The Payment as a Service Market size is expected to grow from USD 5.7 billion in 2019 to USD 16.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 23.9% during the forecast period. Regulatory initiatives to promote payment solutions thriving on secure and real-time transactions, and optimized customer/merchant experience with quick and secure payment methods are the major factors driving the growth of the payment as a service market.
The services segment of payment as a service to grow at the highest growth rate during the forecast period
Payment services help consult, integrate, and support organizations across various verticals, to effectively deal with payment processing with various payment methods and thereby ensure security across the enterprise payment ecosystem. Security is a crucial aspect for executing payment transactions successfully, and hence, professional and managed payment services are gaining traction in the security space and are used according to the specific needs of enterprise merchants. The vendors offering these services are keeping their eyes on the ever-evolving payment industry landscape and are offering competent services to deal effectively with the resolution of next-generation API-enabled payment platform services. These services help reduce infrastructure costs, increase overall revenues, and improve performance.
Speak to Our Expert Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=184731594
The managed services segment to hold a significant market size during the forecast period
Managed services are crucial, as they are directly related to enhancing customer experience; hence, companies cannot afford to compromise on these services, as they help them sustain their position in the market. It has become challenging for companies to focus on their core business processes and simultaneously support various other functions, which, in turn, increases the significance of managed services. These services offer the technical skills required to maintain and update API-based payment platforms. All pre- and post-deployment queries as well as customer demands are addressed with the help of managed services. Companies mainly outsource managed services to focus on their core business. The emergence of hosted payment solutions is expected to increase the demand for managed services in the payment as a service market. Managed services help merchants reduce infrastructure complexity and operational cost, and simultaneously provide a secure and global infrastructure.
The major vendors in the payment as a service market are First Data (US), TSYS (US), Paysafe (UK), Verifone (US), Ingenico (France), Aurus (US), Agilysys (US), Pineapple Payments (US), Alpha Fintech (Ireland), First American Payment Systems (US), FIS (US), allpago (Germany), Helcim (Canada), Valitor (Iceland), Intelligent Payments (Gibraltar), PayStand (US) and PPRO (UK). These players have adopted various growth strategies, including partnerships, agreements, collaborations, and new product launches, to further expand their presence in the global payment as a service market. New product launches, partnerships, agreements, and acquisitions have been the most favored strategies adopted by major players from 2017 to 2019, which helped them offer innovative products and broaden their customer base.
First Data (US) provides credit payment processing platforms that offer single-source convenience and can operate in multiple countries. VisionPLUS is a credit lending processing system that includes standalone or integrated suite of software products to fully manage all facets of the company’s credit environment. VisionPLUS Flex supports issuing and acquiring of credit, debit, prepaid, consumer, and commercial cards. VisionPLUS Flex also offers payment services and value-added options, such as multi-currency and multi-language. FirstVision provides issuing and consumer finance processing solutions. First Data has been highly focused on strategies such as partnerships and agreements to cater to its customers and expand its business. For instance, in March 2019, the company acquired ayCash. With this acquisition, First Data has enhanced its digital payments business in Germany. In December 2017, First Data acquired BluePay to enhance its portfolio of payment processing solutions. BluePay’s Card-Not-Present solutions were integrated with CardConnect’s ISV product suite. First Data leverages acquisition as a prime strategy to grow its business. For example, in July 2017, the company acquired CardConnect to enhance its merchant acquiring business. First Data also leverages partnership strategies to grow its business. For example, in December 2018, First Data joined with China CITIC Bank International Limited (CNCBI) to provide its eCommerce solutions to facilitate the convenience of payment via card, mobile wallet or eWallet, and online and offline modes.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=184731594
TSYS (US) provides a web-based proprietary payment processing platform. This multipayment processing platform is an integrated system that enables merchants to accept multiple payment types in real time. The company also provides diverse solutions in the payment as a service market; some of these solutions include mobile payment processing, payment gateway, POS, and security suite. Partnerships and agreements are the major strategies adopted by the company to expand its business. For instance, in July 2018, TSYS collaborated with Banco Popular Dominicano S.A., a financial institution in the Dominican Republic, to enhance the cardholder experience. In May 2018, TSYS assisted 118 118 Money in launching a credit card product that complements 118 118 Money’s existing loan products. TSYS consistently formulates strategic partnerships to expand its business globally. For example, in February 2018, TSYS collaborated with Mashreq Bank to provide more flexibility and scalability to Mashreq Bank’s merchant business. TSYS’ major focus to grow organically is through product launches. For instance, in January 2019, it launched Vital, which is a cloud-based point-of-sale solution.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/payment-as-a-service-market-184731594.html