Payment As A Service Market Glorious Opportunities, Business Growth, Size, And Statistics Forecasts Up To 2031

The Payment As A Service market is projected to develop from US$ 7.5 Bn to US$ 22 Bn by 2031, at a normal CAGR of 35.7% during the conjecture time frame 2021-2031. Installment as-a-Administration is alluded as PaaS. It is a stage, wherein outsider organizations assist undertakings with tolerating electronic installments by various installments technique.

Visa, check card, bank move and continuous bank move in view of web based banking are the different installments technique acknowledged by endeavors. SaaS model is involved by installment as a Help (PaaS) to smooth out the installment for the client.

As advanced installments are expanding step by step, exchanges are finished through e-wallet, sites, and different applications. The stage is trusted by purchasers and merchants as the installment specialist organizations are offering sans risk and secure installment technique. There is an ascent in web based business, which is further driving the development of PaaS universally.

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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.

What are the Key Trends for Payment as a Service Market?

There are several initiatives taken by governments of different countries for promoting payment solutions based on secure and real-time transactions. Quick, secure payment methods and optimized customer experience are the major factors driving the growth of payment-as-a-service globally.

There is a massive growth in the e-commerce industry, due to which retailers are rapidly moving towards digital payments technology. This will bring more convenient experiences to retailer customers. Recently, Walmart, a largest company in the world, announced that they will enable their customers to pay for goods in-store. A payment provider's service will be integrate by Walmart, through which customers can withdraw and load money using the PayPal mobile app.

Banks are also identifying that the increase in adoption of payment-as-a-service (PaaS) solutions will create many opportunities for them to provide a trustworthy option for their customers. Banks are investing a good amount of money in new generation of technologies to extend services quickly and update their payments product portfolio.

Banks are working with PaaS players to provide exclusive services, such as payments clearing, card issuing, disbursements, cross-border payments, and e-commerce gateways for their customers. Such trend will help the PaaS market to grow in the forecast period.

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North America Demand Outlook for Payment as a Service Market

North America region has majority of the key vendors of PaaS solutions and services. This is one of the major factor driving the growth of PaaS solutions in the region. There is an increase in adoption of mobile wallets in the region, which is further augmenting the growth of PaaS.

Industries such as retail and bank are continuously adopting PaaS services for secure and real-time transactions. Due to fast internet speed in the region, e-commerce sales are increasing, which is also one of the factor, driving the growth of PaaS solutions in North America.

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.

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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
By Region

North America
US
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
UK
France
Germany
Italy
Spain
BENELUX
Russia
Rest of Europe
East Asia
China
Japan
South Korea
South Asia & Pacific
India
Thailand
Indonesia
Malaysia
Australia & New Zealand
Rest of South Asia & Pacific
Middle East & Africa
GCC Countries
Turkey
South Africa
Rest of Middle East and Africa

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This release was published on openPR.