According to a new market research report “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“, published by MarketsandMarkets, 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.

Browse in-depth TOC on “Payment as a Service Market“

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The services segment of payment as a service to grow at the highest growth rate during the forecast period

Payment services help consult, integrate, and support organizations across various verticals, to effectively deal with payment processing with various payment methods and thereby ensure security across the enterprise payment ecosystem. Security is a crucial aspect for executing payment transactions successfully, and hence, professional and managed payment services are gaining traction in the security space and are used according to the specific needs of enterprise merchants. The vendors offering these services are keeping their eyes on the ever-evolving payment industry landscape and are offering competent services to deal effectively with the resolution of next-generation API-enabled payment platform services. These services help reduce infrastructure costs, increase overall revenues, and improve performance.

The managed services segment to hold a significant market size during the forecast period

Managed services are crucial, as they are directly related to enhancing customer experience; hence, companies cannot afford to compromise on these services, as they help them sustain their position in the market. It has become challenging for companies to focus on their core business processes and simultaneously support various other functions, which, in turn, increases the significance of managed services. These services offer the technical skills required to maintain and update API-based payment platforms. All pre- and post-deployment queries as well as customer demands are addressed with the help of managed services. Companies mainly outsource managed services to focus on their core business. The emergence of hosted payment solutions is expected to increase the demand for managed services in the Payment as a Service Market. Managed services help merchants reduce infrastructure complexity and operational cost, and simultaneously provide a secure and global infrastructure.

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Europe to grow at a significant CAGR during the forecast period

The European region comprises various countries that are economically stable and technologically advanced. The UK, Germany, and France are key countries considered for market analysis in the European region. The Payment as a Service Market in Europe is witnessing significant growth. Awareness regarding the benefits of mobile commerce, coupled with an increase in the number of mobile users, has led to the widespread acceptance of payment as a service solutions. The growth of Payment as a Service Market in Europe can also be attributed to the implementation of omni-channel payment mode by most retailers, merchants, and enterprises. Additionally, the PSD2 directive is acting as a catalyst for declining card transactions and increase in instant and convenient Real Time Payments (RTP) solutions. RTP would change the way consumers pay to merchants for goods and services. Financial institutions and banking clients are demanding the implication of PSD2, because of their business models and revenue streams. In the last few years, the SEPA, the Payment Services Directive, and many other financial organizations have put restrictions on many standard payment sources, such as intra-Europe, cross-border payments, interchange fees, and direct debits.

The major vendors in the Payment as a Service Market are First Data (US), TSYS (US), Paysafe (UK), Verifone (US), Ingenico (France), Aurus (US), Agilysys (US), Pineapple Payments (US), Alpha Fintech (Ireland), First American Payment Systems (US), FIS (US), allpago (Germany), Helcim (Canada), Valitor (Iceland), Intelligent Payments (Gibraltar), PayStand (US), and PPRO (UK).

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SOURCE MarketsandMarkets