The payment as a service market is expected to reach USD 20.3 Billion by 2027 growing at a 19.7% CAGR during the forecast period 2020–2027. report focuses on payment as a service market size, share, CAGR, expert review, growth, SWOT analysis, competition level, key pricing structure, and major key developments in the market.
Expanding reception of credit-only exchanges around the world, particularly in non-industrial countries upheld by the separate legislatures, advancement of savvy innovation items, and expanding utilization of cell phones by clients is a portion of the essential variables driving the development of installment as a help market. In any case, the absence of standard payments rules is one of the urgent elements expected to control the development of payments as a help market before very long.
Creating computerized and progressed network advances like 5G and rising reception of advanced payments models by agricultural countries like Malaysia, Thailand, Indonesia, the Philippines, Taiwan, Pakistan, Sri Lanka, and Bangladesh are some of arising factors that are relied upon to set out productive open doors for the market players before very long, while the absence of standard advanced payments foundation is one of the significant difficulties looked by the payments as a help market as money-based payments actually hold a huge offer on the lookout.
COVID-19 Impact on the Global Payment as a Service Market
Cash transactions have been substantially restricted during the ongoing COVID-19. As a result of the pandemic, mobile payments have increased. As a result, consumers have adopted various digital and contactless payment systems for transactions, such as e-wallets. Despite the virus outbreak, consumers continue to purchase necessities such as groceries and medical supplies. Digital wallets are essential for both sellers and buyers. These wallets save the payee's information and reduce the need to carry physical wallets and currency, minimizing the outspread and driving the market.
The global payment as a service market has been segmented on the basis of components and vertical.
By component, the global payment as a service market has been segmented into platforms and services. By services, the market has been further segmented into professional and managed services.
By vertical, the global payment as a service market has been categorized into retail, hospitality, media & entertainment, healthcare, and BFSI, among others.
By region, the global payment as a service market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
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Europe is expected to be the fastest expanding market for payment as a service, followed by Asia Pacific. Government investment in developing advanced or digital, or electronic payment systems, as well as increased consumer awareness of digital payments, has spurred the market growth of payment as a service market in Europe. At the same time, advancements in payment technologies, developments in network functionalities and digital technology infrastructure, and greater acceptance of the cloud for payment services have all contributed to the expansion of the Asia Pacific payment as a service industry.
The Middle East and Africa payment as a service market is also predicted to grow at a substantial rate during the forecast period, owing to increased consumer use of contactless payment services in the region, which is being backed by the government.
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- Total System Services (TSYS)
- Paysafe Group Ltd
- Aurus Inc.
- Pineapple Payments
- BlueSnap Inc.
- Alpha Fintech
- Zoho Checkout
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Research Methodology
4 Market Dynamics
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