Global Payment as A Service Market

Global Payment as A Service Market Size, Share, Growth Analysis, By Component(platforms and services), By End User(retail & e-commerce, healthcare), By Services(managed services and professional services) - Industry Forecast 2024-2031

Report ID: SQMIG40G2011 | Region: Global | Published Date: March, 2024
Pages: 207 | Tables: 88 | Figures: 76

Global Payment as A Service Market News

  • In June 2022, Mastercard made an announcement regarding the integration of its payment network with Web3 and NFTs, aiming to facilitate NFT commerce. This initiative aimed to provide consumers with enhanced convenience compared to traditional systems. Additionally, Mastercard expanded its adoption of Web3 to improve customer services.
  • In November 2022, Adyen, a prominent global financial technology platform, revealed that it had been selected as an additional payment processing partner by Instacart, a leading grocery technology company in North America.
  • In October 2022, Ingenico, a key player in payments acceptance technology, and Live Payments, a renowned payment service provider in Australia, formed a strategic partnership to deliver seamless and convenient payment and commerce solutions to retailers and taxis. Ingenico planned to introduce its AXIUM range of Android Smart POS across Australia through Live Payments.
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Global Payment As A Service Market size was valued at USD 13.94 billion in 2022 and is poised to grow from USD 16.06 billion in 2023 to USD 14.81 billion by 2031, growing at a CAGR of 15.20% during the forecast period (2024-2031).

The Global Payment as a Service (PaaS) Market is highly competitive, driven by technological advancements, evolving customer preferences, and the need for seamless and secure payment solutions across industries. The market is characterized by the presence of numerous players offering a wide range of services. Key players in the competitive landscape compete based on factors such as the breadth and quality of their payment offerings, security features, integration capabilities, global presence, pricing models, and customer support. To gain a competitive edge, players often focus on continuous innovation, strategic partnerships, mergers and acquisitions, and expanding their geographic reach to capture new market opportunities. The competitive landscape of the PaaS market is dynamic, with companies striving to meet the evolving needs of businesses and consumers in an increasingly digital payment ecosystem. 'Adyen NV (Netherlands)', 'Alipay (China)', 'Amazon Pay (US)', 'Apple Pay (US)', 'Braintree (US)', 'Checkout.com (UK)', 'Fiserv, Inc. (US)', 'Global Payments Inc. (US)', 'Google Pay (US)', 'Ingenico Group (France)', 'Klarna (Sweden)', 'Mastercard Inc. (US)', 'PayPal Holdings, Inc. (US)', 'PayU (Netherlands)', 'Square, Inc. (US)', 'Stripe Inc. (US)', 'Tencent Holdings Limited (China)', 'Verifone Systems, Inc. (US)', 'Visa Inc. (US)', 'Worldpay Inc. (UK)'

Mobile Payment Adoption: The rapid growth of smartphones and mobile applications has fueled the trend of mobile payments. PaaS providers are increasingly offering mobile payment solutions and integrations with mobile wallets to cater to the growing demand for convenient and contactless payment options. For Example, Companies like PayPal (US) have developed mobile SDKs (Software Development Kits) and APIs (Application Programming Interfaces) that allow businesses to integrate mobile payment capabilities into their mobile applications, enabling seamless in-app transactions.

Asia Pacific emerged as the dominant force in the payment as a service market in 2022, commanding a share of over 29.0% of the global revenue. This regional growth can be attributed to the proactive initiatives undertaken by various governments to promote digitization and foster the adoption of digital payment technologies. The continuous investments in the thriving e-commerce industry within the region are also expected to contribute significantly to the market's expansion. With Asia Pacific being home to 50% of the global internet users and boasting a youthful median age of only 30 years, the digitally savvy population's evolving digital experience and their preferred payment methods play a crucial role in driving regional growth.

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