Payment as a Service Market Predicted To Surpass USD 56.6 Billion at a CAGR of 24.10% by 2030 - Report by Market Research Future (MRFR)

Growing Trend of Outsourcing Core Payments Platforms & Operations Drives the Payment as a Service Market

New York, New York, UNITED STATES

New York, US, March 21, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Payment as a Service Market  Information By Service, By Vertical, by Region—Forecast till 2030” valuation is poised to reach USD 56.6 Billion by 2030, registering an 24.10% CAGR throughout the forecast period (2022-2030). The global payment as a service market is likely to perceive significant revenue growth. The growing adoption of smartphones and online payment methods would drive market growth.

Market Report Scope:

Report MetricDetails
  Market SizeUSD 56.6 Billion By 2030
  CAGR24.10% From 2022 to 2030
  Base Year2021
  Forecast Period2022 to 2030
  Key Market OpportunitiesAdvancing network technologies and digital technologies
  Key Market DriversA rise in smartphone adoption and the adoption of online payment methods

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The payment-as-a-service model provides users more flexibility & choices, reduced risks, and a simplified restructuring process of an organization's payments stack. Integrating a payment-as-a-service offers benefits such as the enablement of convenient payment options and faster payments with better security. The model deals with the demand pace and elevates the payment experience.

The adoption of online payment solutions in major enterprises across industries is increasing even faster. Besides, the demand for user-friendly payment solutions in the online marketplace and purchasers is rising continually. Changing business needs offer significant opportunities, leading to the increased adoption of online payment solutions and services to stay at the forefront of market competition. 

Rapid technological advances increase the market size, improving performances of payment-as-a-service solutions, securing & automating financial transactions and billing routines. There is an increasing demand for payment solutions in various businesses across industries. Also, there is a significant rise in consumer token offerings and NFT ramp, allowing users to buy NFTs with credit cards and bank accounts.

Industry Trends

Outsourcing a part of the payments technology by approaching payment software solutions is a major industry trend. Enterprises are incorporating efficient payment solutions to tackle new challenges and ease their way to digitization. With technological upgrades and growing digitization in businesses, there is a growing need to have online payment solutions incorporated into every business. Resultantly, the payment as a service market is garnering significant traction worldwide. 

Technology providers strive to improve the functionality of their payment as a service line through product upgrades and integrations. Some areas experiencing an uptick in payment as a service adoption include utility bill payments & recharges, online gaming, OTT platforms, and online pharmacies & grocery stores. Significantly boosted online payment volumes and government initiatives to improve direct bank account transfer scenarios substantiate the market size. 

Besides, the increasing focus of enterprises to drive business growth by automating their operational and business processes boosts the payment as a service market shares. Major trends observed in the market are increased uptake of cloud computing, cloud-based applications, and software as a service (SaaS) or on-demand software. Moreover, the shift in buying patterns, from in-store to online/virtual purchases, influences the market growth.

Due to the massive shift toward online shopping and restricted spending, vendors take innovative steps to gain larger competitive advantages. An increase in online payments and e-commerce sales worldwide create significant opportunities. Also, contactless payment mandates that shifted the purchase of services, goods, and entertainment online bolstered the payment as a service market growth.

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The payment-as-a-service market report is segmented into services, verticals, and regions. The service segment is sub-segmented into professional, managed, and platform services. The vertical segment is sub-segmented into BFSI, retail, healthcare, media & entertainment, hospitality, and others. The region segment is bifurcated into the Asia-Pacific, Americas, MEA, Europe, and rest-of-the-world.

Regional Analysis

North America leads the global payment as a service market. Factors such as increased online transactions and online business platforms contribute to market growth. Besides, the high inclination of consumers towards e-commerce platforms and the widespread utilization of debit cards, credit cards, and m-commerce influence the region's market shares. 

Growing technological advances and the need for payment solutions in the region boost market revenues. Moreover, wide applications of payment as a service platform in different end-use segments and increasing dependence on electronic billing & online shopping push the market value. The proliferation of digitalization and automation in SMEs and large enterprises increases the use of payment as a service solution. 

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Competitive Analysis

The payment as a service market appears highly competitive and fragmented, with several active players. Industry players continually work on building and improving their payment-as-a-service platforms with increased security to provide a convenient user experience. Leading payment software and services companies partner with banks to develop open banking services.

Such partnerships enable them to lead the open banking platform space with a modern and standardized approach. They strive to allow financial institutions to access value-added services through the open API marketplace. They boost strategic initiatives to gain a competitive advantage, such as collaboration, expansion, mergers & acquisitions, and integration of advanced technologies. Also, they foster strategic investments to drive their research & development activities and expansion plans. 

For instance, on Mar. 15, 2023, VR Payment, a leading payment service provider and a part of the DZ Bank Group, announced a partnership with RegTech Hawk AI (Germany) to boost anti-financial crime offerings. The collaboration will enable VR Payment to use Hawk AI's transaction monitoring software to identify financial crimes accurately. 

The partnership aims to reduce false alarms for suspicious transactions and enable customers to increase process efficiency. RegTech Hawk AI software is designed to meet the requirements of high-volume payment service providers & banks by enabling complete integration quickly with its modular architecture and optimized rules & AI interaction.

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Payment as a Service Market Competitive Analysis

Key players involved in the payment as a service market are:

  • Paysafe Group Ltd.
  • Total System Services (TSYS)
  • Verifone, Aurus Inc.
  • Pineapple Payments
  • Ingenico
  • ePay
  • PayU
  • BlueSnap Inc.
  • Alpha Fintech
  • Stripe
  • Google
  • Braintree
  • Skrill
  • Amazon
  • Zoho Checkout
  • BitPay
  • WePay

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