The global payment as a service market size is expected to reach USD 45.84 billion by 2030, expanding at a CAGR of 15.2% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The proliferation of smartphones for online shopping, rising E-commerce sales, and increasing internet penetration rate are some of the major factors that are driving the industry’s growth. Initiatives being adopted by various governments worldwide to promote digital payment are also contributing to the growth. Moreover, payment service providers’ emphasis on providing upgraded payment solutions also bodes well for growth.
Payment As A Service Market Report Highlights
- The platform segment dominated the market in 2022. The development of different payment modes for transactions along with credit facilities for vendors and consumers is expected to drive segment growth
- The managed services segment is expected to witness the fastest growth over the forecast period. Integration of core and non-core operation services under one umbrella by prominent market players is boosting segment growth
- The retail & e-commerce segment dominated the market in 2022. The growing use of digital mediums for shopping and retail transactions is anticipated to drive segment growth
- The Asia Pacific market is likely to witness rapid growth over the period. The increasing adoption of payment service technology in emerging economies like China, India, and Japan is driving the regional growth
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Novel technologies are creating the potential for new modes of payment to emerge. The growing preference for digital wallets while paying for E-commerce transactions and online purchases is expected to drive the growth of the payment as a service industry over the forecast period. Digital wallets allow users to store their bank details securely and eliminate the need to enter bank details while making transactions. Moreover, stablecoins, a new crypto asset payment method, is likely to increase over time, presenting new opportunities in the market landscape.
Market players are striking strategic partnerships and collaborations to develop efficient products, increase sales, and strengthen their presence in the market. For instance, in May 2022, Ingenico and Ant Group announced a partnership to enable payment service providers and acquirers to implement Alipay+ across merchant networks. The implementation of Alipay+ onto the cloud platform would lead to a faster rollout of Alipay+ services.
The outbreak of the COVID-19 pandemic played a vital role in driving the growth of the payment as a service(PaaS) market. The E-commerce sector is expected to witness an increase in the coming years. As the pandemic imposed restrictions on brick-and-mortar retail stores, a sharp increase has been observed in online shopping. According to the statistics provided by IBM in 2020, the COVID-19 pandemic has shifted consumer focus from physical stores to digital shopping, the impact of which should last for the next few years as well, thereby contributing to the growth of the market.
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We have segmented the global payment as a service market based on component, services, industry, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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In September 2021, Australia-based FinTech platform, Airwallex, raised US$200 million in its Series E funding round at a valuation of US$4 billion.
The company, primarily involved in business banking services, raised the fund from Lone Pine Capital, G Squared, Vetamer Capital Management, 1835i Ventures, Salesforce Ventures, DST Global, and Sequoia Capital.
According to the company, the fund will be used for global expansion, product development, and strengthening its team in the sales and commercial divisions.The funding round brings the total capital raised by the firm to US$700 million, which also includes a US$100 million Series D funding raised in March 2021.The firm attributes the quick succession of funding and rising valuation to the vertically integrated strategy followed by Airwallex.
Notably, the vertically integrated strategy as described by the company consists of two parts.
First, the firm has built all the infrastructure needed for the business banking services, which it provides directly to the SME businesses.
Second, the firm has packaged up the infrastructure into a set of APIs used by different companies to offer financial services to their customers without actually having to build those services themselves.In September 2021, the firm also secured a money services business (MSB) license from Bank Negara Malaysia.
While it is a profitable venture in today’s age, it does bring a lot of risks with it.
Security is one such risk, and with your time, reputation, and money on the line, you must keep your website secure.
In this article, we will take you through 7 things you should consider while you hunt for the right payment gateway.
Set up fees and contracts might be needed for certain services, therefore make sure to take into account the above aspects while you make the decision.
Thus, make sure to choose a payment gateway that makes the customer feel safe and secure from frauds and undue charges.
The entire process should be smooth and fast on both desktops and mobile phones.
To accept online payments every business owner requires a merchant account, but it's hard to choose because there are so many merchant account providers available nowadays.
And the PayPal merchant account is the best option of them all.
Read more about the PayPal merchant account on 5 Star processing.
Financial inclusion in SMEs is a topic of discussion for European governments, financial institutions, banking representatives, and small business associations.
Everyone recognizes that SMEs are an important part of the region’s economy and agree that initiating and improving access to funding is a priority.However, conversations with SMEs and service providers make it clear that this definition of financial inclusion is very narrow.
The availability of financing and funding has certainly increased over the past few years, but this success — although valuable and necessary — can often mask dissatisfaction with the financial services available to SMEs.As per SMB gauges referred to in the examination, computerized installment acknowledgment costs 57 percent not exactly other installment types like money, checks, and SMBs for cash orders.
Although corona vaccines are readily available on the market, it is worth noting that more than four in five SMEs prefer their customers to contactless payment methods.Let us understand what these payments are actually.An e-payment account offers another approach to send and get cash on the web.
More and more people are using e-payment companies because they can make it easy to transfer money and make purchases.There are two main ways in which e-payment accounts work.Pay into your e-Money account using a payment card.Link your e-money account to your payment card.Contactless paymentsContactless payment allows you to pay for goods with your credit or debit card without having to enter your PIN.
All you have to do is wave your card directly at the yellow contactless payment card reader — or tap your card on the reader.
