Payment Service Provider Market: Rise In E-Commerce Business Is Boosting The Global Market

Albany, NY -- (SBWire) -- 05/09/2019 --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.

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.

In terms of geography, the global payment service provider market can be classified into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America and Europe are projected to dominate the global payment service provider market during the forecast period. The market in Asia Pacific is expected to expand at a rapid pace in the near future owing to the increase in need of payment service provider in the retail industry in the region. Furthermore, rise in penetration of smartphones and Internet in Asia Pacific is propelling the market.

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Payment service provider are focusing on offering next generation payment processing technologies. Merges and acquisitions further increase competitiveness in the global payment service provider market. For instance, in February 2016, Amazon Web Services acquired Emvantage Payments Private Ltd., an online payment service provider. This acquisition helped Amazon Web Services develop convenient and trustworthy payment solutions for its customers. Payment service provider are also focusing on new technology development. For instance, development of Open Application Programming Interfaces (API) offers software developers a way to communicate with provider of services such as a banks. Open API also simplifies innovation.

Major companies operating in the global payment service provider market include Amazon Web Services, Paytm Mobile Solutions Pvt., Ltd., PayPal, Inc., PayU Group, Stripe, Inc., Skrill Holdings Limited, Braintree Payment Solutions LLC, GoCardless Ltd., FastSpring, Square, Inc., Recurly, Inc., Flagship Merchant Services, Payline Data Services LLC, Adyen N.V., BitPay, Inc., and Cayan LLC.