The increase in smartphone usage and widespread internet access in various nations is fueling the demand for online payments, consequently enhancing the expansion of the global payment as a service market. Furthermore, the rising need to enhance the payment process and offer customers integrated, value-added services to support ongoing demand for digital processing significantly drives market expansion. Nonetheless, privacy and security issues along with the absence of standardization for global transactions are factors that hinder market expansion.
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Major Players in Payment as a Service Markets are:
PaySafe; Agilysys Inc.; Amazon, First American Payments Systems; Adyen N.V., Alpha Fintech; Aurus; Ingenico; First Data (Fiserv Inc.); Pineapple Payments; TSYS (Global Payments Inc.); Verifone among others.
Industry News:
In August 2023, Adyen N.V. expanded its operations into Southeast Asia by acquiring a local payment solutions provider, strengthening its presence and service offerings in the region.
In July 2023, Ingenico launched a new cloud-based payment gateway solution aimed at simplifying online transactions for retailers globally. This development is designed to enhance security and user experience.
In June 2023, Amazon introduced a new feature to its PaaS offerings, incorporating AI-driven analytics to help businesses better understand consumer payment behavior and trends, aiming to improve transaction efficiency.
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Global Payment as a Service Market Segmentation:
By Component:
Platform
Services
By Service
Professional services
Managed services
By Vertical:
Retail
Hospitality
Media and entertainment
Healthcare
Banking, Financial Services, and Insurance (BFSI)
Others (sports and leisure, NGO, government, energy and utilities, and education)
The following areas and countries are covered in the worldwide Payment as a Service Market file:
North America (US, Canada, Mexico)
Europe (Germany, France, UK, Russia, Italy)
Asia Pacific (China, Japan, South Korea, India, Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE), Egypt, Nigeria, and South Korea)
North America dominated the payment as a service market share in 2021 during the forecast period. This is attributed to growth in technology adoption in the payment industry and rise in online transactions has increased the adoption of payment processing as a service in the region.
Detailed industry forecast-Brief Introduction to the research report:
Additional information on company participants
Customized reports and analyst assistance are available upon request.
Recent market developments and potential future growth opportunities
Personalized regional/country reports upon request
New data sources are being integrated.
Increased focus on data privacy and security
Increased collaboration and co-creation
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Key Features of the Payment as a Service Market Report: –
Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.
Examine the market opportunities for stakeholders by identifying higher growth sections.
To study and analyze the global Payment as a Service Market industry status and forecast including key regions.
An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.
It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter’s Five Forces analysis to provide a deeper understanding of the market.
It helps you make strategic business decisions and investment plans.
Finally, Payment as a Service Market is a valuable source of guidance for individuals and companies.
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