Payment as a Service Market to Hit $45.84 Billion by 2030: Grand View Research, Inc.

Read 150-page full market research report, "Payment As A Service Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Services (Managed Services, Professional Services), By Industry, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research. Read 150-page full market research report, " Payment As A Service Market Size, Share & Trends Analysis Report By Component (Platform, Services), By Services (Managed Services, Professional...

SAN FRANCISCO, 07/12/2022 (informazione.it - comunicati stampa - internet)

Initiatives being adopted by various governments worldwide to promote digital payment are also contributing to the growth. Moreover, payment service providers' emphasis on providing upgraded payment solutions also bodes well for growth. Novel technologies are creating the potential for new modes of payment to emerge. The growing preference for digital wallets while paying for E-commerce transactions and online purchases is expected to drive the growth of the payment as a service industry over the forecast period. Digital wallets allow users to store their bank details securely and eliminate the need to enter bank details while making transactions. Moreover, stablecoins, a new crypto asset payment method, is likely to increase over time, presenting new opportunities in the market landscape.

Market players are striking strategic partnerships and collaborations to develop efficient products, increase sales, and strengthen their presence in the market. For instance, in May 2022 , Ingenico and Ant Group announced a partnership to enable payment service providers and acquirers to implement Alipay+ across merchant networks. The implementation of Alipay+ onto the cloud platform would lead to a faster rollout of Alipay+ services.

The outbreak of the COVID-19 pandemic played a vital role in driving the growth of the payment as a service(PaaS) market. The E-commerce sector is expected to witness an increase in the coming years. As the pandemic imposed restrictions on brick-and-mortar retail stores, a sharp increase has been observed in online shopping. According to the statistics provided by IBM in 2020, the COVID-19 pandemic has shifted consumer focus from physical stores to digital shopping, the impact of which should last for the next few years as well, thereby contributing to the growth of the market.

Grand View Research has segmented the global payment as a service market based on component, services, industry, and region:

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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