SAN FRANCISCO, June 11, 2020
SAN FRANCISCO, June 11, 2020 /PRNewswire/ -- The global payment as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%, according to a new report by Grand View Research, Inc. Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals. With the rising digital financial transactions, a need for secure cloud-based architecture has increased among platform providers. The cloud-based money transfer platforms allow industry participants to manage higher volumes of transactions at high speed and low cost.
The retail and ecommerce segment held the largest market share in 2019. The growth of the segment is attributed to growing trend of online shopping among consumers across the globe. While doing online shopping, consumers always prefer safe and secure platform to pay for their purchases, thereby driving segment growth. In addition, retailers are also adopting advanced technologies including Artificial Intelligence (AI) and digital retail stores to improve their presence in the market. Increasing use of credit cards, e-wallets, debit cards, and online banking by consumers to do shopping has reduced operating cost, thereby driving segment growth.
Key suggestions from the report:
Read 120 page research report with ToC on "Payment As A Service Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Services, By Industry Vertical (Retail & Ecommerce, Travel & Hospitality, Healthcare, BFSI), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/payment-as-a-service-market
The market is poised to grow with the change in regulatory initiatives. The changing regulatory frameworks and policies have encouraged alternative money transfer platform providers, fintech providers, and Managed Service Providers (MSPs) to enter the market. For instance, the implementation of the Payment Services Directive 2 (PSD2) standard by the European Commission in 2018 promoted new players in market to provide integrated money transfer platform while making transactions secure and faster. Further, stringency in regulations to provide 24*7 real-time customer support and Account Clearing House (ACH) money transfer environment is influencing the platform providers to outsource their activities to MSPs. These MSPs handle customer queries, provide support 24*7, and ensure platform providers to remain compliant with the regulatory environments.
Grand View Research has segmented the global payment as a service market on the basis of component, services, industry vertical, and region:
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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