Payment as a Service Market is expected to grow with a CAGR 23.7% from 2022 to 2028

Payment as a Service
  • Payment as a Service Market

As stated in our extensive report; providing insights onComponents, Services, verticals, and Region;the Global Payment as a Service Market accounted for USD 6,184.3 Million in the year 2021.

The payment enterprise has gone through a drastic alternate and fee now has emerged as a boon to the provider marketplace and this marketplace is regularly growing day via way of means the day. The fee as a provider marketplace is segmented via way of means of forms of offerings like Merchant Financing, Regulatory Compliance, Security and Fraud Protection, Payment Applications and Gateways, End-consumer Industry (Retail and E-commerce, BFSI, Hospitality, Media and Entertainment, Healthcare), and Geography.

The service segment for payment can be classified majorly as a professional and managed market segment. Professional offerings consist of consulting, training, maintenance, integration, and deployment. Companies imparting controlled offerings provide an entire bundle of answers to their clients, hence permitting exquisite purchasers to enjoy management.

Interestingly compared to other markets, the outbreak of the COVID- 19 pandemic has likely to drive the growth of this market. This is because the customers are cautious towards contactless payment methods and are being more digitalized now and hence opting for digital payments which are more convenient to use as compared to traditional methods.

The key drivers of the market at the global level are the adoption of digital payment methods by the retailers, the availability of digital payment options, and a wide range of features offered by different applications and brands introduced by vendors such as AI-enabled payment options.

But the major restrain for the growth of this market is that there is a lack of global standards for cross-border payments and there is a high risk of online fraud to hamper the growth of the market.

The biggest challenge the marketplace holds is consumer retention and overshooting goals to statistics safety issues, there are a few critical regions firms want to cognizance directly to make certain lasting success. Some of the alternative elements hampering the virtual fee marketplace are technical issues, safety problems, disrupted methods and transactions, ordinary bills, click-to-pay electronic mail invoices, etc.

Asia Pacificholds the fastest-growing share in the market owing to the presence of evolving economies. Thus, providing a large base of consumers. Additionally, among all regions examined, North America holds the largest share in market size. Hence, contributing to the market growth.

Some of the key players in the Global Payment as a Service Market include First Data (US), TSYS (US), Paysafe (UK), Verifone (US), Ingenico (France), Aurus (US), Agilysys (US) and others.