About Payments As A Service(PaaS)
The payment as a Service (PaaS) is a cloud-based new generation technology solution that simplifies payments for the end customer. In other words, Payment as a Service (PaaS) is a way that surpasses traditional payment systems in both functionality and scalability and offers secure, reliable, and provides a process of higher transaction volumes at lower costs. With the rapid growth in technology, digitalization combined with pandemics has raised the demand for quick money transfer technology. This type of technology allows and makes it possible to manage higher volumes of transactions at low cost with high security and assist the rising number of digital financial transactions. The benefits of this system are that it is easy to implement, has flexible technology, and has a more cohesive payment ecosystem based on real-time 24x7x365.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 16.9% |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Payments As A Service(PaaS) market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
First Data Corporation (United States), Total System Services (United States), Paysafe Group Ltd. (United Kingdom), Authorize.net (United States), Google (United States), Amazon (United States), Ingenico (France), Pineapple Payments (United States), Verifone (United States) and Wepay (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Stripe (Ireland), Skril (United Kingdom), PayU (India), BitPay (United States) and Aurus. Inc. (India).
Segmentation Overview
AMA Research has segmented the market of Global Payments As A Service(PaaS) market by and Region.
On the basis of geography, the market of Payments As A Service(PaaS) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2021. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
If we see Market by , the sub-segment i.e. will boost the Payments As A Service(PaaS) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Market Leaders and their expansionary development strategies
On 21 July 2021, Paysafe, a leading specialized payments platform, entered into a new partnership with Bankable, a global architect of ‘banking-as-a-service’ solutions. Through the global agreement, the two companies will collaborate to launch a broad range of integrated, omnichannel banking services from Paysafe.
On 11 Dec 2020, vehicle Foley Trasimene Acquisition Corp. II and payments platform Paysafe Group have announced plans to merge. The newly combined company will operate as Paysafe and plans to list on the New York Stock Exchange under the symbol PSFE. The transaction reflects an implied Pro-forma enterprise value for Paysafe of approximately USD 9 billion.
Market Drivers
- The rise in adoption of digital payment systems globally
- The rise in use of smartphone
Opportunities
- Smart technology product development
- Growing Demand in Emerging Countries
Restraints
- Rising Concern about Cyber Security Threats
Challenges
- Lack of global standard payment rules and regulations
Key Target Audience
Industry Association, Government Regulatory Bodies, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.