few days to process, and carry the inherent risk of lack of funds in the customer's account. Online payments are a better option as it is instantaneous, so merchants can confirm transactions immediately. Some payment service provider (PSPs) even integrate with an enterprise resource planning (ERP), so that transactions are linked with accounting records in real-time.

An ERP is a platform that integrates various functional departments within the business, such as sales, accounting, purchasing, inventory, HR, and customer service. Such factors drive the payment as a service market growth.

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COVID-19 Impact Analysis:

The ongoing spread of COVID-19 has become one of the biggest threats to the global economy and financial markets. To contain the impact of the coronavirus outbreak, India, alike many countries across the globe, is taking several measures, including a nationwide lockdown; limiting movement of the entire population; shutting down public places and transport; and urging the public to stay indoors, maintain social distance, and work from home. The resulting economic disruption is huge and there is short-term decline in activity for businesses, both large as well as small.

With economic growth expected to be severely hit, the financial outlook of the digital payments sector is no different and will follow a similar trajectory, at least in the short term. But the stability and potential of digital payments industry for innovation will play an invaluable role in rebooting the economy in the new normal

During pandemic, digital payment volume declines are seen in airlines, tourism, hospitality, hotels, entertainment, e-commerce (non-essentials) and restaurants, among other sectors.

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However, there are also a few areas that are seeing an uptick in digital payments by way of increased adoption during the lockdown. These include online grocery stores, online pharmacies, OTT players (telecom and media), EdTech, online gaming, recharges and utility/bill payments.

Key Benefits of the Report:

• This study presents the analytical depiction of payment as a service market industry along with the current trends and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of payment as a service market.

• The current market is quantitatively analyzed from 2021 to 2030 to highlight of payment as a service market growth scenario.

• Porter's Five Forces analysis illustrates the potency of buyers & suppliers in the market.

• The report provides a detailed payment as a service market analysis based on competitive intensity and the competition that will take shape in coming years.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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