Payment as a Service Market Glorious Opportunities, Business

Payment as a Service Market

The payment-as-a-service market is expected to grow from US$7.5 billion to US$22 billion by 2031, at a normal CAGR of 35.7% over the 2021-2031 guess period. Installment as administration is called PaaS. This is a stage in which outside organizations help businesses tolerate electronic remittances through various remittance techniques.

Visa, bank card, bank transfer and continuous bank transfer in view of online banking are the different payment techniques recognized by the efforts. The SaaS model is involved per slice as an aid (PaaS) to smooth the slice for the customer.

As advanced remittances expand, exchanges complete through e-wallets, sites, and different apps. Buyers and merchants trust the scene because remittance organizations offer a risk-free and secure remittance technique. There is a rise in web-based business, which is further driving the development of PaaS globally.

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What drives the demand for payment as a service market?

There is an increase in the penetration of smartphones, which proliferates the growth in the sale of goods and services online. Online shopping mobile apps provide customers with an easy and convenient shopping experience. The increase in demand for an easy and convenient shopping experience is moving towards digital and cashless payments.

The rise of e-commerce is further driving the growth of payment as a service (PaaS) globally. There is a radical shift from an on-premises model to a cloud-based service model, this is one of the main growth factors for PaaS solutions.

For example, in October 2018, Klarna, the Swedish payment startup, was funded with $20 million by a fashion retailer or an H&M company to create an omnichannel payment service. The agreement took place for mobile and online payments, an improved delivery and returns process and more flexible payment options.

Shoppers are looking for a simple and secure method of payment for their purchases, this is an opportunity for retailers to adopt innovative technologies. Cloud computing, big data analytics, social networks and digital stores are the latest technologies used by retail companies to increase their presence in the market.

What are the main trends in the payment-as-a-service market?

There are several initiatives taken by the governments of different countries to promote payment solutions based on secure and real-time transactions. Fast and secure payment methods and an optimized customer experience are key drivers for the growth of payment as a service globally.

There is massive growth in the e-commerce industry, due to which retailers are rapidly turning to digital payment technology. It will bring more convenient experiences to retail customers. Recently, Walmart, one of the biggest companies in the world, announced that it would allow its customers to pay for their purchases in store. A payment provider service will be integrated by Walmart, through which customers can withdraw and load money using the PayPal mobile app.

Banks also identify that the increased adoption of payment-as-a-service (PaaS) solutions will create many opportunities for them to provide a trusted option to their customers. Banks are investing a lot of money in the next generation of technologies to rapidly expand services and update their payment product portfolio.

Banks work with PaaS players to provide proprietary services, such as payment clearing, card issuance, disbursements, cross-border payments, and e-commerce gateways for their customers. Such a trend will help the PaaS market to grow over the forecast period.

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North America Demand Outlook for Payment as a Service Market

The North America region has the majority of the leading PaaS solution and service providers. This is one of the main drivers for the growth of PaaS solutions in the region. There is an increase in the adoption of mobile wallets in the region, which further increases the growth of PaaS.

Industries such as retail and banking 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 factors driving the growth of PaaS solutions in North America.

Who are the major vendors in the payment-as-a-service market?

Some of the major payment-as-a-service providers include

First data
Pineapple Payments
First American payment systems
Alpha Fintech
Smart Payments Valuer
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
Professional services
Managed Services
By business size

Small and medium-sized enterprises (SMEs)
Large companies
By end-use industry

Media and Entertainment
Health care
By region

North America
Latin America
Rest of Latin America
The rest of Europe
East Asia
South Korea
South Asia and the Pacific
Australia and New Zealand
Rest of South Asia and the Pacific
Middle East and Africa
GCC countries
South Africa
Rest of the Middle East and Africa

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This press release was published on openPR.

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Elaine R. Knight