New York, USA, June 21, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Payment as a Service Market Report Information by Service, By Vertical, and by Region - Forecast till 2030", the market is expected to reach USD 56.6 Billion by 2030 growing at a 24.10% CAGR during the forecast period 2022-2030.
Market Scope:
The market is poised to expand at a notable CAGR over the review period. This is explained by using digital payments by various banks and financial technology businesses to reduce losses brought on by the pandemic crisis and increase their market share. Increased smartphone uses and widespread internet access in many nations fuel the need for payment services, which fuels the expansion of the worldwide market for payment as a service. Increased smartphone use and widespread access in many nations fuel the need for payment services, which fuels the expansion of the worldwide market for payment as a service.
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Competitive Dynamics:
- Total System Services (TSYS),
- Paysafe Group Ltd.
- Verifone,
- Ingenico,
- Aurus Inc.,
- Pineapple Payments,
- ePay,
- BlueSnap Inc.,
- PayU,
- Alpha Fintech,
- Google,
- Stripe,
- Braintree,
- Amazon,
- Skrill,
- Zoho Checkout,
- BitPay,
- net,
- WePay
Scope of the Report - Payment as a Service Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 56.6 Billion |
| CAGR during 2022-2030 | 24.10% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | Advancing network technologies and digital technologies |
| Key Market Dynamics | A rise in smartphone adoption and the adoption of online payment methods |
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Market Segmentation:
- By Service - In 2021, the expert market accounted for about 68.0% of total revenue. As more and more online wallets throughout the world adopt API-based services, the demand for professional services in this area is rising. These services cater to a wide range of business requirements, from facilitating online payments and assuring their safety to allowing for self-service account management and keeping tabs on financial performance. As a result, it's more important than ever to get professional help.
- By Vertical -The platform industry subsector dominated the expansion of the payments as a service market in 2021. This is because current payment systems use encryption and tokenization to verify cardholder identity, render data essentially useless to fraudsters, and provide a seamless and safe transaction process for their customers.
Market USP:
Market Drivers:
The growing global market for payment as a service is being driven by rising smartphone and internet penetration in many countries. In order to keep the demand for digital processing at a high level, there is a growing need to simplify the payment process and offer clients integrated and value-added services. Thus, it is expected that this would provide fruitful opportunities for the development of the payments as a service industry in the next years.
The market has made it possible for consumers to make online purchases using a variety of electronic payment methods such as debit cards, credit cards, and bank transfers. Using a third-party transferring technique, shops can take many online payment types in a streamlined fashion. Customers may make payments quickly and securely thanks to the payments as a service market. Machine learning (ML) and artificial intelligence (AI) based payment solutions are expected to boost the market. Electronic payment methods including e-wallets, debit cards, and credit cards are likely to reduce transaction times, improve efficiency, and provide customers with a safe and secure payment experience, all of which point to the market continuing to grow.
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Market Restraints:
Like any other technology-dependent program, online payment systems might experience technical difficulties or outages. Although tech maintenance is planned ahead of time and usually takes place at night, it can occasionally disrupt online shoppers. High bounce rates are a common problem for businesses, especially when they come up out of the blue.
COVID-19 Analysis:
The global increase in the use of online and digitalized payment systems can be attributed in large part to the COVID-19 epidemic. Furthermore, the use of payment technologies is growing rapidly as consumers become accustomed to them. The number of businesses willing to accept digital payments has also increased dramatically. The rise in COVID-19 cases has reduced people's preference for using cash for purchases and deposits.
As a result, this is now one of the key sources of growth in the payment service industry during the present health crisis. Worldwide plant shutdowns occurred in the early stages of the pandemic. The commercial debut of the electronics sector may also be significantly delayed due to the economic crisis that followed the outbreak. Since the pandemic's outbreak, small and medium-sized firms (the backbone of the tech industry) have seen a significant drop in revenue.
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Regional Analysis:
In 2021, the market for payments as a service was led by North America. Due to the increased adoption of technology in the payment sector, the demand for payment processing as a service has increased alongside the growth of online commerce.
The Asia-Pacific region is expected to expand rapidly because of the region's growing demand for all-encompassing payment solutions and the advent of innovative payment technology. The market is being fueled in part by the widespread adoption of smartphones and online services in the region. In order to develop their businesses and meet rising consumer demand, many payment service providers are setting up shop in the Asia-Pacific region. Thanks to the expedited process, fintech companies may more swiftly integrate their payment solutions with Visa's global network, VisaNet.
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