Payment as a Service Market Size, Growth, Share, Trends, Key Players, Regional Analysis 2023 in information technology

  • Nov. 11, 2021, 6:29 a.m.
  • |
  • Public

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.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=184731594

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.

Get more info @ https://www.prnewswire.co.uk/news-releases/payment-as-a-service-market-worth-16-7-billion-by-2024-exclusive-report-by-marketsandmarkets-tm–885047679.html

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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

Email: sales@marketsandmarkets.com


No comments.

You must be logged in to comment. Please sign in or join Prosebox to leave a comment.