Payment as a Service (PaaS) Market Size Worth USD 28.99 Billion By 2028| Payment as a Service Industry Expected CAGR 15.9% From 2022 To 2028.

Market Overview:
Global Payment as a Service (PaaS) Market Size Was Valued At USD 10.32 Billion In 2021, And Is Projected To Reach USD 28.99 Billion By 2028, Growing At A CAGR Of 15.9% From 2022 To 2028.
Various payment methods, including credit card, direct debit, bank transfer, and real-time bank transfer, are accepted online by a payment service provider. The software as a service concept is commonly utilized by the payment service provider. A provider of payment as a service connects to numerous banks, credit cards, and payment networks. Due to the confluence of mobile devices, data, and the cloud, fast-growing MNCs with digital platforms have recently emerged at an unprecedented rate. In order to develop an omnichannel payments service across H&M's physical and online sites, the Swedish payments company Klarna received $20 million in funding from the clothing retailer H&M in October 2018. The agreement includes "frictionless" in-person, mobile, and online payments, improved delivery and return procedures, and more adaptable payment alternatives.

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Market Dynamics:
Driver:
Increased smartphone usage and widespread internet access in many nations fuel the need for online payments, which in turn fuels the expansion of the global market for payment-as-a-service. A significant factor in the market's expansion is the rising need to streamline the payment process and offer clients integrated and value-added services in order to sustain the need for digital processing.

Opportunities:
Particularly among rising markets like Australia, China, India, Singapore, and South Korea, developing economies present considerable prospects for payment as-a-service providers to extend and develop their solutions. Increased regulatory support is also being given to the payment industry's expansion and penetration by implementing partnerships with e-wallets, e-commerce distribution, and other payment platforms. As a result, it is anticipated that this will present profitable chances for the growth of the payment-as-a-service market in the upcoming years.

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Market Segment:
By Component
• Platform
• Services
By Vertical
• BFSI
• Retail & eCommerce
• Travel & Hospitality
• Healthcare
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

Top Key Players Covered In Payment as a Service (PaaS) Market
• Verifone
• Agilysys Inc.
• PaySafe
• Alpha Fintech
• TSYS (Global Payments Inc.)
• Aurus
• First American Payments Systems
• Rapyd Financial Network Ltd.
• First Data (Fiserv Inc.)
• Helcim
• FIS
• Ingenico
• Pineapple Payments
• Magna International Inc. And Other Major Players.

Key Industry Development In The Payment as a Service (PaaS) Market
In July 2021, Rapyd, a global Fintech as a Service company, announced a definitive agreement to acquire Valitor, an Icelandic payments solutions company, from Arion Banki (Arion Bank). The transaction is worth $100 million and is subject to regulatory approval (Approved on 23rd May 2022). Rapyd's existing payment capabilities in Europe will be supplemented by the acquisition of Valitor, as will its issuing portfolio.

Covid-19 Impact Analysis On Payment as a Service (PaaS) Market
The COVID-19 pandemic has had a significant impact on the payment as a service industry, owing to an increase in consumer usage and adoption of online and digitalized payment methods globally. Furthermore, payment as a service is rapidly expanding as consumers become acquainted with the market's payment technology. Furthermore, a significant increase in retailer adoption of digital payments has been observed, owing to an increase in COVID-19 patients, which has further reduced the trend of carrying and paying with cash. As a result, during the global health crisis, this has become one of the major growth factors for the payment as a service market.

Key Reasons to Purchase Payment as a Service (PaaS) Market Report
- The market report considers major market trends, historical data, and future estimates in the target markets.
- Market researchers thoroughly examined real-world data on manufacturers, sales, and output in each major geographic region.
- The global market report is the result of significant research and a thorough examination of the different aspects influencing regional growth.

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(After multiple levels of research activities have been finished, the research report is prepared to ensure that the data presented in the research report is authentic and important for market participants.)

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