Payment as a Service Market Overview
The Payment as a Service Market 2020 is all set to touch a solid valuation of USD 14.37 Billion by 2024-end, reveals Market Research Future (MRFR). The market can exhibit a promising growth at a rate of 23.20% from 2019 to 2024, which is the evaluation period. We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
The COVID-19 pandemic has affected some of the key industries around the world, with auto, manufacturing, aviation, hospitality and retail deeply impacted by the lockdown. This scenario has been unfavorable for digital payments that are essential aspects of these industries. Closed shops, lesser discretionary spending by consumers and travel bans are even more challenging for the payment as a service market.
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On the bright side, following the outbreak of SARS-CoV-2, a few sections that are observing an uptick with regard to digital payment include online pharmacies, online grocery stores, OTT vendors such as media and telecom, online gaming, EdTechs, utility/bill payments and recharges. Digital payment has received a significant boost from the government, which is providing monetary help to people with the use of payment as a service mode.
Primary Drivers and Key Deterrents
Leading vendors provide services that guarantee risk-free processes. Most of these players are indulging in mergers and acquisition as well as product development and launch to boost their market position around the world. To cite an instance, in June 2020, Maverick Payments developed a customized payment gateway that offers all-in-one user and integration experience for companies. The payment gateway finishes a closed-end loop in the cycle, which enables it to work quicker and also prevent potential frauds. The gateway also backs account updater, level 2/3 interchange optimization along with 3DS, making it an ideal payment as a service technology for businesses.
Since the advent of novel coronavirus, cashless payments have become even more prevalent. The pandemic has proved to be a blessing for digital payments, with more and more consumers adopting various digital payment mediums like e-wallets. Despite of COVID-19 outbreak, consumers are still purchasing essential items like medical supplies and groceries, which can be an incredible booster in the payment as a service market.
Another key development that has positively shaped the worldwide market is the transformation of traditional on-premise models to the cloud-based ones by vendors to bring down the operating costs while offering services at a quicker rate. This shift towards cloud deployment model has encouraged the growth of digital wallets and omnichannel solutions, which can be favorable for the payment as a service (PaaS) market.
The PaaS Market has been considered for component as well as vertical.
The key components studied are platform and services. The services in the market are professional along with managed services.
The primary verticals that deploy PaaS are hospitality, retail, healthcare, BFSI and media & entertainment, among others.
North America, Europe, Asia-Pacific, and the rest of the world are the key regions across which the Payment Service Gateway Market is expected to advance during the conjectured period.
The global market for payment as a service is mostly controlled by North America as a result of the massive number of well-known payment service providers present here. The United States/US is a thriving market in the region owing to the presence of a well-developed infrastructure and the rising number of innovative mobile payment services introduced by leading companies in the country.
Europe, trailed by APAC, is expected to procure the highest expansion rate in the years to come. Rising spending by the government on the development of electronic or digital payment services along with mounting consumer awareness with regard to digital payments has enriched the regional market.
The APAC market primarily benefits from the surge in modern payment technologies, improving network functionalities, rising digitization, and the soaring uptake of cloud payment services across India and China, and more.
The MEA market for payment as a service can also witness notable growth during the appraisal period because of the surging use of cashless payment services and the promotion of these services by the government.
Pineapple Payments, Aurus, Inc., Paysafe Group Ltd, ePay, Ingenico, Google, Amazon, First Data Corporation, BlueSnap, Inc., Skrill, PayU, Authorize.net, Stripe, Braintree, Total System Services (TSYS), Zoho Checkout, BitPay, Alpha Fintech, WePay, Verifone, First American Payment Systems, are the key firms in the market for Payment as a Service.
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