Payment as a Service Market 2019
Pune, Maharashtra -- (SBWIRE) -- 12/19/2019 --
Payment as a Service market - 2019-2024
Market Overview
The Payment as a Service market is expected to register a CAGR of 31.23% during the forecast period (2019-2024). In the current scenario, the increasing smartphone penetration is proliferating the growth of the sale of goods and services extensively through mobile apps to assist customers by providing an easy and convenient shopping experience. Also, the rise in demand for easy and convenient purchase of goods and services resulted in a radical shift towards digital and cashless payments. The rise in e-commerce business is further boosting the global payment service provider market.
Recently, there has been an unprecedented emergence of fast-growing MNCs with digital platforms, fuelled by the convergence of mobile devices, data, and the cloud. In October 2018, Swedish payments startup Klarna secured $20 million in funding from fashion retailer H&M to build an omnichannel payments service spanning H&M's physical and online storefronts. The deal covers 'frictionless' in-store, mobile and online payments, better delivery and return process, and more flexible payment options.
Further, regulatory initiatives by the government to promote payment solutions based on secure and real-time transactions and optimized customer experience for quick and secure payment methods are the major factors driving the growth of the market.
The vendors are offering competent services to deal effectively with the resolution of next-generation API-enabled payment platform services. These services help reduce infrastructure costs, increase overall revenues, and improve performance. However, the increase in cybercrimes is hampering the global payment service provider market. The payment service provider is focusing on offering enhanced security solutions.
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The following manufacturers are covered:
FIS
Verifone
Agilysys, Inc
Thales Group
PayPal Holdings, Inc
Ingenico Group
Mastercard
Total System Services, Inc
Pineapple Payments
Scope of the Report
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.
This report provides comprehensive analysis of
Key market segments and sub-segments
Evolving market trends and dynamics
Changing supply and demand scenarios
Quantifying market opportunities through market sizing and market forecasting
Tracking current trends/opportunities/challenges
Competitive insights
Opportunity mapping in terms of technological breakthroughs
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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. Also, according to British Retail Consortium (BRC), debit cards account for 42.6% of all transactions, whereas cash is 42.3%. According to UK Finance, 77% of all U.K. retail spending was made by cards.
Moreover, the retailers are also adopting innovative technologies, to increase their visibility and presence in the market. For instance, Walmart, the largest retailer in the world, recently announced it would enable customers to pay for goods in-store using a PayPal Cash Mastercard. The retailer aims to integrate the payment provider's service, allowing customers to withdraw money and load money into their account at Walmart stores using the PayPal mobile app.
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.
Another significant benefit of digital payment is the ability to collect customer data, for marketing purpose. This enables retailers to build customer relationship after their visit or purchase, and further work towards customer acquisition and retention.
Asia Pacific to be the Fastest Growing
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.
Countries in the region such as Japan, China, Australia, South Korea, and New Zealand are contributing significantly towards the growth. For instance, the Asian Payments Network (APN) is a group of 11 Asian countries that include China, Japan, Singapore, Malaysia, Thailand, South Korea, New Zealand, Vietnam, Indonesia, Philippines, and Australia to promote cross-border banking transactions in the region.
Also, many small retailers earlier relied more on cash, but are rapidly deploying digital payments to remain competitive in the market. For instance, as the Indian government launched a demonetization program, consumers were forced to use electronic payments.
Various payment service providers are also investing in the Asia-Pacific region to expand their businesses by tapping the growing market. For instance, Visa, the global leader in payments technology, announced in November 2018, that it is expanding its fast-track program to support fintechs in the Asia Pacific that are developing the next generation of digital payment solutions. The fast-track program speeds up the process for fintechs to integrate their payment solutions with VisaNet, Visa's global network.
Competitive Landscape
The payment as a service market is highly competitive and fragmented, owing to the presence of many payment service providers. The market players are consistently focusing on developing innovative products. The vendors increasingly focus on engaging in mergers and acquisitions, to increase market share and gain market traction.
In May 2019 - Ingenico ePayments, the ecommerce division of Ingenico Group, recently announced that it has been selected as the payment partner for Radial, a bpost group company, which provides services to some of the world's most popular retail brands. The partnership will help Radial leverage Ingenico's technology to help retailers maximize online and mobile sales while eliminating fraud risk.
In April 2019 - Paysafe Group, a global payments provider, recently expanded its partnership with Payment Source to include PaySimply, an online portal allowing tax and bill payment.
The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics Supply and demand
Market size Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
Customization of the Report
Value chain analysis
Consumer behavior analysis at country level
The report includes six parts, dealing with:
1.) basic information;
2.) the Asia Payment as a Service Speaker Market;
3.) the North American Payment as a Service Speaker Market;
4.) the European Payment as a Service Speaker Market;
5.) market entry and investment feasibility;
6.) the report conclusion.
Table of Content: Payment as a Service
1 Study Coverage
2 Executive Summary
3 Breakdown Data by Manufacturers
4 Breakdown Data by Type
5 Breakdown Data by Application
…
11 Company Profiles
12 Future Forecast
13 Market Opportunities, Challenges, Risks and Influences Factors Analysis
14 Value Chain and Sales Channels Analysis
15 Research Findings and Conclusion
16 Appendix
Continued …
The key insights of The Report Research:
1.The report Research provides key statistics on the market status of the Payment as a Service manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
2.The report Research provides a basic overview of the industry including its definition, applications and manufacturing technology.
3.The report Research presents the company profile, product specifications, capacity, production value, and 2019-2018 market shares for key vendors.
4.The total market is further divided by company, by country, and by application/type for the competitive landscape analysis.
5.The report Research estimates 2019-2024 market development trends of Payment as a Service industry.
6.Analysis of upstream raw materials, downstream demand, and current market dynamics is also carried out
7.The report Research makes some important proposals for a new project of Payment as a Service Industry before evaluating its feasibility.
Reasons to Purchase this Report:
* Analyzing the outlook of the market with the recent trends and SWOT analysis
* Market dynamics scenario, along with growth opportunities of the market in the years to come
* Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
* Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
* Market value (USD Million) and volume (Units Million) data for each segment and sub-segment
* Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
* Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
* 1-year analyst support, along with the data support in excel format.
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