Overview and Scope
Payments as a Service (PaaS) refers to a service platform that provides platforms and develops the opportunity to offer payment options and generate revenue quickly and easily. It is used for enabling banks, payment providers, and other financial institutions for providing their customers with advanced payment products and services without resource-intensive internal development investment costs.
Sizing and Forecast
The payment as a service market size has grown rapidly in recent years. It will grow from $13.71 billion in 2023 to $16.44 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth in the historic period can be attributed to regulatory changes, consumer preferences, cost efficiency, security concerns, api economy..
The payment as a service market size is expected to see exponential growth in the next few years. It will grow to $35.32 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%. The growth in the forecast period can be attributed to rapid growth in emerging markets, environmental sustainability, real-time payments, enhanced data privacy measures, continued regulatory developments, personalized customer experiences.. Major trends in the forecast period include digitalization of transactions, mobile technology advancements, cloud technology adoption, partnerships and collaborations, blockchain and cryptocurrency integration, artificial intelligence in fraud detection..
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Segmentation & Regional Insights
The payment as a service market covered in this report is segmented –
1) By Service: Professional Services, Managed Services
2) By Component: Platform, Services
3) By Vertical: Retail, Hospitality, Media and entertainment, Healthcare, Banking, Financial Services, and Insurance (BFSI), Other Verticals
North America was the largest region in the payment as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the payment as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing adoption of cashless transactions worldwide is expected to propel the growth of the payment as a service market going forward. A cashless transaction is an automated or online transaction between two people, companies, or organizations. With the help of payment as a service (PaaS) technology providers and cloud-based platforms, banks and credit unions can quickly expand and modernize their payment capabilities without making a significant initial investment. For instance, in July 2021, according to a report published by VISA, a US-based digital payment company, in Southeast Asia, 64% of consumers have tried to go cashless, with the highest percentages occurring in Vietnam (84%), Thailand (82%), and the Philippines (79%). Therefore, the increasing adoption of cashless transactions worldwide is driving the growth of the payment as a service market.
Key Industry Players
Major companies operating in the payment as a service market report are Aurus Inc., Total System Services Inc., Ingenico Group SA, Paystand Inc., Mindgate Solutions Private Limited, VoPay International Inc., Agile Payments LLC, Route Mobile Limited, Arcus Financial Intelligence Inc., ACE Software Solutions Inc., StyloPAY Inc., FacilitaPay LLC, PaySky Holding SAL, International Business Machines Corporation., Radar Payments B.V., First Data Corporation, Paysafe Group Limited, Verifone Inc., Alpha Fintech Inc., First American Payment Systems LLC, Pineapple Payments LLC, PPRO Financial Ltd., Valitor hf., Fidelity National Information Services Inc., Helcim Inc., RAMP Holdings Inc., Jeeves Information Systems AB, Revolut Ltd., Ravelin Technology Limited
The payment as a service market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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