The Payment as a Service Market is expected to grow at a strong CAGR of around 19% during the forecast period owing to the growing adoption of artificial intelligence-based payment options and machine learning in the financial services sector. Further on, e-wallets, debit cards, and credit card payments are likely to reduce transaction times, increase efficiency, and provide users with a secure payment experience which is further contributing to the growth of the market. In addition, the new products launched by the key market players in the payment as a service market are further contributing to the growth of the market. For instance, in December 2021, Route Mobile announced the launch of Payment as a Service - Click2Pay - an instant payment solution designed to simplify communications commerce & deliver a seamless conversational experience.

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Based on component, the market is bifurcated into platform and services. The services segment is further bifurcated into professional services and managed services. Amongst platform and services, the platform segment catered to a significant share of the market in 2020. The payment platform's ability to protect consumers' sensitive payment information is a key driver of the growth of the segment. Evolving customer-centric models are making businesses more eager to improve services and set up digital platforms to increase sales.

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By industry, the market is categorized into banking & financial services, retail & e-commerce, travel & hospitality, healthcare, and others. Among these, the retail & e-commerce segment captured a commendable share of the payment as a service market in 2020. The rapid increase in online shopping through e-commerce platforms and increasing internet connectivity are the main factors supporting the growth of this segment. Payment as a service allows retailers and online merchants to accept payments from their customers in a variety of ways, including digital wallets, internet banking, and credit/debit cards.

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For a better understanding of the market adoption of the payment as a service industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Asia-Pacific payment as a service market held a dominating share of the global payment as a service market in 2020. The regional expansion can be attributed to vigorous activities being pursued by various governments to promote digitalization and stimulate the adoption of digital payment technology. The expansion of the local market is also anticipated to be aided by ongoing investments in the e-commerce sector.

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Some of the major players operating in the market are Fiserv, Inc.; Paysafe Group; VeriFone, Inc.; Ingenico; Agilysys NV LLC.; Alpha Fintech Sdn Bhd; First American Payment Systems, L.P.; Total System Services LLC.; Aurus Inc.; and Paystand, Inc.

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