The report "Payment as a Service Market by Component (Platform and Services), Service (Professional (Integration & Deployment and Support & Maintenance) and Managed Services), Vertical (Retail and Hospitality), and Region - Global Forecast to 2024", The payment as a service market size is expected to grow from USD 5.7 billion in 2019 to USD 16.7 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 23.9% during the forecast period. Regulatory initiatives to promote payment solutions thriving on secure and real-time transactions; and optimized customer/merchant experience with quick and secure payment methods are the major factors driving the growth of the payment as a service market.

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The services segment of payment as a service to grow at the highest growth rate during the forecast period

Payment services help consult, integrate, and support organizations across various verticals, to effectively deal with payment processing with various payment methods and thereby ensure security across the enterprise payment ecosystem. Security is a crucial aspect for executing payment transactions successfully, and hence, professional and managed payment services are gaining traction in the security space and are used according to the specific needs of enterprise merchants. The vendors offering these services are keeping their eyes on the ever-evolving payment industry landscape and 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.

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The managed services segment to hold a significant market size during the forecast period

Managed services are crucial, as they are directly related to enhancing customer experience; hence, companies cannot afford to compromise on these services, as they help them sustain their position in the market. It has become challenging for companies to focus on their core business processes and simultaneously support various other functions, which, in turn, increases the significance of managed services. These services offer the technical skills required to maintain and update API-based payment platforms. All pre- and post-deployment queries as well as customer demands are addressed with the help of managed services. Companies mainly outsource managed services to focus on their core business. The emergence of hosted payment solutions is expected to increase the demand for managed services in the payment as a service market. Managed services help merchants reduce infrastructure complexity and operational cost, and simultaneously provide a secure and global infrastructure.

Top Key Players

The major vendors in the payment as a service market are First Data (US), TSYS (US), Paysafe (UK), Verifone (US), Ingenico (France), Aurus (US), Agilysys (US), Pineapple Payments (US), Alpha Fintech (Ireland), First American Payment Systems (US), FIS (US), allpago (Germany), Helcim (Canada), Valitor (Iceland), Intelligent Payments (Gibraltar), PayStand (US), and PPRO (UK).

First Data (US) provides credit payment processing platforms that offer single-source convenience and can operate in multiple countries. VisionPLUS is a credit lending processing system that includes standalone or integrated suite of software products to fully manage all facets of the company’s credit environment. VisionPLUS Flex supports issuing and acquiring of credit, debit, prepaid, consumer, and commercial cards. VisionPLUS Flex also offers payment services and value-added options, such as multi-currency and multi-language. FirstVision provides issuing and consumer finance processing solutions. First Data has been highly focused on strategies such as partnerships and agreements to cater to its customers and expand its business. For instance, in March 2019, the company acquired ayCash. With this acquisition, First Data has enhanced its digital payments business in Germany. In December 2017, First Data acquired BluePay to enhance its portfolio of payment processing solutions. BluePay’s Card-Not-Present solutions were integrated with CardConnect’s ISV product suite. First Data leverages acquisition as a prime strategy to grow its business. For example, in July 2017, the company acquired CardConnect to enhance its merchant acquiring business. First Data also leverages partnership strategies to grow its business. For example, in December 2018, First Data joined with China CITIC Bank International Limited (CNCBI) to provide its eCommerce solutions to facilitate the convenience of payment via card, mobile wallet or eWallet, and online and offline modes.

Table of Contents

1 Introduction (Page No. - 14)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology (Page No. - 18)
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primary Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Competitive Leadership Methodology
2.6 Assumptions for the Study
2.7 Limitations of the Study

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 29)
4.1 Attractive Opportunities in the Market
4.2 Global Market, By Service and Region
4.3 Payment as a Service Market, By Region
4.4Market: Global Revenue Share

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