Rising smartphone penetration, integration of online payment services, rising e-commerce sales, and increasing reliance on cloud technologies are driving the growth of the global payment-as-a-service market.
PORTLAND, Oregon., October 4, 2022 /PRNewswire/ — Allied Market Research released a report titled “Payment as a service contract By Component (Platform, Service), By Payment Method (Cards, App/eWallet, Automated Clearing House (ACH), Others), By Vertical (BFSI, IT & Telecom, Healthcare, Retail & E-Commerce, Media & Entertainment, Government & Utilities, Travel and Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global payment-as-a-service industry generated $8.0 billion in 2021, and should generate $53.6 billion by 2031, posting a CAGR of 21.4% from 2022 to 2031.
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Main determinants of growth
Rising smartphone penetration, integration of online payment services, rising e-commerce sales, and increasing reliance on cloud technologies are driving the growth of the global payment-as-a-service market. Additionally, supportive initiatives from governments and untapped potential of emerging economies complement the market growth. However, privacy and security concerns are restraining the growth of the market. On the other hand, increasing need for operational efficiency and transparency during transactions and increasing demand for personalized digitized payments globally presents new opportunities in the coming years.
- The use and adoption of online and digitized payment methods has increased among consumers around the world to minimize contact and risk of contamination. Additionally, the payment-as-a-service industry is witnessing massive growth as consumers become more familiar with the payment technologies in the market.
- Additionally, there has been a tremendous increase in the adoption of digital payments by retailers, due to the increase in Covid-19 infection cases. This, in turn, reduced the need to carry and pay cash.
- Different banks and fintech industries are adopting various digital payment methods to improve losses incurred during the pandemic situation. The demand and implementation of payment as a service is also expected to increase post-pandemic.
The platform segment is expected to maintain its leading status over the forecast period
Based on components, the platform segment held the highest market share in 2021, accounting for more than two-thirds of the global payment-as-a-service market, and is expected to maintain its leading status over the period. forecast. This is attributed to the convenient, secure and flexible online payment options offered by shopping platforms via smartphone, desktop or tablet. Additionally, it offers end-to-end payment platforms to enhance customer experience while minimizing risk and improving cash flow. However, the services segment is expected to register the highest CAGR of 23.9% from 2022 to 2031. This is due to outsourcing opportunities for transaction processing, managing traditional payments more efficiently than before, and increased customer loyalty.
The card segment held the highest market share in 2021
Based on payment method, the card segment accounted for the highest market share in 2021, holding almost half of the global payment-as-a-service market. This is due to offering a wide range of payment solutions to help merchants analyze customer behavior and metrics. However, the app/e-wallet will maintain the leading status in terms of revenue during the forecast period. Moreover, this segment is expected to register the highest CAGR of 24.8% from 2022 to 2031. This is attributed to providing consumer convenience as users can make a purchase in seconds just by touching the device at the payment receptacle or by scanning the smartphone at a QR code to pay for the purchased items.
BFSI segment contributed the highest market share in 2021
Based on the vertical sector, the BFSI segment accounted for the highest market share in 2021, contributing more than a quarter of the global payment-as-a-service market. This is attributed to the ease of managing cash flow from a single dashboard. However, the retail and e-commerce segment is estimated to maintain its highest contribution throughout the forecast period. Furthermore, this segment is expected to grow at the fastest CAGR of 27.0% from 2022 to 2031. This is due to the acceptance of different payment methods such as credit cards, debit cards, online banking online, wallets via mobile app, online payment, QR Code, NFC, kiosks, POS and others.
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North America held the largest market share in 2021
Based on the region, North America held the largest market share in 2021, accounting for nearly two-fifths of the global payment-as-a-service market. This is attributed to the rapid advancements in payment technology, flexibility in payment processing, provision of secure payments, and point-of-sale (POS) integration. However, Asia Pacific is expected to maintain its dominant share throughout the forecast period. Furthermore, the region is estimated to experience the highest CAGR of 24.7% from 2022 to 2031. This is due to the adoption of digital payments, decline in the use of cash and acceptance of mobile payments.
Main market players
• Aurus, Inc.
• Alpha Fintech
• ACI in the world
• Apple Inc.
• First data (Fiserv, Inc.)
• Google, LLC
• PayPal Holdings, Inc.
• Pineapple Payments (Fiserv, Inc.)
• Verifone, Inc.
• Visa Inc.
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