Insights on the Payment as a Service Market Global Market to 2026 – Rise in E-commerce Business is Driving Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Payment as a Service Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

The Payment as a Service market is expected to register a CAGR of 31.23% during the forecast period (2021-2026).

Companies Mentioned

• FIS
• Thales Group
• Ingenico Group
• Agilysys, Inc.
• Paysafe Holdings UK Limited
• Total System Services, Inc.
• Mastercard
• PayPal Holdings, Inc.
• Verifone
• Pineapple Payments

Key Market Trends

Retail Sector Expected to be a Significant Contributor

• Retailers are rapidly adopting digital payments technology to bring more convenient experiences to their customers, owing to the massive growth in the e-commerce industry. According to the Mobile Payments Conference, in 2017, 1.5 billion people worldwide preferred online shopping. By 2019, the number will grow to 2 billion digital buyers. Also, according to British Retail Consortium (BRC), debit cards account for 42.6% of all transactions, whereas cash is 42.3%. According to UK Finance, 77% of all U.K. retail spending was made by cards.
• Moreover, the retailers are also adopting innovative technologies, to increase their visibility and presence in the market. For instance, Walmart, the largest retailer in the world, recently announced it would enable customers to pay for goods in-store using a PayPal Cash Mastercard. The retailer aims to integrate the payment provider’s service, allowing customers to withdraw money and load money into their account at Walmart stores using the PayPal mobile app.
• Furthermore, many payment service providers are expanding their businesses to increase their market presence. For instance, Amazon Pay, the online payments service owned by the world’s biggest online retailer, is planning to introduce “scan and pay” service at neighborhood stores. Amazon has already introduced the payments service in department store chain Shoppers Stop, in which the online retailer owns a 5% stake, and will soon set up the necessary infrastructure at grocery chain More.
• Another significant benefit of digital payment is the ability to collect customer data, for marketing purpose. This enables retailers to build customer relationship after their visit or purchase, and further work towards customer acquisition and retention.

Asia Pacific to be the Fastest Growing

• The Asia-Pacific region is expected to depict a substantial growth owing to the increased demand for integrated payment solutions and advancements in payment technologies in the region. Furthermore, the rise in penetration of smartphones and the internet in the region is propelling the market.
• Countries in the region such as Japan, China, Australia, South Korea, and New Zealand are contributing significantly towards the growth. For instance, the Asian Payments Network (APN) is a group of 11 Asian countries that include China, Japan, Singapore, Malaysia, Thailand, South Korea, New Zealand, Vietnam, Indonesia, Philippines, and Australia to promote cross-border banking transactions in the region.
• Also, many small retailers earlier relied more on cash, but are rapidly deploying digital payments to remain competitive in the market. For instance, as the Indian government launched a demonetization program, consumers were forced to use electronic payments.
• Various payment service providers are also investing in the Asia-Pacific region to expand their businesses by tapping the growing market. For instance, Visa, the global leader in payments technology, announced in November 2018, that it is expanding its fast-track program to support fintechs in the Asia Pacific that are developing the next generation of digital payment solutions. The fast-track program speeds up the process for fintechs to integrate their payment solutions with VisaNet, Visa’s global network.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Rise in E-commerce Business

4.2.2 Corporate and Retail Payments Demands are Increasing at a Global Level

4.3 Market Restraints

4.3.1 Increase in Cyber Crimes

4.4 Industry Value Chain Analysis

4.5 Industry Attractiveness – Porter’s Five Force Analysis

5 MARKET SEGMENTATION

5.1 By Types of Services

5.1.1 Merchant Financing

5.1.2 Regulatory Compliance

5.1.3 Security and Fraud Protection

5.1.4 Payment Applications and Gateways

5.1.5 Other Services

5.2 By End-user Industry

5.2.1 Retail and E-commerce

5.2.2 BFSI

5.2.3 Hospitality

5.2.4 Media and Entertainment

5.2.5 Other End-user Industries

5.3 Geography

5.3.1 North America

5.3.1.1 United States

5.3.1.2 Canada

5.3.2 Europe

5.3.2.1 United Kingdom

5.3.2.2 Germany

5.3.2.3 France

5.3.2.4 Rest of Europe

5.3.3 Asia-Pacific

5.3.3.1 China

5.3.3.2 Japan

5.3.3.3 South Korea

5.3.3.4 Australia

5.3.3.5 Rest of Asia-Pacific

5.3.4 Latin America

5.3.4.1 Mexico

5.3.4.2 Brazil

5.3.4.3 Rest of Latin America

5.3.5 Middle East & Africa

5.3.5.1 United Arab Emirates

5.3.5.2 Saudi Arabia

5.3.5.3 Rest of Middle-East & Africa

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/a7pp02

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