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Payment as a Service Market - Global Forecast to 2024

/EIN News/ -- Dublin, May 16, 2019 (GLOBE NEWSWIRE) -- The "Payment as a Service Market by Component (Platform and Services), Service (Professional (Integration & Deployment and Support & Maintenance) and Managed Services), Vertical (Retail and Hospitality), and Region - Global Forecast to 2024" report has been added to's offering.

The global 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.

Traditionally, the payment business was dominated by banks, as there were only cash payment methods available. However, over the decades the payment industry has witnessed increased disruption from most of the non-banking players, such as technology companies, retailers, start-ups, and telecommunication providers, who specialize in niche value-added services in the payments processing chain. Furthermore, the growth in economic conditions of the emerging markets and the capability to provide an extra push for the developments in the mature market to level-up the current payment ecosystem.

The payment as a service market is rapidly gaining traction, which is evident through the recent developments of the major market players, such as partnerships, new product launches, and acquisitions in the payment as a service area.

North America is a frontrunner in technological adoption. The payment as a service market in North America is very competitive, due to the presence of a large number of solution providers. The North American market is highly regulated and controlled by various government standards and regulations. The major economies in this region are the US and Canada. The US and Canada have been expansively implementing payment as a service solutions.

North America has developed a robust infrastructure for digital payment solutions. The deep penetration of internet and mobile devices in North America has created opportunities for enterprises to reach out to clients, channel partners, and other stakeholders in the region. The commercial banks from North America are increasing their IT spending to promote the adoption of instant payments in the region. With the advent of payment as a service applications, marketers can centralize customers' data from various sources at one platform, thereby saving hours of integration work.

The payment as a service market includes various major vendors such as First Data, TSYS, Paysafe, Verifone, Ingenico, Aurus, Agilysys, and Alpha Fintech

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Payment as a Service Market
4.2 Global Payment as a Service Market, By Service and Region
4.3 Payment as a Service Market, By Region
4.4 Payment as a Service Market: Global Revenue Share

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Regulatory Initiatives to Promote Payment Solutions Thriving on Secure and Real-Time Transactions Optimized Customer/Merchant Experience With Quick and Secure Payment Methods
5.2.2 Restraints Lack of Unification of Global Standards for Cross Border Payments
5.2.3 Opportunities Government Initiatives Change the Favoring Adoption of Payment as a Service By Merchants Rising Demand for Integrated Payment Procedures and Adoption of Alternative Payment Methods
5.2.4 Challenges Lack of Awareness About Applications of Payment as a Service Solutions
5.3 Use Cases
5.3.1 First Data
5.3.2 Valitor
5.3.3 Agilysys
5.3.4 Ingenico
5.3.5 Verifone
5.4 Payment Services Evolution Models
5.4.1 Enterprise License Model
5.4.2 Managed Service
5.4.3 Service Bureau Model
5.4.4 Payment as a Service

6 Payment as a Service Market, By Component
6.1 Introduction
6.2 Platform
6.2.1 Need for Increasing Customer Satisfaction and Decreasing Infrastructure Costs to Drive the Platforms Market
6.3 Services
6.3.1 Increase in the Number of Digital Transactions in Emerging Economies to Drive the Services Segment

7 Payment as a Service Market, By Service
7.1 Introduction
7.2 Professional Services
7.2.1 Integration and Deployment
7.2.2 Consulting
7.2.3 Support and Maintenance
7.3 Managed Services
7.3.1 Vendors Providing Managed Services Offer A Complete Suite to Enhance the Customer Experience Management

8 Payment as a Service Market, By Vertical
8.1 Introduction
8.2 Retail
8.2.1 Growing Marketplace for Online Retail Shopping to Drive the Demand for Payment as a Service in the Retail Vertical
8.3 Hospitality
8.3.1 Growing Demand for Enhanced Customer Experience to Fuel the Demand for Payment as a Service in the Hospitality Vertical
8.4 Media and Entertainment
8.4.1 Expansion of Smartphones Market and Availability of High Speed and Affordable Data Services to Set the Demand for Payment as a Service in Media and Entertainment Vertical
8.5 Healthcare
8.5.1 Increase in Healthcare Spending and Rapid Deployment of New Technologies to Fuel the Demand for Payment as a Service in the Healthcare Vertical
8.6 Banking, Financial Services, and Insurance
8.6.1 Increasing Focus on Real-Time Payments to Drive the Demand for Payment as a Service in the BFSI Vertical
8.7 Others

9 Payment as a Service Market, By Region
9.1 Introduction
9.2 North America
9.2.1 United States
9.2.2 Canada
9.3 Europe
9.3.1 United Kingdom
9.3.2 Germany
9.3.3 France
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 South Korea
9.4.4 Australia and New Zealand
9.4.5 Rest of Asia Pacific
9.5 Middle East and Africa
9.5.1 Kingdom of Saudi Arabia
9.5.2 United Arab Emirates
9.5.3 Rest of Middle East and Africa
9.6 Latin America
9.6.1 Brazil
9.6.2 Mexico
9.6.3 Rest of Latin America

10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping
10.3 Ranking of Key Players
10.4 Competitive Scenario

11 Company Profiles
11.1 Introduction
11.2 First Data
11.3 TSYS
11.4 Paysafe
11.5 Verifone
11.6 Ingenico
11.7 Aurus
11.8 Agilysys
11.9 Pineapple Payments
11.10 Alpha Fintech
11.11 First American Payment Systems
11.12 FIS
11.13 Allpago
11.14 Helcim
11.15 Valitor
11.16 Intelligent Payments
11.17 PPRO
11.18 PayStand

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