- Payment platforms are dominating the market due to increasing adoption of digital payment methods by consumers worldwide.
- The Payment as a Service Market is expected to be a growing market in the coming years.
- BFSI is currently dominating the market due to high demand for secured real-time payment gateways by end-users.
Government support for digital transformation is one of the prime factors for the significant growth of payment platforms. The Global Payment as a Service Market was valued at $4.27 billion in 2019 and is estimated to reach $14.37 Billion by 2024 growing at a CAGR of 23.20% during the forecast period 2019–2024.
Market Research Future (MRFR) has segmented the payment as a service market on the basis of component, vertical, and region.
By component, the payment as a service market has been segmented into platform and service. Among these, currently, payment platforms are dominating the market due to increasing adoption of digital payment methods by consumers worldwide. PayPal, PayU, Stripe, Braintree, BlueSnap, and Zoho Checkout among others are some popular payment gateway providers globally.
The service segment comprises professional and managed services, both of which are projected to witness high growth rate in the coming years. Security concerns among end-users regarding online or digital transactions has propelled the payment as a service market, mostly because end-users perceive themselves inadequately prepared to handle transactions.
By vertical, the market has been segmented into BFSI, retail, hospitality, media & entertainment, healthcare. Among these, BFSI is currently dominating the market due to high demand for secured real-time payment gateways by end-users. Increasing digital transactions on various platforms, growing market of e-commerce, and government support for contactless payments are some of the prime factors driving the adoption of payment as a service among banking and financial institutions. Whereas, retail, followed by the hospitality sector, is projected to grow with the fastest CAGR, respectively.
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The Payment as a Service Market is expected to be a growing market in the coming years owing to the presence of numerous large players active in the regional market. First Data Corporation, 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, Authorize.net, WePay, and First American Payment Systems are the companies leading the payment as a service market globally.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has been further segmented into the US, Canada, and Mexico. Europe has been further segmented into Germany, the UK, France, Spain, Norway, Sweden, and Italy. Asia-Pacific has been sub-segmented into China, Japan, India, Singapore, Australia, Malaysia, Thailand, Indonesia, Vietnam, the Philippines, and South Korea. Also, the rest of the world has been classified into the Middle East & Africa and South America.