The rising use of smartphones for selling and purchasing goods is anticipated to generate demand for payment as a service gateway over the next couple of years. This report has revealed that the global payment as a service market is projected to register a double-digit CAGR of 23.2% during the forecast period 2019 to 2024. It further discloses that the valuation of the Payment as a Service(PaaS) market is poised to grow from USD 4.27 Bn in 2018 to USD 14.37 Bn by 2024.
Increasing penetration of mobile applications to facilitate easy and convenient shopping experience is projected to drive the growth of the market in the years to come. The growth of the e-commerce sector is poised to accelerate the inclination towards cashless payments. This, in turn, is supposed to drive the expansion of the payment as a service market in the years to come. Also, the rising number of FinTechs is projected to have a favorable impact on the proliferation of the market across the review period. The governments are implementing favorable laws to support the growth of cashless economy and digitization of payments. It is expected to lead the growth of the PaaS market over the assessment period.
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The segmental analysis of the global payment as a service market, on the basis of component, includes platform and services. Based on services, the sub-segments of the market covers – professional and managed services.
On the basis of vertical, the global payment as a service market has been segmented into retail, hospitality, healthcare, media & entertainment, BFSI, and others.
First Data Corporation, Paysafe Group Ltd, Total System Services (TSYS), Verifone, Aurus, Inc., Ingenico, Pineapple Payments, BlueSnap, Inc., ePay, WePay, PayU, Google, Stripe, Alpha Fintech, Braintree, Amazon, Zoho Checkout, BitPay, Skrill, Authorize.net, and First American Payment Systems are some of the key participants of the global payment as a service market. These participants are focusing on the development of their portfolios to ensure elevation of their market positions. This, in turn, is poised to boost competition in the PaaS Market over the next couple of years.
The global Payment as a Service Market is analyzed on the basis of regions in this report for a detailed analysis. The regional segments of the market profiled in the report are – North America, Asia Pacific, Europe, and the Rest of the World (RoW). These regional segments are further studied to generate a country-level analysis. The market is dominated by North America. Cashless digital payment gateways are already popular among the masses in the region. Increasing investments in establishing network infrastructure for commercialization of 5G services is further projected to expand the payment as a service market in this region in the near future. Europe is assessed to strike a high CAGR during the forecast period. Asia Pacific and the RoW are also anticipated to resonate strong growth potential in the forthcoming years.
In December 2019, Visa Inc., an American multinational financial services corporation, has partnered with FinTechs to support plastic and digital payments. The new partners are – Euronet Worldwide, Episode Six, M2P Solutions, and Global Processing Services.
In December 2019, MUFG Bank, the largest bank in Japan, has set up a joint company with Recruit Holdings Co., a human resources services provider, for the launch of smartphone-based cashless payment service.
In December 2019, a Singapore-based multi-currency payment specialist, MoolahGo, has announced the launch of a unified Payment service on CALISTA Finance platform in collaboration with a global trade platform company, Global eTrade Services.
LIST OF TABLES
Table 1 Payment As A Service Market, By Region, 2019–2024
Table 2 North America: Payment As A Service Market, By Country, 2019–2024
Table 3 Europe: Payment As A Service Market, By Country, 2019–2024
Table 4 Asia-Pacific: Payment As A Service Market, By Country, 2019–2024
Table 5 Rest Of The World: Payment As A Service Market, By Region, 2019–2024
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LIST OF FIGURES
FIGURE 1 The Global Payment As A Service Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Payment As A Service Market
FIGURE 4 Value Chain/Supply Chain Of The Global Payment As A Service Market
FIGURE 5 Share Of The Global Payment As A Service Market In 2018, By Country (In %)
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