Albany, NY -- (SBWIRE) -- 04/30/2019 -- 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. Payment service provider uses a software as a service model widely. Payment service provider can connect to multiple banks, cards, and payment networks. Furthermore, payment service provider offers cheaper fees by negotiating bulk deals.

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Increase in need to improve payment operation is driving the payment service provider market. Payment service provider helps merchants accept payments made online. Payment service provider offers a single interface that opens up one or more online payment methods to e-commerce merchants. These provider enable businesses to receive credit cards or other payments (debit cards, bank transfers, digital wallets, etc.). Rise in e-commerce business is further boosting the global payment service provider market. The payment service can be operated on desktops or PC or mobile devices quickly. However, increase in cybercrimes is hampering the global payment service provider market. Payment service provider are focusing on offering enhanced security solutions.

The global payment service provider market can be segmented based on component, payment type, enterprise size, industry vertical, and geography. Based on component, the market can be bifurcated into software and services. Software includes risk management, security management, fund remittance, payment processing solutions and others (payment gateway solutions). Software as a service is used extensively in the market. The services sub-segment can be segregated into managed services and professional services. The professional services component includes integration and consulting, auditing, and support. In terms of enterprise size, the global payment service provider market can be divided into small-medium sized enterprises (SMEs) and large sized enterprises.

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The large sized enterprises segment is estimated to account for major share of the market during forecast period. Based on industry vertical, the global payment service provider market can be categorized into BFSI (banking, financial services, and insurance), IT and telecommunication, education, government, retail, manufacturing, consumer goods, energy and utility, e-commerce, retail, and others. The e-commerce segment is expected to register rapid growth during the forecast period, as retail organizations are increasingly using payment service provider for better payment services.