Seattle, WA -- (SBWIRE) -- 02/14/2020 -- A payment service provider offers online services to accept electronic payments through various payment methods such as credit card, direct debit, bank transfer, and real-time bank transfer. The payment service provider uses the software as a service model widely. A payment service provider connects to multiple banks, cards, and payment networks.

Increasing adoption of cashless transactions worldwide, especially in developing nations supported by the respective governments, development of smart technology products, and increasing use of smartphones by users are some of the primary factors driving the growth of payment as a service market.

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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.

Key Market Trends:
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.

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 world's 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.

Segmental Analysis :
Based on the component, the payment as a service market is segmented into platform and services. By services, the market has been further segmented into professional and managed services.
On the basis of vertical, the payment as a service market has been categorized into retail, hospitality, media & entertainment, healthcare, and BFSI among others.

Regional Analysis:
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 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.

Key Players Analysis:
The payment as a service market includes various major vendors such FIS, Thales Group, Ingenico Group, Agilysys, Inc, Total System Services, Inc, Mastercard, PayPal Holdings, Inc, Verifone, Pineapple Payments

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