Industry Background:
Payments are now evolving at a rapid speed with new providers, new platforms and new payment tools launching on a daily basis. As consumer behavior changes, an expectation of omni commerce emerges that is the ability to pay with the same manner whether buying in-store, online or via a mobile device. This shift causes a need for retailers to adapt toward fast, simple and secure mobile payments. Furthermore, payments as a service is a new concept set to transform payment processing.This growth is primarily driven by Worldwide Initiatives for the Promotion of Payments services and High Explosion of Smartphones.
Globally, a noticeable market trend is evident Rising Need to Provide Better Customer Experience. Major Players, such as ACI Worldwide (United States), Aurus Inc. (United States), Aliant Payment Systems Inc (United States), Adyen (Netherlands), Fiserv (United States), FSS (India), First Data (United States), Global Payments Inc. (United States), Net1 UEPS Technologies (South Africa) and Novatti Group Limited (Australia) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On April 12, 2019 - PayU, an online payment service provider and Naspers’ Fintech Arm, today announced the acquisition of Wibmo, a Cupertino, CA-based industry leader in digital payment security and mobile payment technologies.
Market Drivers
- Worldwide Initiatives for the Promotion of Payments services
- High Explosion of Smartphones
Market Trend
- Rising Need to Provide Better Customer Experience
Restraints
- Absence of Global Standards for Cross-Border Payments
Opportunities
Rapid Decline in Unbanked People worldwide and Liberal Changes in Regulatory Frameworks
Challenges
Lack of Digital Literacy in Emerging Economies and Concerns Regarding Cyber Attacks
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Payment as a Service Study Sheds Light on
The Payment as a Service Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Payment as a Service industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Payment as a Service industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.