$16.7 Bn Payment as a Service Market, 2024 by Component (Platform and Services), Service (Professional and Managed Services), Vertical (Retail and Hospitality) - ResearchAndMarkets.com
The platform solutions provide innovative, high-quality customer experiences and services while remaining compliant with shifting market regulations.
The "Payment
as a Service Market by Component (Platform and Services), Service
(Professional (Integration & Deployment and Support & Maintenance) and
Managed Services), Vertical (Retail and Hospitality), and Region -
Global Forecast to 2024" report has been added to ResearchAndMarkets.com's
offering.
The global payment as a service market size is expected to grow from USD
5.7 billion in 2019 to USD 16.7 billion by 2024, at a Compound Annual
Growth Rate (CAGR) of 23.9% during the forecast period.
Regulatory initiatives to promote payment solutions thriving on secure
and real-time transactions; and optimized customer/merchant experience
with quick and secure payment methods are the major factors driving the
growth of the payment as a service market.
The platform segment is expected to hold a higher market
share
The platform solutions provide innovative, high-quality customer
experiences and services while remaining compliant with shifting market
regulations. They also enable merchants and other billing organizations
to more easily and quickly strike the right balance between protecting
and advancing their own interests with the help of good customer
relationships, and opening up access and opportunities for innovation to
meet the consumer demands.
This platform is supported by Application Programming Interface (APIs)
that sit between a merchant's backend services and the front-end
experiences provided by Payment Service Provider (PSPs). Moreover, by
leveraging an API-driven platform, merchants can increase customer
satisfaction, expand into new markets, future-proof their IT
infrastructures, and accelerate the time to market of new products and
services.
Integration services and deployment segment is expected to
have significant growth in the payment as a service market during the
forecast period
Integration services are aimed at streamlining business applications by
integrating various operational modules of the payment industry. These
services include project management, procurement, installation,
designing, engineering, testing, and commissioning. Most system
integration and deployment service providers are offering API-based
integration services to merchants. In addition, payment integrators
provide the integration of payment and transaction data into billing
systems, CRM software, and other enterprise applications.
North America is expected to have the largest market size,
and MEA is projected to grow at a significantly high rate
during the forecast period
North America is a frontrunner in technological adoption. The payment as
a service market in North America is very competitive, due to the
presence of a large number of solution providers. The North American
market is highly regulated and controlled by various government
standards and regulations. The major economies in this region are the US
and Canada. The US and Canada have been expansively implementing payment
as a service solutions.
North America has developed a robust infrastructure for digital payment
solutions. The deep penetration of internet and mobile devices in North
America has created opportunities for enterprises to reach out to
clients, channel partners, and other stakeholders in the region. The
commercial banks from North America are increasing their IT spending to
promote the adoption of instant payments in the region. With the advent
of payment as a service applications, marketers can centralize
customers' data from various sources at one platform, thereby saving
hours of integration work.
The payment as a service market includes various major vendors such as
First Data, TSYS, Paysafe, Verifone, Ingenico, Aurus, Agilysys, and
Alpha Fintech
Market Dynamics
Drivers
-
Regulatory Initiatives to Promote Payment Solutions Thriving on Secure
and Real-Time Transactions -
Optimized Customer/Merchant Experience With Quick and Secure Payment
Methods
Restraints
- Lack of Unification of Global Standards for Cross Border Payments
Opportunities
-
Government Initiatives Change the Favoring Adoption of Payment as a
Service By Merchants -
Rising Demand for Integrated Payment Procedures and Adoption of
Alternative Payment Methods
Challenges
- Lack of Awareness About Applications of Payment as a Service Solutions
Use Cases
- First Data
- Valitor
- Agilysys
- Ingenico
- Verifone
Payment Services Evolution Models
- Enterprise License Model
- Managed Service
- Service Bureau Model
- Payment as a Service
Companies Mentioned
- Allpago
- Alpha Fintech
- aysafe
- erifone
- First American Payment Systems
- First Data
- FIS
- gilysys
- Helcim
- ineapple Payments
- Intelligent Payments
- ngenico
- PayStand
- PPRO
- SYS
- urus
- Valitor
For more information about this report visit https://www.researchandmarkets.com/r/99ri02
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