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Payment As A Service Market Growth Factors, and Trends Forecast To 2027 | Top Players: PaySafe; Agilysys Inc.; First American Payments Systems; Alpha Fintech; Aurus | Grand View Research, Inc.

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Payment As A Service Market Growth Factors, and Trends Forecast To 2027 | Top Players: PaySafe; Agilysys Inc.; First American Payments Systems; Alpha Fintech; Aurus | Grand View Research, Inc.

December 24
08:45 2021
Payment As A Service Market Growth Factors, and Trends Forecast To 2027 | Top Players: PaySafe; Agilysys Inc.; First American Payments Systems; Alpha Fintech; Aurus | Grand View Research, Inc.
“Grand View Research, Inc. – Market Research And Consulting.”
According to a new report published by Grand View Research, Payment as a Service (PaaS) uses the SaaS model to streamline the payment for the customer. The merchants and Independent Software Vendor (ISV) play a vital role in the process. Digital payments are increasing day by day. Thus, payment service providers are enabling transactions through e-wallet, websites, and other applications.

The global payment as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report by Grand View Research, Inc. Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals. With the rising digital financial transactions, a need for secure cloud-based architecture has increased among platform providers. The cloud-based money transfer platforms allow industry participants to manage higher volumes of transactions at high speed and low cost.

The retail and ecommerce segment held the largest market share in 2019. The growth of the segment is attributed to growing trend of online shopping among consumers across the globe. While doing online shopping, consumers always prefer safe and secure platform to pay for their purchases, thereby driving segment growth. In addition, retailers are also adopting advanced technologies including Artificial Intelligence (AI) and digital retail stores to improve their presence in the market. Increasing use of credit cards, e-wallets, debit cards, and online banking by consumers to do shopping has reduced operating cost, thereby driving segment growth.

The market is poised to grow with the change in regulatory initiatives. The changing regulatory frameworks and policies have encouraged alternative money transfer platform providers, fintech providers, and Managed Service Providers (MSPs) to enter the market. For instance, the implementation of the Payment Services Directive 2 (PSD2) standard by the European Commission in 2018 promoted new players in market to provide integrated money transfer platform while making transactions secure and faster. Further, stringency in regulations to provide 24*7 real-time customer support and Account Clearing House (ACH) money transfer environment is influencing the platform providers to outsource their activities to MSPs. These MSPs handle customer queries, provide support 24*7, and ensure platform providers to remain compliant with the regulatory environments.

Browse full report with Table of Content @ https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market

Payment As A Service Market Report Highlights

  • Increasing demand for contactless transaction is the major driving factor of the market
  • The platform segment held the largest share of the market in 2019 owing to growing adoption of online shopping
  • Travel and hospitality sector is expected to witness the highest CAGR of 20.5% over the forecast period owing to the increasing online travel bookings by the consumers
  • North American held the largest share of the market in 2019. U.S. and Canada are the most prominent countries adopting the new technology platform for money transfer practices

For Requesting a Sample Copy of This Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market/request/rs1

Payment As A Service Market Segmentation

Grand View Research has segmented the global payment as a service market on the basis of component, services, industry vertical, and region:

PaaS Component Outlook (Revenue, USD Million, 2016 – 2027)

  • Platform
  • Services

PaaS Services Outlook (Revenue, USD Million, 2016 – 2027)

  • Professional Services
  • Managed Services

PaaS Industry Vertical Outlook (Revenue, USD Million, 2016 – 2027)

  • Retail & ecommerce
  • Travel & Hospitality
  • Healthcare
  • BFSI
  • Others

PaaS Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
  • Asia Pacific
    • China
    • India
  • Rest of the World

List of key players of Payment As A Service Market

  • Agilysys Inc.
  • Alpha Fintech
  • Aurus
  • First American Payment Systems
  • First Data (Fiserv Inc.)
  • Ingenico
  • Paysafe
  • Pineapple Payments
  • TSYS (Global Payments Inc.)
  • Verifone

Inquire more or share questions if any before the purchase on this report @ https://www.grandviewresearch.com/inquiry/450439/ibb

 

About Grand View Research

 

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.

Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

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Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1888202951
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market

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