Global Payment As A Service Market Size, Status And Forecast 2021-2027
MarketInsightsReports, a leading global market research firm, is pleased to announce its new report on Payment As A Service market, forecast for 2021-2027, covering all aspects of the market and providing up-to-date data on current trends.
The Payment as a Service market is expected to register a CAGR of 31.23% during the forecast period (2021-2026). In the current scenario, the increasing smartphone penetration is proliferating the growth of the sale of goods and services extensively through mobile apps to assist customers by providing an easy and convenient shopping experience. Also, the rise in demand for easy and convenient purchase of goods and services resulted in a radical shift towards digital and cashless payments. The rise in e-commerce business is further boosting the global payment service provider market.
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The payment as a service market is highly competitive and fragmented, owing to the presence of many payment service providers. The market players are consistently focusing on developing innovative products. The vendors increasingly focus on engaging in mergers and acquisitions, to increase market share and gain market traction.
– In May 2019 – Ingenico ePayments, the ecommerce division of Ingenico Group, recently announced that it has been selected as the payment partner for Radial, a bpost group company, which provides services to some of the worlds most popular retail brands. The partnership will help Radial leverage Ingenicos technology to help retailers maximize online and mobile sales while eliminating fraud risk.
– In April 2019 – Paysafe Group, a global payments provider, recently expanded its partnership with Payment Source to include PaySimply, an online portal allowing tax and bill payment.
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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 providers 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 worlds 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.
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